Incoming_links Space USE
Overview
Stock adjustments registered during warehouse operations, such as physical inventory counts or instant stock adjustments without inventory counts, require recognition in financial accounting.
Periodically, the company analyzes registered stock adjustments, finds out each cases, the reasons for the deviations, determines the stock owner company, evaluates the goods, determines the guilty party, makes decisions about the financial consequences for the company. All such decisions must be documented according to enterprise policy.
Depending on the decisions made, stock adjustments are recognized in financial accounting as profit and loss items in the current period.
At the next step, the cost of goods is evaluated. Cost evaluation is especially important in cases of stock reclassification or stock quality changes. For simplification purposes, data on the cost of goods can be filled in with data from disposed goods.
As a result of the process, stock adjustments are correctly recognized in financial accounting.
Video guide
Widget Connector url http://youtube.com/watch?v=N74vyvuzp1I
Recognize stock adjustments flowchart
Definition
The inventory adjustment documents are created to record the identified stock discrepancies. These stock discrepancies can be results of the inventory count and discrepancies found during the fulfillment of regular warehouse operations.
Inventory count sheet data are used for the automatic filling of new inventory adjustment documents.
If discrepancies are found in the inventory during warehouse operations, inventory adjustment documents are created and filled in manually.
In the case of creating inventory adjustment documents for the group of companies (centralized warehouse management), the actual (and positive) inventory of the company is monitored.
In the case of inventory reclassification and inventory quality change, the data on the accepting goods are filled in with the data of the disposing goods.
The result of creating inventory adjustment documents is an update of available inventory data that reflects the physical available inventory.
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Paths
| Path | Warehouse and delivery → Surplus, shortage, stock quality change → Inventory adjustments | ||
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How to
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check stock
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adjustments pending recognition
1. Go to
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Click the Reports → Stock discrepancies report.
Warehouse and delivery, then click Inventory adjustments under Surplus, shortage, stock quality change.
2. In the Inventory adjustments workplace, select the Warehouse, then click the To register → Reports hyperlink.
3. In the Unregistered surpluses and shortages of goodsreport
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, check the list of stock
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adjustments pending recognition in financial accounting.
How to
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recognize stock adjustments using a wizard
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1. In the Inventory adjustments
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workplace, click Create → By using wizard
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2. In
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the Inventory adjustment
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wizard workplace,
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on the Setuppage
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Select the Warehouse.
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, specify the Physical inventory register
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period, the Inventory adjustment date, click Next.
Click the Set filter to customize the selection.
Click the Next button.
3. On the Reclass stock or change quality page
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, select a line in the Stock shortage table
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, select a corresponding line in
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the Stock surplus
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table, click Process selected items
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, Specify the quantity
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.
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Click |
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Reclass all stock and |
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Process stock quality... |
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to automatically reclass all matched lines. |
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4. Check data in the Stock reclasses and quality changes table
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below. Click Next.
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You can reclass stock only for goods with a common unit of measure |
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as during the |
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offset the |
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quantity of |
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outbound and |
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inbound goods is the same. You cannot make a stock |
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reclass transaction for items that have different VAT rates. The stock quality change transaction is made only for the goods that have different quality attributes. |
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5.
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On the Assign company stock for adjustment page, click the Operation type, select the relevant operations.
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The following scenarios are available:
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Review the information in the Stock discrepancies pending company stock assignment table.
6. Select lines, click Company remaining goods report
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.
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In the Company stock balancereport
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, check the list of companies in columns
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that have the selected item in available stock.
Return to the Assign company stock for adjustment page
Select the line and click the Assign company stock manually button.
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7. Select lines, click Assign company stock automatically, select a Company, click Ok. Click Next.
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Click the Assign company stock automatically button to assign company stock automatically to all lines.
You may define the priority for the list of companies. |
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If the item is identified in several companies' |
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stock, the system will select the first specified in the order of priority |
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. |
The system will automatically fill in the Stock discrepancies assigned to company stock table with inventory assigned to company stock.
Click the Next button.
The system will automatically create and fill in all necessary inventory adjustment documents.
It is also possible to select the line, click Assign company stock manually, and select a Company. |
8. On
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the Review generated inventory adjustment documents page
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, check the list of created and posted
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inventory adjustment documents.
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Open the stock adjustment recognition document.
How to define prices for reclassification and quality change
1. In the stock adjustment recognition document, click Main tab, check if valuation option requires different valuation for goods. Maintain default expense item or income item relevant to the stock adjustments recognition, then select relevant Dimension.
2. Click Advanced settings tab, select Currency, fill in the Cause for stock adjustment.
3. Click the Goods tab, fill in Price column. Post the document.
Open the document and fill in the required fields, if the document hadn't been posted.
Select documents, click the Print button and choose the necessary print-out forms.
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All necessary print-out forms shall be customized during the implementation project. |
How to change goods quality
Go to the Inventory adjustments list.
Click the Create command and choose the Stock quality change (by custom price) or Stock quality change (by cost) business transaction.
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The Stock quality change (by custom price) business transaction allows you to define the custom price for the incoming stock, which is different from the price of the outgoing stock of initial quality. The Stock quality change (by cost) business transaction accepts incoming stock of a new quality at the same price as the outgoing stock of initial quality. |
In the Stock quality change (by custom price) document, go to the Main tab.
Fill in Company, Business unit, Warehouse, Price type, Expense item and Expense dimension fields.
Go to the Stock tab.
Add a new line and fill in all required fields- original Item, original Item variant, another quality Item, another quality Item variant, Quantity, etc.
Specify the Price field manually or click the Fill in prices → by cost/price type command - depending on the business transaction.
How to reclass inventory
Go to the Inventory adjustments list.
Click the Create command and choose the Stock reclass business transaction.
In the Stock reclass document, go to the Main tab.
Fill in Company, Business unit, Warehouse, Price type
Leave the Receive goods at writing off cost checkbox unselected, specify Expense item, Expense dimension, Income item, Income dimension fields - to record cost differences of the reclassified goods.
OR Select the Receive goods at writing off cost checkbox to avoid any differences in cost of the reclassified goods.
Go to the Stock tab.
Add a new line and fill in all required fields- original Item, original Item variant, another Item, another Item variant, Quantity, etc.
Specify the Price field manually or click the Fill in prices → by cost/price type command.
How to recognize inventory shortage
Go to the Inventory adjustments list.
Click the Create command and choose the Stock shortage recognition business transaction.
In the Stock shortage recognition document, go to the Main tab.
Fill in Company, Warehouse, Price type, Expense item and Expense dimension fields.
Go to the Stock tab.
Add a new line and fill in all required fields- Item, Item variant, Quantity, etc.
The Price will be defined within the cost calculation procedure.
How to recognize inventory surplus
Go to the Inventory adjustments list.
Click the Create command and choose the Stock surplus recognition business transaction.
In the Stock surplus recognition document, go to the Main tab.
Fill in Company, Business unit, Warehouse, Price type, Income item and Income dimension fields.
Go to the Stock tab.
Add a new line and fill in all required fields- Item, Item variant, Quantity, etc.
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