Adjustments Overview (ICS200)
The Inventory Control Adjustments menu enables you to enter inventory adjustments and item repackaging. Inventory on-hand quantities are updated at the time of entry. After entries have been made, the Adjustments Register is run to update the adjustments file and post to general ledger.
The Adjustments Register lists all adjustments since the last register and optionally posts to General Ledger. Adjustments created by discrepancies during physical inventory will also appear on this register.
Use the following programs when you need to make inventory adjustments for specific items but do not need to perform a physical inventory.
- The Adjustment Entry program allows immediate adjustments to on-hand inventory. Each entry includes an adjustment code explaining the general nature of the adjustment quantities (e.g. lost, damaged, etc.). Item repackaging allows you to produce a quantity of one item from a given quantity of another (and consequently, adjusting the on-hand quantities of both items), e.g., a gallon of item #1 may be used to produce (repackaged as) a dozen bottles of item #2.
- Through the Adjustment Entry program, you can enter manual adjustments to inventory on-hand quantities to post receipts of goods, adjust for damaged goods and record sales.
- Establish adjustment codes in the Adjustment Codes F/M program and assign one to each adjustment. If a R-(receipts) type adjustment code is entered or an A-(positive) adjustment type adjustment code, the cost must be entered. If a S-sales type adjustment code is entered, a price must be entered. All other codes do not require field of a cost/price. A memo may also be entered to explain the reason for each adjustment. As soon as the transaction is recorded, on hand quantities are updated.
- The Item Repackaging program allows the repackaging of items by converting the quantity of an item of a given package size into the resulting quantity of a like item of a different package size. The requirement for repackaging is that the smallest unit of measure for both items is the same. If binders are sold by each and by case, two items are required in the item file. The smallest unit of measure for both must be each. If there are 10 binders in a case, then when repackaging a case into individual binders, the system transfers 1 case of the case item number to 10 each of the each item number.
- The Adjustment Register prints an audit trail of all adjustments and repackaging since the last register. The Adjustment Register also includes any physical discrepancies from the Physical Inventory Update program (if applicable) and the warehouse transfers entered through the Quick Transfer Adjustment program. The optional update removes all records printed, and posts to General Ledger.