WorkingPoint adjusts your inventory quantities automatically after every purchase and sale, but from time to time, you might have to adjust them yourself. For example, an item could be lost through theft or fire, or through breakage or spoilage. Or, you might need to make an adjustment after taking a regularly scheduled physical inventory.
When you decrease a quantity, WorkingPoint decreases the value of the items on hand and the quantity available. For example, if the current average cost is $5 and you decrease the quantity by 10, WorkingPoint decreases the value of the items on hand by $50 and reduces the quantity by 10.
To reduce the quantity of an inventory item:
Click the Items tab to open the Items List.
In the sidebar, click Inventory Items to narrow the list to show only items you track inventory for.
Locate the item and click the item's name to view its details.
On the item's detail page, click Reduce Inventory in the right sidebar.
In the Qty to Remove field, enter the number that you are decreasing the item by.
Select the date of the adjustment, if you need to.
Choose the account you use to track inventory adjustments.
You must select an adjustment account before you can save this adjustment. You can use one account for all adjustments, both increases and decreases. WorkingPoint recommends that you use the Cost of Goods Sold account but you could create an expense account for inventory reductions and an income account for inventory additions. Check with your accountant to see what would work best for your business.
(Optional) In the memo field, enter the reason for the adjustment to remind yourself later.
Click Save Changes.
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Note: You can also reduce an item's inventory quantity when editing an item. To edit an item, click Edit Item from the view details page and then click Reduce Quantity.
If reducing inventory results in the Available Quantity being less than zero, WorkingPoint displays an error message and you won’t be able to save the changes. |
How do I add to the available quantity of an item?
How do I edit an adjustment I've made?
How do I take a physical inventory of my products?
What is an inventory adjustment account?
What is the difference between Price Per Unit and Cost Per Unit?
