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Inventory Adjustments

Problem Details:

How to do an inventory adjustment

 

Solution:

The Inventory Adjustment function is located in under Inventory Control / IC Transactions / Adjustments. There are 6 different adjustment types available: 

  1. Quantity Increase - increases quantity of items only without changing existing cost value
  2. Quantity Decrease - decreases quantity of items only without changing existing cost value
  3. Cost Increase - increases cost of items only without changing existing quantities
  4. Cost Decrease - decreases cost of items only without changing existing quantities
  5. Both Increase - increases both quantities and costs of item
  6. Both Decrease - decreases both quantities and costs of item

In rare instances it may be necessary to increase the quantity and decrease the cost (or vice versa) in which case 2 line items for one item's adjustments will be required.

Once the Adjustment Type is selected, the related fields become available to be filled in. Set the location and enter the quantity or cost adjustment required.  The Adjustment Account will be filled in with the default Adjustment Write Off Account that has been specified in IC Setup / Account Sets. However, this account can be modified at the time if adjustment entry.  There is an option to save or post the  adjustment.  If saved, the adjustment can be recalled for editing or it can be deleted.  Once posted, the adjustment can no longer be edited or deleted.  Saving the transaction allows for division of labour in that one user can enter and save adjustments, while another user can approve and post them.  It also allows posting of multiple adjustments at one time by using the 'Post transactions' function under IC Transactions.  Select the transaction type to be posted and then use the finder to select the From & To documents.  Only documents that have been saved (not posted) will show up in the finder for selection.

 

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