Inventory Cost Adjust

Menu Path: Warehouse Management $Images\bluerarw.gif$ Inventory Management $Images\bluerarw.gif$ Inventory Movement and Cost $Images\bluerarw.gif$ Inventory Cost Adjust

Purpose

Adjust a specific product’s cost or its cost basis by warehouse location.

Overview

Use Inventory Cost Adjust to create cost adjustments for specified products and warehouse locations, or change the product’s cost basis. This is accomplished by selecting a valid product code or name and selecting the adjustment type, cost type, and defining a new cost or selecting a new cost basis.

NOTE Adjustment codes govern the general ledger account that the adjustment will use in posting to the General Ledger module. These codes are defined and maintained in Inventory Adjustment Code Maintenance.

You can also import cost adjustments in Inventory Cost Adjustment Import.

Adjusting a Product’s Cost

To adjust a product's cost:

Enter a product code or name in the Product Code or Product Name field.
Enter a valid warehouse location prefix or name in the Location or Location Name field. The selected product must had a product location record for the selected location.
Select the cost type for which the adjustment is to take place. In each instance, if the product is defined in Product Maintenance with the selected cost type, the Current (Total) Cost field displays the cost of the product. The New (Total) Cost field defaults to the current cost (this is the field that will be changed to reflect an adjustment). The Accounting Cost check box is selected if you select the cost type that is defined as the accounting cost for the product.
Click the Update button in the ribbon.
Enter a cost or costs in the New Cost field or column.
Enter an adjustment code in the Adjustment Code field.
Enter the reason for the adjustment in the Remark field.
Click the OK button in the ribbon. The cost adjustment is made.
Run Inventory Adjustment Post for the adjustment.

Adjusting a Product's Accounting Cost Basis

To adjust a product's accounting cost basis:

Enter a product code or name in the Product Code or Product Name field.
Enter a valid warehouse location prefix or name in the Location or Location Name field. The selected product must had a product location record for the selected location.
Select the Cost Basis radio button. The current accounting cost basis for the product displays in the Current Basis field.
Click the Update button in the ribbon.
Click the Lookup button to the right of the New Basis field, and select the cost basis.
Enter an adjustment code in the Adjustment Code field.
Enter the reason for the adjustment in the Remark field.
Click the OK button in the ribbon. The cost basis adjustment is made.

Note You can run Inventory Adjustment Post for this type of adjustment, however, since no cost changes were involved, the adjustment will be for a value of $0.00.

Ribbon Home Tab Buttons

Button	Description
Exit	Click this button to close the Inventory Cost Adjust window.
Update	Click this button to update inventory cost or cost basis for the selected product.
OK	Click this button to accept a cost adjustment. This button is only available after you click the Update button in the ribbon.
Cancel	Click this button to cancel a cost adjustment. This button is only available after you click the Update button in the ribbon.

Main Tab Fields and Buttons

Field or Button	Description
Product Code	Enter a product code for which you want to adjust cost, or click the Lookup button to select a product code. For information on products, see Product Code and Name.
Product Name	Enter a product name for which you want to adjust cost, or click the Lookup button to select a product name. For information on products, see Product Code and Name.
Location	Enter a location prefix for which you want to adjust cost, or click the Lookup button to select a location prefix. For information on locations, see Location Code/Name.
Location Name	Enter a location name for which you want to adjust cost, or click the Lookup button to select a location name. For information on locations, see Location Code/Name.
Adjust	Select whether to adjust a cost or cost basis.
Position To	Enter a lot number, serial number, or date to display at the top of the Lot, Serial Number, or Receipts grid. This field is only available if you select the Lot Cost, Serial Cost, LIFO, or FIFO radio button.
Cost Type	Select the cost type to adjust. These radio buttons are only available if you select the Costs radio button. Select one of the following cost types: Avg Cost Std Cost Lot Cost (can only be selected for products tracked by lot) Serial Cost (can only be selected for products tracked by serial number) LIFO (can view cost levels) FIFO (can view cost levels)
Accounting Cost	This check box is selected if the selected cost type is the accounting cost.
Display LIFO/FIFO Layers With No Remaining Quantity	Select this check box to display LIFO or FIFO receipts in the Receipts grid with no remaining quantities. This check box is only available if you select the Costs radio button, and the LIFO or FIFO radio button.
Current Basis	This field displays the current cost basis. This field is only available if you select the Cost Basis radio button.
New Basis	Click the Lookup button to select the new cost basis. This field is only available if you select the Cost Basis radio button.
Lot	This grid displays lot costs for the selected product. This grid is only available if you select the Lot Cost radio button. If you click the Update button in the ribbon, you can enter costs for lots in the New Cost column.
Serial Number	This grid displays serial number costs for the selected product. This grid is only available if you select the Serial Cost radio button. If you click the Update button in the ribbon, you can enter costs for serial numbers in the New Cost column.
Receipts	This grid displays receipt costs. If you click the Update button in the ribbon, you can enter costs in the New Cost or New Case Cost column. Note Use the New Cost column to change costs for the product unit of measure. Use the New Case Cost column to change costs for the default display unit of measure set up for the product/location. This grid is only available if you select the LIFO or FIFO radio button. Double-click a receipt to display LIFO FIFO Detail, which allows you to view LIFO or FIFO receipt information.
Current Cost/Current Total Cost	This field displays the current cost or current total cost.
New Cost/New Total Cost	This field displays the new cost or new total cost. If you are updating an average or standard cost, you can enter the cost in this field.
Adjustment Code	Enter an adjustment code, or click the Lookup button to select an adjustment code. Adjustment codes govern the general ledger account that the adjustment will use in posting to the General Ledger module. These codes are defined and maintained in Inventory Adjustment Code Maintenance.
U/M	Enter a unit of measure, or click the Lookup button to select a unit of measure. This defaults to the product unit of measure for the product.
Short Description	This field displays the short description of the selected adjustment code.
Remark	Enter a remark for the inventory cost adjustment.