Adjust Item Quantities and Costs
Which
form should I use to process adjustments?
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Follow the instructions on this page to use the Adjustments form to change item costs and quantities as needed.
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To update the quantity on hand at a location to agree with your physical inventory count.
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To return goods to a vendor after you have completed the receipt.
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To remove additional cost remaining on a receipt when you return the total quantity received for an item at a location to the vendor.
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Use the Process Adjustments form to automatically create adjustments to:
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Write off the cost of items with zero quantities.
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Write off the quantities of items with zero cost.
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Adjust the total costs of items with non-zero quantities and zero total cost to a new cost.
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Use the Post Inventory Reconciliation form to post the counts and costs that you entered in the Physical Inventory Quantities form. The program creates adjustment transactions when you post inventory reconciliations.
Can
I adjust material usage for a project?
If you use Project and Job Costing, material adjustment transactions created by Project and Job Costing will appear in Inventory Control showing adjustments to particular contracts, projects, job categories and overhead accounts.
Note, however, that you cannot adjust materials for jobs from the Inventory Control program.
Before
you start
-
Get the item numbers, along with the adjusted quantities or costs that you need to adjust.
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Decide whether to post each return as you enter it, or save the returns to post them later in a batch using the Post Transactions form.
To adjust item quantities and costs:
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Open Inventory Control > I/C Transactions > Adjustments.
Click here for help on adjustment fields.
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Press the Tab key — with ***NEW*** displayed in the Adjustment Number field — to start a new transfer receipt. The program will automatically assign a document number when you save or post the transaction.
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Click the New button if ***NEW*** doesn't appear.
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You can also enter a new transaction number yourself, and press Tab.
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If necessary, select an adjustment date (click the Calendar button), and select a fiscal year/period from the fiscal calendar at the Year/Period field.
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Enter an optional description and reference for the adjustment.
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Click the Zoom button (
)
by the Optional Fields checkbox (if one appears) to add optional field
information to this adjustment. -
Add the detail lines, specifying the item number, adjustment type, and location for each, then:
-
If the item uses the FIFO or LIFO costing method, specify the bucket type, receipt number, and cost date.
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If the adjustment type is Quantity Increase, Quantity Decrease, Both Increase, or Both Decrease, specify the quantity and unit of measure. If working with serialized and/or lotted items, you will be prompted to assign serial/lot numbers.
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If the adjustment type is Cost Increase, Cost Decrease, Both Increase, or Both Decrease, specify the cost adjustment and adjustment/write-off general ledger account.
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Enter any comments you wish to add to the detail line.
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Click the Zoom button (
)
for the Optional Fields column (or checkbox), if one appears, to add optional
field information to this adjustment detail. -
When you are finished, click the Post or Save button, and then click OK at the message that displays the adjustment number.
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If you choose Save, Inventory Control saves the transaction so you can edit and post it later.
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If you choose Post, Inventory Control posts the adjustment immediately.
If you use the option to allow you to delete transactions after posting, Inventory Control asks if you want to delete the transaction.
If you delete the posted transaction, you will not be able to drill down to the transaction details from General Ledger. Also, you will not be able to recall the returns or adjustments.
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Click OK at the confirmation message.
After
using
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If you used the Save button to save transactions:
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Print the Transaction Listing report to list all transactions that you entered.
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Compare listings to original documents and edit transactions if necessary.
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Use the Post Transactions form to post transactions and update inventory quantities and costs (depending on the Setup Options that you choose).
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Run Day End Processing to update Inventory Control's audit data, costing data (unless you cost items during posting), and item statistics after posting adjustments.
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Print the Adjustments Posting Journal to check the adjustment transactions that you posted.