The Inventory Adjustments window, available from the Tasks menu, includes the following fields:
Enter or select the ID number of your inventory item here. To display a list of existing items, type ? in this field, or select the Lookup button. To add a new item, type + or double-click the field, which displays the Maintain Inventory Items window.
This field displays whatever short description you entered for the inventory item. You cannot change this.
Enter any information you like to identify this transaction, such as your initials or the date of the inventory adjustment. You can enter up to 20 alphanumeric characters.
The date defaults to the current date or the first day of the current accounting period, if you are not already in the current accounting period. Enter the date the change in inventory occurred or the date of the physical inventory.
If you are tracking job cost, select the job ID (if the job uses them) to which this line item applies. To display a list of existing jobs, click the folder button or type ? in this field. Tell me more about selecting job records.
From the Proposals window, you will see only jobs that have a Billing Method of Percent of Proposal or No Progress Billing. Moreover, if you have already billed or partially billed this line item, you will not be able to edit the job information on this line item.
To use job costing to its greatest potential, you should try to assign transactions to the most detailed level of the job possible (which can include job phases and costs codes). (Sage 50 Premium Accounting and higher)
Note: The Job ID field on the Apply to Proposal tab will be disabled if no job is selected for the line on the original proposal and it will be Read Only if there is a job applied to the line. (Sage 50 Premium Accounting and higher)
If you decrease the item quantity, the GL Source Account you enter here is debited, and the item's inventory account will be credited. If you increase the item quantity, the GL Source Account you enter here is credited, and the item's inventory account will be debited.
To display a list of existing accounts, type ? in this field, or select the Lookup button. To add a new account, type + or double-click the field, which displays the Maintain Chart of Accounts window.
This amount defaults to the last purchase price entered in the system, if you are making a positive adjustment. You can change it if necessary. For adjustments down (negative adjustments), the reduction is considered a sale, and this field is disabled since Sage 50 costs the adjustment based on the item's costing method at the time of the sale.
This displays the inventory quantity on hand. You cannot change this field.
In the Inventory Adjustments window, enter the amount to adjust the quantity by. If you're subtracting from the current inventory, enter a minus sign before the number.
There are two types of inventory adjustments, increases in quantity and decreases in quantity.
- For an adjustment up, you will enter a positive quantity and can also enter a unit cost. This will increase your quantity on hand and total inventory value much as a purchase would. You could use an adjustment up if you previously miscounted your inventory and now have more units on hand than you thought you had.
- For an adjustment down, you will enter a negative quantity, but you can't enter a unit cost. Sage 50 will figure out the cost value that these units are being removed at, much like a sale. An inventory adjustment down will decrease the quantity on hand as well as the total value. You could use an adjustment down if something was stolen or broken, if inventory was previously miscounted, or if you used the item for a job. When you make an adjustment, the Cost of Goods Sold, Inventory Total Value, and Inventory G/L accounts are all updated.
Enter the reason for the change to the inventory quantity. For example, "Spoilage" or "Found in Warehouse."
This field is the sum of the Quantity on Hand and Adjust Quantity by fields. It is for display only, and cannot be changed.