Inventory Adjustments

Modified on Tue, 18 Oct 2022 at 04:20 PM

This article outlines the steps to make inventory adjustments using the IC Receivings & Withdrawal window.


Entering Receivings and Withdrawals


The IC Receivings/Withdrawals window is primarily used to:


  • Make adjustments to inventory levels
  • Enter the opening inventory level balances


A Receiving will increase the levels of inventory and a Withdrawal will decrease inventory levels.  


A General Ledger distribution is automatically created when a receiving or withdrawal is saved.  The accounts used are those that are entered in the Company Defaults and Inventory Control Defaults setup.


Receiving

DR Inventory Asset
CR Inventory Clearing

Withdrawal

DR Cost of Goods* (or whichever account is specified in the I/C Defaults setup screen) 

CR Inventory Asset 


*Depending on the setting in the IC Defaults, this account can be designated and then overwritten on a specific withdrawal entry.


Entering an Inventory Adjustment


1) Select Receivings & Withdrawals from the I/C Menu.

2) Click Add and select the type of transaction from the following choices menu:



3) Enter the Date of the transaction. This will also be the date of the entry in the General Ledger if Post to General Ledger is activated in the I/C Defaults setup window.

4) Enter any Comments for the entry and then press TAB to begin adding line items.

5) Enter the Item No or press TAB to select from the item list.  The Description of the item automatically appears.



7) If you are using multiple locations, then enter the Location number that the inventory is being received to or withdrawn from.

8) Enter the Qty (Quantity)

9) Overwrite the Unit Cost (if necessary), for Receiving transactions only.



NOTE: The Unit Cost field can only be changed on a Receiving entry.  A Withdrawal will remove items based on the current FIFO cost layer, Weighted Average cost, or specific cost for a Lot/Serial controlled item.  



10) Repeat Steps 4-9 to enter additional items.

11) Press ENTER or click Save when complete.


NOTE:  The entries must be posted in order to update inventory quantities and values in Connected

.   

 

 


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