How to adjust inventory quantities in stock and automatically post to an inventory adjustments account in the general ledger and reduce the inventory asset account at the same time.
This tutorial explains the setup for, and the process used to adjust the quantities in stock of your inventory while automatically posting to an inventory adjustment account in your general ledger.
The 5 steps required to set this up are:
1- Create an inventory adjustment ledger account if it doesn't already exist.
2- Create a non-inventory type sub-category.
3- Create a part in this sub-category with no cost or selling price.
4- Make sure the Transfer Invoice is in your Invoice Tree.
5- Create a customer account for your company with a price schedule set at cost and tax exempt.
The following video tutorial explains each one of these steps and then shows how to create a Transfer Invoice that removes or adds inventory from stock while posting to the adjustmant account.
Video source: training:inventory_adjustments_and_automatic_posting_to_ledger0808211254.flv
Created by Harry Czerednikow at 8/21/2008 12:54:14 PM