Stock Adjustments and Valuations

 

 

Stock Adjustments can be used to update/correct the quantity and price of products in your Inventory. Adjustments could be due to new stock needing to be entered, removing damaged or stolen stock, data entry error etc. 


Please note that the effect on your Stock Quantities will always be real time or date upon completion of the Stock Adjustment.


The Effective Date is only for the purpose of dating Manual journals that will be generated by an adjustment. Therefore stock will be available for Picking based on the Actual completion date of the Stock Adjustment and not based on the Effective Date of the transaction.

 

Prerequisites

  • Set up Products (necessary)

  • Set up Locations (necessary)

  • Set up Accounts (necessary)

 

  1. Change stock quantities

  2. Revalue existing stock

 

Change stock quantities

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Stock quantities can be changed by either amending the quantity of existing stock (Non-Zero stock on hand) or adding new stock (Zero stock on hand).  You can edit existing stock quantities and add new stock in the same stock adjustment. 

 

Stock Adjustment will cause transactions to be generated and synced to your accounting software. If the stock adjustment is not “real” (i.e. in the case of correcting a data entry error), this can be skipped. 


 

Manually edit stock quantities

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To change stock quantities (in both cases):

  1. Navigate to Inventory -> New -> Stock Adjustment

  2. Enter a stock adjustment Date 

  3. Enter a Reference (if applicable)

  4. Choose the correct Account to debit

 

To edit quantities of existing stock:

  1. In Non-Zero stock on hand Product, click + or Add more items

  2. Choose a product from the dropdown menu. Products can also be entered by scanning their barcode by clicking Scan.

  3. The Location will be the same location as the existing product. To change the location of new stock, you will have to do a Stock Transfer or follow the steps in Add New Stock below.

  4. Enter the New Quantity. You can see the amount you have On Hand and Available.

  5. Enter any comments (optional)

 


To add new stock:

  1. In Zero stock on hand Product, click + or Add more items

  2. Select the Location of the new stock

  3. Choose a product. 

  4. Enter Batch/Serial Number and/or Expiry Date (if applicable)

  5. Enter the Quantity and Unit Cost and any comments (optional)

 

 

For both adding new stock and changing existing quantities:

  1. Click Save to save as draft or Complete to finish the Stock Adjustment. 

  2. Stock Adjustment Report can be saved or printed by clicking Print -> Stock Adjustment

 


Once the Stock Adjustment has been completed, the transactions generated will be visible at the bottom of the screen. These will be synced with your accounting application next time data is synced. In the case of a “fake” Stock Adjustment, for example to correct a data entry error, this can be skipped. 

 

User has the option to Undo this Stock Adjustment. Clicking Undo will reverse all Stock Adjustment transactions and change Completed Status to Draft.

 

 

 

To skip generating transactions for a stock adjustment:

  1. Hover over Sync in the top toolbar

  2. Check the pending sync entries by clicking Products: [x] require sync

  3. Change the status of the Inventory adjustment manual journal entry (not Products) from Pending to Skipped


 

Import stock adjustment details

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As well as manually entering stock adjustment details or scanning product barcodes, multiple products can be entered at once by importing from a CSV file. 

 

To import stock adjustment details from CSV:

  1. Navigate to Inventory -> New -> Stock Adjustment

  2. Enter a stock adjustment Date 

  3. Enter a Reference (if applicable)

  4. Choose the correct Account to debit

  5. Click Import

  1. Download the CSV Stock Adjustment template

  2. Fill in the CSV according to the instructions on the popup window

  3. Choose the CSV file and click Upload

 

 


Stock Revaluation

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For some products, the available quantity may be correct but the cost is wrong. Stock revaluation is a two-step procedure. 

 

If for some products quantity available is correct but cost is wrong that means that the user needs to revalue the existing stock.

 

To revalue stock:

  1. Click Non-Zero stock on hand Product

  2. Select product to revalue

  3. Enter 0 into the New Quantity field to write-off existing stock

  4. Click Zero stock on hand Product

  5. Enter the original quantity into the Quantity field

  6. Enter the new Unit Cost

  7. Save and Complete the Stock Adjustment as usual.