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 Receipt video to get a basic overview of receiving.
  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. Watch the Inventory Issue video to get a basic understanding of issuing inventory out of your warehouse.
  4. Create an Issue Transaction; expense to miscellaneous expense account or use the default account assigned to the Warehouse
  5. Watch the Inventory Adjustment video to see how to adjust your inventory quantity on hand.
  6. Process Inventory Adjustments both as a positive and negative quantity
  7. Watch the Inventory Transfer video to get a basic understanding of moving products from one warehouse to another.
  8. Transfer Inventory from one warehouse to another
  9. Watch the Inventory Assembly video to see how to create and post a standard assembly session.
  10. Assemble a product that uses multiple components
  11. Watch the Inventory Balance Adjustment video to see how to adjust your product value.
  12. 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.
  13. Run a synchronization and review the accounting entries made in QuickBooks linked to these transactions
  14. Watch the Inventory Count video to get a basic understanding of printing and entering a count sheet.
  15. Create an Inventory Count and enter quantities. Review items after posting and take a look at the variance report.
  16. Take a look at the Transactional reports in the Inventory reports menu
  17. Watch the Void Inventory Session video so see how to remove a posted inventory session.

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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