Inventory > Making inventory adjustments
From time to time you may need to adjust item quantities and values. For example, if your inventory gets damaged, you may have to write off some of your inventory or revalue it.
This section explains how to make a one-off adjustment to a single item or a few items. If you need to update the quantities of several items, see Performing stocktakes.
When making inventory adjustments, you may find it useful to print the Items List Summary report. This report displays on-hand quantities and values of items in your software.
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Type the item number for the item you want to adjust. To do this, click in the Item Number column, press tab and then select the item from the list that appears.
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Type the quantity by which you want to increase or decrease the quantity held. Only type the quantity variation.
If you enter a positive number, that number is added to your
on-hand inventory. If you enter a negative number, that number is subtracted from your on-hand inventory. |
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The average cost of the item appears by default. The average cost is normally calculated as the total cost of the item divided by the number of units on hand. If these are new items, type their purchase cost.
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The Amount field displays the quantity multiplied by the unit cost. If you change it, the unit cost is recalculated automatically.
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Enter the account you want to assign the adjustment account to. This account is usually a cost of sales or expense account.
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Click Record to save the inventory adjustment.
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This inventory adjustment increases the number of items on hand by two and the total value of the items on hand by $700.
This inventory adjustment increases the number of items on hand by two but does not adjust the total value of the items. The average cost of the items will decrease as result of this adjustment.
This inventory adjustment increases the total value of the items on hand by $120 but does not change the number of items on hand. The average cost of the items will increase as a result of this adjustment.
