Inventory Skill Builder:

IN Adjustment Entry

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Table of Contents

About this Course 3

IN Adjustment Entry 4

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About this

Course

Course Description

Welcome to the Inventory Skill Builder course!

This course will provide you with the fundamental knowledge and skills necessary to process

adjustment entries in the Inventory module.

Course Objectives

After completing this course you will have a better understanding of the IN Adjustment Entry

form and the different processes that can be performed within it.

After completing this lesson, you will be able to:

• Demonstrate how to process an adjustment entry in Inventory.

• List the different processes that can be performed in the IN Adjustment Entry form.

• List the Data that will be updated after an adjustment has been posted.

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IN Adjustment Entry

The IN Adjustment Entry form is used to adjust current Inventory levels and/or their values. Adjustments

are generally made to compensate for theft, incorrect postings, or write-offs and also to enter beginning

balances or update on hand amounts. Adjustments for discrepancies found during physical counts can

also be entered here, though typically they will be entered directly in the IN Physical Count Worksheet.

This form can also be used to expense materials that are not accounted for in production, transfers,

sales or other posting, directly to a GL account.

You can adjust units only (setting Total Cost to 0.00), total cost only (setting Units to 0.00), or both units

and total cost. Changes to Unit Cost only will have no impact. If adjusting both units and total cost, the

Unit Cost used to calculate the Total Cost is determined by the Cost Method specified for the location

(i.e., if the Cost Method is the Avg Unit Cost, the Unit Cost will be the material’s Avg Unit Cost as defined

in Location Materials). The Cost Method is defined in the IN Company Parameters, but may be

overridden by location (IN Location Master) or by location/category (IN Location Category Override).

Adjustments made here will update the Average Unit Cost and On Hand amounts appropriately (in IN

Location Materials). Average Unit Cost will not be updated for expense entries where the default GL

Account has been overwritten unless the GL account is equal to the material’s Inventory Adjustment

account (in IN Location Master).

1. To create an Inventory adjustment entry in Viewpoint, go to the Inventory module’s Programs

folder and open the IN Adjustment Entry form.

2. Select a Batch Month and click OK to create a new batch in the Batch Selection form.

3. Press Enter in the Seq# field to start the new entry.

4. In the Date field enter the actual posting date for this adjustment entry.

5. In the Location field specify a valid location for this entry.

6. Enter a material code for this transaction. This must be a material setup for the specified

location.

7. The GL Account field will initially default the Inventory Adjustment account that is assigned in

the IN Location Master or the override account defined in the IN Location Category Override

form, if one exists. This value may be overridden.

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8. Enter the number of units for this adjustment. This is the number by which the On Hand and

Booked quantities will be changed. Enter as positive to increase inventory, negative to decrease

inventory, or zero if there is no change to On Hand and Booked quantities.

9. The Unit Cost field will default a unit cost for this material based on the Cost Method for the

location or category.

10. The Total Cost field will default an amount based on the Units X Unit Cost.

11. In the Memo field you can enter a description for this adjustment entry.

12. Once you are finished entering the adjustment, select Save. See Figure A.

Figure A. IN Adjustment Entry

13. Once the batch is ready, select File and Process Batch. In the Batch Process form you can then

Validate the records, preview/print the Audit Reports and select post.

14. When an adjustment batch is posted, the General Ledger entries are automatically made to the

Inventory and Inventory adjustment accounts specified for this location (or overwritten in the IN

Location Master). However, if overrides are set up by category, then updates will be made to

the accounts specified in the IN Location Category Override.

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