Item Adjustments are used to record changes to the quantity and or dollar balance of items stocked in inventory that result from damage, theft or shrinkage other than standard sales or purchases. The system automatically reduces inventory quantities and value when you sell products and increases inventory quantities and value when your receive items into inventory.
The inventory quantity on hand is adjusted by Qty entered on the item adjustment transaction. Qty may be positive or negative. The dollar value of the item is adjusted by the positive or negative Amount field on the item adjustment transactions.
To enter an Item Adjustment, complete the following steps:
Access the Item Adjustment application from the Financial/Inventory menu and click on New in the Item Adjustments List screen to enter a new transaction.
Date will default to the current date. Upon Save, the Reference Number will be automatically assigned an "IA????????" number.
By default, Active will be checked. If you uncheck the Active field, the item adjustment will not have any impact on your company's financials or inventory balances.
Optionally, you may enter descriptive text for the item adjustment document.
Fill in the item adjustment transaction lines. You must enter an Item, Account and Unit for each transaction.
Optionally, you may select a Class or enter descriptive text for each transaction in the Memo field.
Cost will default to the Item Unit Cost and cannot be changed.
Qty may be positive (increase the Item Quantity on Hand) or negative (decrease the Item Quantity On Hand).
By default the Amount field will be calculated as Qty * Cost. If you enter an Adj Cost, the Amount field will be calculated as Qty * Adj Cost.
Click on Save to save the document.