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Use this form to adjust the cost value of entire on-hand inventories. For example, you can adjust the cost value for a quantity in the field by entering an amount in the field, or select one of the adjustment functions by clicking .

Example

Assume that you have the following transactions:

  • February 1: Inventory financial receipt for a quantity of 2 at a cost of USD 10

  • February 5: Inventory financial receipt for a quantity of 1 at a cost of USD 13

  • February 19: Inventory financial issue for a quantity of 1 at a running average cost of USD 11

Also assume that this item was set up with the FIFO inventory model, and that inventory close was performed as of February 28. The financial issue transaction of USD 11 will be settled to the financial receipt dated February 1 and a USD 1 adjustment will be made.

The following inventory receipts will then contain open inventory quantities:

  • February 1: Quantity of 1 at a cost of USD 10

  • February 5: Quantity of 1 at a cost of USD 13

If the intention was to set the cost of these two items to USD 15, the on-hand adjustment would be used. The on-hand adjustment makes it possible to adjust the open on-hand quantities as of the last inventory close period. It is important to note the posting date of the on-hand adjustment transaction will be the date of the last inventory close.

Note Note

You must run at least one closing before an item can be adjusted as on-hand inventory. For more information, see Closing and adjustment (form).

Negative on-hand inventory cannot be adjusted.

You can select only one item at a time to adjust the cost value of the on-hand inventory. If you want another selection, first click to delete the selected on-hand inventories.

Navigating the form

The following tables provide descriptions for the controls in this form.

Fields

Field

Description

Define a unique code to assign when items are created. We recommend that you do not use special characters or spaces in the item number.

Item numbers can be system-generated by linking the item number to a Number sequencesform. For more information, see Number sequences (form).

Select an item configuration to specify an item with specific attributes.

The size of the item.

The color of the item.

Enter the warehouse in which you will store your items.

Value of inventory on hand as of the inventory close date that was selected before opening the form. This value cannot be edited.

The total inventory value of the financial updates for the item that was posted in the module. The value is negative if items that have only been physically received in inventory have already been sold or invoice-updated. The field appears when you total the posted value amount for all transactions with the status Purchased or Sold at the warehouse.

In the field, you can enter the value that the item receipt is to be adjusted by.

Buttons

Button

Description

Select which on-hand inventories you want to adjust. The selected on-hand inventories are displayed as a journal.

Remove the selection from the journal.

Automatically assign a value to the field based on various criteria. When you click , all selected on-hand inventories are adjusted according to the method you select.

The following methods are available:

  • – Adjusts the cost price to the item cost price for an individual item. The item cost price is specified in the field in the Itemform. For more information, see Item (form).

  • – Using , you can specify any cost price. This price is not checked against other prices that have been used for the item.

  • – Enter an amount you want to adjust by. This amount is allocated among all on-hand inventories according to the selected allocation principle and will be the total of the column Edit Now on the on hand journal. If you select as the principle, the amount is allocated proportionally according to the values of the on-hand inventories. If you select as the principle, the amount is allocated proportionally based on the quantity of the on-hand inventory.

  • – Specify a value you want to adjust to. The value entered will be the total of the new posted value found in the journal of the on-hand transaction. The value is allocated to all transactions according to the selected allocation principle. If you select as the principle, the amount is allocated proportionally according to the value of the transactions. If you select as the principle, the amount is allocated proportionally according to the transactions' quantity.

  • – You can adjust by any percentage. All on-hand inventories are adjusted to the cost price assigned to them, plus the given percentage. Select whether the adjustment should be made on the basis of or , where any negative on-hand inventories are calculated in the basis.

If you use different adjustment methods in the same selection, the value in the field will always be set according to the latest adjustment.

Update the adjustments. The posting date will be the date of the last inventory close that was selected before opening the form.

Print a journal when you have finished changing cost prices. This journal contains the information found in the form.

See Also