Basic Inventory Adjustment Process

Process to initiate the Inventory Adjustment process

To enter an inventory adjustment:

1. Go to Transactions > Inventory > Adjust Inventory. The Inventory Adjustment page appears.
2. For OneWorld accounts, in the Subsidiary field, select the subsidiary you want to associate with this adjustment.
3. Click Save.

Primary Information

• Reference # – If enabled, you can enter a unique number to identify and track of your adjustments. This number appears on register and account detail reports. Note If you use auto-generated numbering, a reference number can be manually entered if you allow the override of auto-generated numbers for an inventory adjustment. Otherwise, the reference number is generated and cannot be changed after the transaction is saved.
• Customer – If this inventory adjustment is a job-related cost, but not specifically billed as a line-item, select the appropriate customer or job.
• Adjustment Account – Select an account for this adjustment. Usually, this is an expense account for inventory adjustment.
• Date – This field is populated with today’s date. You can enter or select another date.
• Posting Period – Select the posting period on which you want this transaction to post.
• Memo – (Optional) Enter a short memo for this adjustment. Memos appear only on account registers and on the account detail report.

Adjustments

1. Item – Select the item you want to adjust inventory for. The description, quantity on hand, and current value of the item appear in the appropriate fields.
2. Location – If you track locations, select a location. The description, quantity on hand, and current value of the item adjusts based on your selected location.
3. Units – If you use the Multiple Units of Measure feature, select the unit of measurement for the quantity fields. The stock unit from the item record shows here by default.
4. Adjust Qty By – Enter the number of items to adjust the inventory by. You can use either a positive or negative number to represent the change in inventory. The updated quantity appears in the New Quantity column.
5. Est. Unit Cost – Enter the cost of each item being added to the quantity on hand. If you entered a negative number in the Adjust Qty By column, you cannot enter a value in this column. The cost of the items being removed from the quantity on hand is calculated.
6. Memo – (Optional) Enter a short memo for this line item.
7. Click Save.