Adjust Inventory Quantity & Value

1.  Access the Item Adjustment application from the Activities menu or Shortcuts.

2.  Adjustment Date will default to the current date. Upon Save, the Reference Number will be automatically assigned an "IA????????" number. 

3.  By default, Hold will not be checked.  If you check the Hold field, the item sale will not have any impact on your company's financials or inventory balances.

4.  Optionally, you may select a Job and enter descriptive text for the item adjustment document.

5.  Fill in the item adjustment transaction lines.  You must enter an Item, Account and Unit for each transaction.  If Company Setup, Use Classes = "Required" the Class field in the transaction line is also required.  Description will default to the Item Description and may be changed.  Cost will default to the Item Unit Cost and cannot be changed.

NOTE:  If multiple sites and locations or serial number tracking is applicable, you will need to supply values for site, location and serial number as applicable.

6.  Qty may be positive (increase the Item Quantity on Hand) or negative (decrease the Item Quantity On Hand) or zero if you only want to change the dollar value of the item.  

If you do not enter zero for Qty, the Amount field is calculated as Qty times Cost and can be increased, decreased or set to zero.  If you enter zero for Qty, you must enter either a positive or negative amount in the Amount field.  Amount represent the dollar value change in item's balance.

7.  If Amount is not equal to zero, general ledger journal transactions are generated to update the appropriate item inventory account and the adjustment account entered for each transaction line.  One General Ledger journal entry is generated for the entire item adjustment document.

8.  Optionally, you may select a Job and enter descriptive text for the item adjustment transaction.  You may enter as many transaction as you need.

9.  Click on Save to save the document.

10.  Each Item's Average Cost is recalculated when the Item Adjustment is saved.