Adding Inventory Adjustments
The following steps will explain in detail how to add a new Inventory Adjustment or Inventory Opening Balance.
1.To open Inventory Adjustment form, from the Main Menu, click on Inventory, then click on Inventory Adjustment. The Find form will open with its label of "Find Inventory Adjustments." Click on the New button to bring you to the Inventory Adjustments form. The cursor will be flashing at the top of the form in the Job ID field.
To open Inventory Opening Balance form, from the Main Menu > System > Opening Balances > then click on Inventory Opening Balance button. The Find form will open with its label of "Find Inventory Adjustments." Click on the New button to bring you to the Inventory Adjustments form. The cursor will be flashing at the top of the form in the Job ID field.
2.The Adjustment ID will be automatically filled in with a unique number based on the starting number that is assigned in the Starting Numbersform. This number is used as a reference for you and VisionCore to help find this transaction later if necessary. It cannot be changed on this form but you can change the numbering sequence in the Starting Numbers form.
3.Enter the Date of the transaction. You may use the little calendar button to open the miniature calendar to graphically enter a date. When you have finished entering data for each field, press the TAB or ENTER key to move your cursor to the next field. The date will default to today's date.
4.The Job ID can be used to assign a Job ID to track the Inventory Adjustments for a job.
5.The Notes field can be used to enter a detailed description of why you are making an inventory adjustment.
6.Next enter the Item Number you want to use by selecting it from the combo box. If items entered were lotted or serialized, a new tab will show next to Items tab where lot and/or serial numbers will be displayed. You can also use a barcode scanner to enter the Item Number/ UPC Code. See: UPC Barcode Scanning in Inventory Adjustment
7.The Description field will automatically fill in with the inventory items description, which you can change it if you want.
8.The Warehouse field will also automatically fill in based on the default warehouse setup in the Company Preferences form. You can change this to any warehouse you choose. The selected warehouse will be where the quantity will get updated.
9.The Current Stock will display the current quantity in stock for the selected warehouse and cannot be edited.
10.The New Quantity field is where you will enter the actual or new quantity of the inventory stock.
11.The Quantity Diff field is automatically computed. This is the difference between the current and new quantity.
12.The Inventory Account ID field at the top of the form will automatically be filled in with the Inventory Purchases Account ID setup in the Security form > Default Accounts tab. You can change this but normally it.
13.If you choose to enter a serialized or lotted item, the Serial Number tab or Lot Number tab respectively will be displayed next to Items tab.
There are two ways to adjust the inventory stock. You can either enter the add quantity, or the difference. Either one you select to use will automatically change the other. Example: If you manually counted a specific item in your warehouse and found that you had 25 instead of 27, then either enter the add total you should have in stock (25), or enter the quantity difference (2).
1.Enter the add Stock you want to adjust the inventory items stock quantity to. If you have 27 in stock of a particular item but it should really be 25 then enter 25 in the add Stock field. This will automatically show "2" in the Quantity Difference field. When you post this transaction your total quantity in stock for that particular item will be 25.
2.If you would rather enter the Quantity Difference instead of entering the add Quantity you will enter it in this field. Using the same example as above, if you are off the quantity of 2 for a particular inventory item, enter 2 in the Quantity Difference field and you will see that the add Quantity field will show 25. When you post this transaction your total quantity in stock for that particular item will be 25.
3.The Account ID field in the Line Item Detail will automatically be filled in with the Inventory Account ID setup for the selected inventory item. You can change this but normally it is an Inventory Asset account.
4.The Cost field will automatically fill in with the selected inventory items Last Cost. You can override the cost and enter a different cost if you choose. For an opening balance enter your unit cost here.
5.The Total Cost field will be the Cost Each multiplied by the add Quantity. For example, if you enter a new Stock of 25, or Quantity Difference of 2 the add Stock (25) gets multiplied by the Cost Each.
6.You can enter as many inventory items in the Line Item Detail area as you need to adjust. At the bottom of the form you will notice the Total field will sum all the Total Costs up as you enter them.
7.You can click the Recap button to display a preview form of what will be entered in your General Ledger when you post the inventory adjustment. The Recap button is the small little button next to the Total Cost field at the bottom of the form.
Related Topic