Inventory Transactions

Inventory transactions help you maintain complex recording and accounting functions that are involved in moving inventory in and out of locations. For Example, you can use the goods issue to remove damaged, Expired, or obsolete goods out of your inventory. Or, you might use inventory transfer to move stock form one warehouse to another. Let us look at the available transactions: -

 

·       Goods Receipt: - The Goods Receipt window allows the user to increase the stock level in a situation where the user does not have the liberty of adding a purchase document. Example, you may need to add goods using goods receipt if you find out during an inventory count that a part of stored quantity has not been taken into consideration. You can then enter the overlooked quantity through Goods Receipt.

·       Goods Issue:  - The Goods Issue function lets you reduce the inventory level in a situation that is not the direct result of a sales entry. For Example, when some goods suffer water damage in your inventory, they cannot be sold and must be removed. In such cases Goods Issue can be used to remove the damaged stock.

·       Inventory Transfer: - Use this function to transfer inventory form one warehouse to another. An inventory transfer can also be carried out as a consignment for a customer, where the items then stored in the customer’s warehouse and are sold form here.

·       Inventory Counting: - The inventory count refers to the physical verification of the Quantities in a warehouse, it also ensures the goods that you have stored are in prime condition. By matching the actual inventory to the quantities saved in the database, organizations can adjust existing records, detect unusual discrepancies, and improve inventory management. You can either manually enter counting results into the system or import it through Microsoft Excel.

·       Inventory Revaluation: - Inventory Revaluation is used where you need to adjust the cost of inventory to reflect changes in the standard costs. These changes may occur due to changes in procurement, manufacturing, and exchange rate movement. While running a perpetual inventory the valuation is based on calculation methods such as Moving Average, Standard FIFO, or Serial/Batch.