Adjustments, Accounting for changes
This describes the procedure for accounting for inventory values which are affected when items are drawn throught the Material Draw feature or adjusted in the Inventory Adjustment window.
1. Items must have their Distribution of Accounts established.
"Item record", "General" Page, right side.
The Inventory Account is the key field.
Changes will only register if there is a difference in GL Account between the "Item" Record and the Default Accounts.
2. Define the General Ledger Accounts for Adjustments, Scrap and Material Draws.
First page of the Accounts file.
1. Review menu > Material Draw
2. Search for the Items to be consumed.
3. Enter the Quantity and Order and other desired information.
Type in the matrix by "Option" Double Clicking on the desired cell.
4. Click the "Add to Ord" button to consume the inventory.
This change in inventory value is not reflected in the Sales or Purchase Journals. To account for this change:
Account for Materials Drawn
1. Admin dept > Acct menu > Create Material Adj Jrnls
The date range window will open.
2. Enter the date range andclick "OK".
The database will be searched for "dInventory" records which were created in that date range and which have a TypeID of AJ or MD.
AJ for Adjustment
MD for Material Draw.
CommerceExpert/WebClerk will prepare a spreadsheet as shown below.
3. Confirm the accuracy of the findings.
In the case of Material Draws, there could be inventory value adjustment between what was recorded on the Invoice and the materials drawn.
4. Make changes as needed and post the variations to the General Ledger.
5. Spread sheets are saved the the "TallyResults" file.
[TallyResults]Name Name of the File
6. Click the "Launch" button to recall the report.