Adjusting your inventory
Watch this video on how to make inventory adjustments or read on below
If you need to adjust a discrepancy in your inventory quantity or value (e.g. writing off a damaged item, or revaluing your entire inventory), you can do so in the Inventory Adjustment tab which you will find under the Items module on the left side menu.
To create an adjustment:
- Start by indicating the date on which you want to record this change in Inventory Asset.
- Indicate the currency.
- Choose an item from the dropdown menu.
- Add a description explaining the reasons for the changes made in the quantity on hand of this item.
- Indicate the change in quantity. For example, if you want to reduce your item quantity by 1, enter -1.
- Indicate the change in inventory value. For example, if you want to reduce your inventory value for the selected item by 100, enter -100.
- Select the account to which you would like to make this change.
- Change the status of the adjustment to POSTED to post the adjustment to your books. You can confirm that the adjustment has been posted when a yellow journal icon shows up in the first column.
Screenshot showing journal posted by an inventory adjustment