Inventory Transactions

forkliftAfter the creation of your Model company, users will be able to run through any inventory process you’ll be completing in Acctivate. This includes purchasing, selling, receiving, issuing, transferring, counting, adjusting, and assembling your items.

Creating the Modal company off of a copy of your QuickBooks file, gives you the flexibility to run through any amount of transactions without worrying about messing up your live environment. Users will also have the opportunity to synchronize with QuickBooks to verify all the GL accounts and other lists are setup properly to suit your needs.

Once you go live, all inventory related transactions will be processed in Acctivate. We create a completely separate Acctivate company linked to your live QuickBooks company when the time comes.

Checklist for Inventory Transactions

  1. Watch the Inventory Transactions training video
  2. Create and Post an Inventory Receipt session
    • We recommend to always receive from a Purchase Order, but some customers do without. When no related PO exists, you’ll need to manually reconcile the Purchases account assigned to the Warehouse.
    • If utilizing unique identifiers (lot or serial numbers) or have a lot of lines to receive, we have an Inventory Receipt import utility.
  3. Create an Issue Transaction; expense to miscellaneous expense account or use the default account assigned to the Warehouse
  4. Process Inventory Adjustments both as a positive and negative quantity
  5. Transfer Inventory from one warehouse to another
  6. Assemble a product that uses multiple components
  7. Process a Balance Adjustment and confirm how it impacts the product adjusted
    • This type of transaction will set the quantity on hand as of the end of the day. Therefore, creating an invoice or receiving new items will affect this transaction.
  8. Run a synchronization and review the accounting entries made in QuickBooks linked to these transactions
  9. Create an Inventory Count and enter quantities. Review items after posting and take a look at the variance report.
  10. Take a look at the Transactional reports in the Inventory reports menu

After going over these basic steps, check out the Learn Inventory page, as well as any of the Inventory related articles posted on the site. We also have a list of Procedure Charts for your review: Kitting, Assemblies, Assortments, Counts. Our search tool is also a great way to research the exact process you’re looking for past the basics.

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