Physical Inventory Adjust

Menu Path: Warehouse Management $Images\bluerarw.gif$ Inventory Management $Images\bluerarw.gif$ Physical Inventory $Images\bluerarw.gif$ Physical Inventory Adjust

Purpose

Adjust inventory when there is a variance between the counted quantity and the current on-hand quantity.
Perform the last step in a physical inventory count.

Overview

Use Physical Inventory Adjust to adjust inventory of products if there is a variance between the quantity on hand and the quantity counted. Physical Inventory Adjust is the last step in the complete physical inventory process.

Even if there were no adjustments made in Physical Inventory Entry, the physical inventory count process is not reconciled until the Adjust All button is clicked. You cannot enter changes to inventory quantities in Physical Inventory Adjust. If you want to enter any changes to the quantities, use Physical Inventory Entry.

Note If you are using tally sheets, you cannot adjust inventory until all tally sheets are processed.

Adjusting Physical Inventory

To adjust physical inventory:

Click the Lookup button for the Physical Inventory ID field, and select a physical inventory ID for which you want to adjust inventory.
Enter an adjustment code in the Adjustment Code field.
Review the Variance column in the Inquiry grid to verify the inventory adjustment quantities.
Click the Adjust All button in the ribbon. The Question dialog box appears, and confirms you want to make the inventory adjustment.
Click the Yes button. An inventory adjustment entry is created and must be posted to the general ledger in Inventory Adjustment Post.

Ribbon Home Tab Buttons

Button	Description
Exit	Click this button to close the Physical Inventory Adjust window.
Adjust All	Click this button to adjust the inventory for all displayed products that have a variance. When you click this button, the Question dialog box appears, and asks if you want to adjust all inventory for the selected physical inventory ID. If you click the Yes button in this dialog box, a stock adjustment entry is created that must be posted to the general ledger account associated with the adjustment code. Note If tally sheets for the physical inventory ID are unprocessed or locked, you cannot adjust inventory. If you attempt to adjust inventory when a tally sheet is unprocessed or locked, Tally Sheet Inquiry appears, and allows you to view the tally sheets for the physical inventory ID.
Tally Sheet Detail Inquiry	Click this button to display Tally Sheet Detail Inquiry, which allows you to view tally sheet line items for a selected product record (if tally sheets were used). This button is only enabled after you enter a physical inventory ID in the Physical Inventory ID field for which tally sheets exist.

Inquiry Tab Fields and Buttons

Field or Button	Description
Physical Inventory ID	Click the Lookup button to select a physical inventory ID. For information on creating physical inventory ID's, see Physical Inventory Select.
Adjustment Code	Enter an adjustment code, or click the Lookup button to select an adjustment code. This defaults to the default adjustment code for the selected physical inventory ID. This code is used when determining the general ledger posting for any physical inventory adjustment postings. Adjustment codes are defined and maintained in Inventory Adjustment Code Maintenance.
Inquiry	This grid displays product inventory information for the selected physical inventory ID. This grid includes the following columns: Line # - This column displays the line sequence number for each product. Qty On Hand - This column displays the on hand quantity for each product. Snapshot QOH - This column displays the computer’s on hand quantity of each product. Variance - This column displays the difference between the quantity on hand and the computer quantity on hand for each product. Product Code - This column displays each product code. Loc. Prefix - This column displays the stocking location for the products. Zone - This column displays the zone number associated with the product's bin. If a zone is not associated with a bin, %NONE% displays in this column. Bins are defined and maintained with zones in Bin Maintenance. UM - This column displays the unit of measure for each product. UM Code - This column displays the unit of measure code for each product. Bin - This column displays the bin for each product. Lot - This column displays the lot for products tracked by lot. Serial# - This column displays the serial number for products tracked by serial number. Notes - This column displays any notes associated with each product. If tally sheets exist for the physical inventory ID, double-click a product record to display Tally Sheet Detail Inquiry, which allows you to view tally sheet line items for the product record.
Cost Adjustment	This field displays the total cost incurred for adjusting the inventory.