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Physical Count Adjustment |
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Physical Count Adjustment is 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. ObjAcct 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 the difference between the New Qty and the Current Qty. The dollar value of the item is adjusted by the difference between the New Value and the Current Value. If a dollar value adjustment is made to an item, a General Ledger journal entry is generated to update the appropriate inventory and adjustment expense account.
Start by filling in the item adjustment header section. The required fields are Adjustment Account and Adjustment Date. Next fill out the item adjustment transaction section. You can enter as many transaction details as you need. When you have entered all the transactions for the item adjustment, click on the Save button in the toolbar to save the adjustments to the database.
To see a list of all existing item adjustments, click on the Find button in the toolbar.
See also Physical Count Adjustment screen.
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