Inventory price adjustment

Every year, the Canadian Wheat Board announces a new initial price. At that time, you can enter a price adjustment for any grain you have to ensure that your net worth statement is accurate.

In this example, the price of barley has increased from $100.99 per tonne to $150.00 per tonne.

To enter a price adjustment:

1. Select Inventory Adjustment from the Inventory menu.
2. Select the inventory account you want to adjust. The Inventory Adjustment dialogue box will appear. Note: You can change the account by clicking the  icon.
3. Click the Adjust Value tab.
4. Enter the following:

a) Date – enter the date

b) Reference – enter a reference number or word, for example, adjust

c) Description - enter a description of the transaction, for example, record price increase

d) Unit Value – enter the new initial price 

Last updated on June 6, 2014 by FCC AgExpert