Inventory Corrections / Adjustments

 

Inventory corrections can be used to adjust the in stock figure for a product. This might be used to correct the quantity of an item after a stock take or to write-off damaged items.

Inventory corrections should not be used to add purchased inventory or remove shipped inventory - inventory should always be received into stock against a purchase order and removed from stock for sales by shipping goods-out notes.

Note that items received against a purchase order in error can also be unreceived rather than requiring a correction.

 

Accounting for corrections

When items are added or removed from inventory, an accounting journal is automatically posted in order to adjust the asset value of inventory.

Each in stock item has an asset value associated directly with it, therefore, when removing an item from stock the actual value of the specific item removed will be used. Since an item may have been received at different values over time, the inventory detail report is used so that you can select the item at the relevant value to be removed.