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Inventory Adjustment

[520-1] | Inventory | Processing | Inventory Adjustment

Inventory Adjustment is increasing or decreasing the inventory level in the system to match the actual on-hand quantity. Adjustments are done with the cost of the inventory, cost is entered at a Vat Exclusive Price.

Notes:

  1. Users can search for adjustments  on the Inventory Adjustment screen  by searching for the Adjustment Code/Reference, Location, Date or the user who created the adjustment under "Find" on the search panel.Refer to Figure 1.
  2. An adjustment can include multiple products. Use the "Insert" icon " " or "Ctrl I" on the screen.
  3. Users can also duplicate an existing adjustment via "File -- Copy Record".
  4. Users need to enter  details for Lot Bin and Product Matrix items.

Reports:

  1. Inventory Adjustment Report
  2. Inventory Movement Summary
  3. Inventory Movement Details
  4. Inventory Movement Sales Summary
  5. Inventory Movement

Steps to Create an Adjustment

  1. Click on Add New Record
  2. Select the "Location" and update "Reason" for adjustment.
  3. Insert the products.
  4. Update the "Quantity" and "Cost". Update "Bin" details if applicable.
  5. Save Record
  6. Post Adjustment. This will print the adjustment report if "Prompt Print Adjust Report" is set to "Yes" in the Configuration.

Table 1: Inventory Adjustment Fields

Fields Description
Adj Reference

This is the Adjustment Number. The system will generates numbers when the record is saved. Adjustment Number can be formatted in the Configuration .

Location

 Double click and select the location code for which inventory needs to be adjusted. Location list is created on menu 512, enable "Allow Stock Update" to allow adjustments for a location. 

Reason

 Reason is a free test field where users can specify purpose of adjustment, for example, "Adjustment Out of item AB1001 due to physical damage".
Date Entered Date and Time is systemically updated when an adjustment is done.
Entered By User is systemically updated. This is the user who is logged in the application when the adjustment is created.
Doc No This a free text field to capture additional reference.
Status The following status applies to the adjustment records:
  • New -  a new adjustment entry is open.
  • Updated - the adjustment record is saved.
  • Posted - the adjustment record is posted using the Post Adjustment button. 
Product No. Double click in the Product No. field and select the product for adjustment. 
Description The description is automatically populated when the product is added.
UOM The Unit of Measure is automatically populated when the product is added.
Qty Enter the quantity of the product that needs to be adjusted.
Cost Enter the cost of the product. Cost is entered as Vat Exclusive.
Ext Cost Exist Cost is system computed. This is the quantity multiplied by the Cost.
Adjustment Select the radio buttons to show the movement of stock IN or OUT of the system.
BIN If a Lot Bin (Serial Number) or Product Matrix item is adjusted, a Detail Button will appear to enter details.