Adjusting Item Quantities and Costs

You use the Adjustments screen in the I/C Transactions folder to:

• Update the quantity on hand at a location to agree with your physical inventory count.
• Return goods to a vendor after you have completed the receipt.
• Remove additional cost remaining on a receipt when you return the total quantity received for an item at a location to the vendor.

Do not use the I/C Adjustments screen to create write-off adjustments, to adjust the total cost of items that have a zero total cost, or to post counts and costs entered on the Physical Inventory Quantities screen More...

Note: If you use Project and Job Costing, material adjustment transactions created by Project and Job Costing appear in Inventory Control showing adjustments to particular contracts, projects, job categories and overhead accounts. However, you cannot use Inventory Control to adjust materials for jobs.

To adjust item quantities and costs:

1. Open Inventory Control > I/C Transactions > Adjustments.

2. With ***NEW*** displayed in the Adjustment Number field, press the Tab key to start a new assembly.

   Tip: If ***NEW*** does not appear, click the New button.

   The program automatically assigns a document number when you save or post the transaction.

   Alternatively, you can enter a new transaction number yourself, and then press Tab.

3. In the Adjustment Date field, enter the date for the adjustment, or select it using the calendar icon beside the field.

   Inventory Control automatically displays the session date as the default date, but you can change it. (The session date is the date that you entered when you started Sage 300).

   You can also enter a separate posting date, which determines the fiscal year and period to which a transaction is posted in the general ledger.

   You can change the document date and the posting date, but you cannot directly change the fiscal period.

4. In the Posting Date field, enter the date to which to post the transaction in the general ledger.
5. Enter an optional description and reference for the adjustment.
6. Click the Zoom button beside the Optional Fields check box (if one appears) to add optional field information for this adjustment.

7. Add the detail lines, specifying the item number, adjustment type, and location for each, then:

   • If the item uses the FIFO or LIFO costing method, specify the bucket type, receipt number, and cost date. More...

   Select a bucket type from the list to specify the way in which the program is to process the adjustment. Inventory Control automatically displays Offset Bucket.

   • If the adjustment type is Quantity Increase, Quantity Decrease, Both Increase, or Both Decrease, specify the quantity and unit of measure. If the item is serialized and/or lotted, you are prompted to assign serial/lot numbers. (For more information see Assigning Serial/Lot Numbers to Adjustments.)
   • If the adjustment type is Cost Increase, Cost Decrease, Both Increase, or Both Decrease, specify the cost adjustment and adjustment/write-off general ledger account.
   • Enter any comments you want to keep with the detail.
   • Click the Zoom button for the Optional Fields column (or check box), if one appears, to add optional field information for this adjustment detail.
8. When you are finished, click Post or Save, and then click OK at the confirmation message.
   • If you choose Save, Inventory Control saves the transaction so you can edit and post it later.
   • If you choose Post, Inventory Control posts the transaction immediately.

   If you use the option to allow you to delete transactions after posting, Inventory Control asks if you want to delete the transaction. Click No, unless your company always deletes posted transactions. If you delete the posted transaction, you will not be able to drill down to the transaction details from General Ledger.