training:inventory_adjustments_and_automatic_posting_to_ledger0808211254
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training:inventory_adjustments_and_automatic_posting_to_ledger0808211254 [2008/08/21 14:45 (16 years ago)] – external edit 127.0.0.1 | training:inventory_adjustments_and_automatic_posting_to_ledger0808211254 [2021/04/22 12:27 (3 years ago)] (current) – [Inventory Stock Adjustment] agera | ||
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- | ===== Problem Description | + | ====== Inventory Stock Adjustment ====== |
- | How to adjust inventory quantities in stock and automatically post to an inventory adjustments account in the general ledger and reduce the inventory asset account at the same time. | + | |
- | ===== Solution ===== | + | See |
- | This tutorial explains the setup for, and the process used to adjust the quantities in stock of your inventory while automatically posting to an inventory adjustment account in your general ledger. | + | https://support.windwardsoftware.com/a/ |
- | The 5 steps required to set this up are: | + | |
- | + | ||
- | 1- Create an inventory adjustment ledger account if it doesn' | + | |
- | 2- Create a non-inventory type sub-category. | + | |
- | 3- Create | + | |
- | 4- Make sure the Transfer Invoice is in your Invoice Tree. | + | |
- | 5- Create a customer account for your company with a price schedule set at cost and tax exempt. | + | |
- | The following video tutorial explains each one of these steps and then shows how to create | + | ===== Overview ===== |
+ | |||
+ | In the business world, inventory stock adjustment is important. It is one way to make sure you have the correct stock on hand and that your inventory value as well will be up to date. This stock adjustment could be caused by several reasons such as stolen items, data entry error, etc. | ||
+ | |||
+ | |||
+ | ===== Different Ways of Handling Inventory Stock Adjustments ===== | ||
+ | **1. Manual Adjustment** \\ | ||
+ | This can be helpful, especially if there are only very few inventory items that you would like to change its quantity. <note important> | ||
+ | {{: | ||
+ | |||
+ | **2. Inventory Transfer** \\ | ||
+ | Another way of doing an inventory adjustment is by doing an Inventory Transfer. This process //**no longer requires any Journal Entry**// as it will automatically create a posting | ||
+ | |||
+ | In order for you to do an Inventory Transfer, you need to make sure to set up the following: \\ | ||
+ | * Create a customer account for your company with a price schedule set at cost and tax-exempt. | ||
+ | * Make sure the Transfer Invoice is in your Invoice Tree. | ||
+ | * Create an inventory adjustment ledger | ||
- | Note: this article is also publicly available at http://wiki.wws5.com/ | + | {{:training:inventory_transfer.jpg?800|}} |
- | {{training: | + | < |
+ | [[http:// | ||
+ | **3. Physical Inventory Count** \\ | ||
+ | Physical Inventory Count is best used if you have many inventory items that need updating in terms of its quantity. This is especially true when you are doing your [[faq: | ||
+ | **4. Data Load** \\ | ||
+ | You can also do inventory stock adjustment by doing a data load. This as well will //**require you to do a Journal Entry**// once the data load is done. | ||
- | Created by Harry Czerednikow at 8/21/2008 12:54:14 PM | + | <note important> |
training/inventory_adjustments_and_automatic_posting_to_ledger0808211254.1219355102.txt.gz · Last modified: 2008/08/21 14:45 (16 years ago) by 127.0.0.1