Entering an inventory adjustment

Adjustments are used:

• to correct opening or inventory balances
• to record births, deaths, crops used for seed and feed, harvest and inputs usage
• as year-end adjusting entries by accountants for tax purposes
• to transfer inventory from one account to another (transfer in/transfer out)
• as transfers between grades of the same commodity (transfer) as required by AgriStability
• to record a change in value

To adjust your inventory: 

1. Select Inventory Adjustment from the Inventory menu. The Select Postable Account - Inventory dialogue box opens.
2. Select an inventory account from the list and click Select. Note: If the account isn’t listed, click Addto create it.
3. The Inventory Adjustment dialogue box opens, displaying four tabs. Each tab features:
4. Select the Adjust Balance tab to enter the account’s opening quantity and unit value. This tab is only available if the account’s quantity is zero.
5. Select the Adjust Quantity tab to change the quantity on hand. This tab is available if the account’s quantity is greater than zero.
6. Select the Adjust Value tab to change the unit value. This tab is available if the account’s quantity is greater than zero.
7. Select the Transfer tab to record a transfer between classes, grades or commodity types for AgriStability purposes. It’s available if the account is a detailed inventory account.

Last updated on June 6, 2014 by FCC AgExpert