General Instructions for all Inventory Transactions:
- Open new session and initial transaction (session = a batch).
- Select Warehouse.
- Document reason or reference information.
- Choose Product ID and enter Quantity.
- Save the transaction.
- Post to Inventory when all entries are com plete.
- Reports are generated at this time or can be printed later from Inventory Reports > Transactions.
Inventory Issue (0:12)
- Issue stock for non-sales purposes. This can include sending samples, salesman usage, or demonstration pieces.
- Make sure to note any Reference, Issue Document, or Description for the Issue as a whole.
- Specify the GL account to expense the value of inventory issued. You can set a default Issue account on each warehouse in Configuration Management.
- Enter the quantity being issued out. Positive quantities deduct inventory while negative quantities add inventory to your warehouse.
Inventory Receipt (2:01)
- A Receipt can be created from the PO itself by clicking Receive or manually through the Inventory menu.
- To show the complete list of products outstanding on the PO, set the default in Purchasing Options to “Receive POs in full”. Users can change the quantity to reflect the actual quantity received, if different than what’s outstanding.
- Users can create new receipt sessions to receive without a related Purchase Order. Make sure to reconcile Accrued Purchase Receipts manually when no PO exists
- The accounting impact of a receipt is a Debit to your Inventory account and a Credit to your Purchases account (usually Accrued Purchase Receipts).
Inventory Adjustment (3:26)
- Used to change inventory quantities.
- Negative quantity removes items from quantity on hand.
- Positive quantity adds the items to quantity on hand.
- Adjustment transactions use the Adjustments account selected on the warehouse.
Inventory Transfer (4:30)
- Moves quantities between warehouses and/or locations.
- Can only transfer if stock on hand available.
- Accounting impact only if have separate asset account for each warehouse.
Inventory Assembly (5:27)
- Used on items that have a Bill of Materials set to Assembly (Standard), Assembly (Custom), and Assembly (Process) on product information window.
- Component products will show a WIP column on the product information window when listed on a work order.
- Unit cost of components will roll up to the finished assembly product.
Inventory Balance Adjustment (6:48)
- Used to set the current value of inventory.
- In this transaction, you can change the unit cost or value amounts.
- Uses GL account for the warehouse set in configuration under Gain/Loss.
- The numbers shown in the Balance Adjustment will be your new quantity and value for the product at the end of the transaction date.
- If other Transactions are posted on or before the Transaction Date, the Balance Adjustment transaction will update to reflect the set quantity and value of the posted Balance Adjustment.
Inventory Count Process
Print Count Sheet (8:37)
Takes a snapshot of current inventory quantities at the point in time the count sheet is printed.
Before preparing and printing count sheets it is VERY IMPORTANT that you post all inventory transactions and create invoices for all shipped orders.
- Inventory > Print Count Sheets
- Select Warehouse
- Select Product Class, if applicable.
- Set Cycle group if applicable (setup on product screen).
- Sequence will set order to print.
- Click OK when ready to create count sheet.
- User will be warned about posting any transactions. If all steps have been completed, click Yes.
- Click Print.
Enter Count (9:19)
The system will handle all adjusting entries which use the same GL impact as an inventory adjustment.
- Inventory > Enter Count
- Enter new quantity from physical count
- If the count is zero, enter zero. If you leave the count quantity blank, Acctivate will skip the item as if you did not count it.
- Can change or add location here, if needed.
- When you are done, click the Print button to print a count report that includes the counted quantities.
- Review the count report and make sure it is accurate before continuing.
- When you are certain the count was entered correctly, click the Post button.
- Variance Report will be created.