Tutorial: Stock Adjustments

In order to keep accurate stock control records it is sometimes necessary to record discrepancies in the stock levels of items. This can be a result of theft, breakages or finding stock, for example. The Portal provides a convenient method of recording Stock Adjustments and in this tutorial we will explore this as well as the Stock Adjustment reports.

For this tutorial, we will look at the Stock Adjustments section of the Procurement Menu. The Procurement Menu can be opened by selecting Menus, Inventory and Procurement from the Navigation Menu. Open the Stock Adjustments section by clicking on the link.

It is possible to create a new adjustment or edit an existing one by selecting the Edit Adjustments link from the Stock Adjustments section of the Procurement Menu. This opens the Stock Adjustment screen. A new adjustment will be assigned an Adjustment Number when it is created and the drop-down allows you to select a previously created adjustment to edit. Select New Stock Adjustment to create a new adjustment. Select the Site that the adjustment is for. The Adjustment Total and Adjustment Status are displayed in the top right corner. There are two tabs of information for the adjustment:

• Details, displays the Creation Date for the adjustment and allows you to enter a miscellaneous Comment against the adjustment.

• Items, allows you to add items to the adjustment and enter reasons against each adjusted value. Enter an Item Code in the provided field and select the Reason for the adjustment to the item. Use the Find Item button to search for items if you do not know the Item Code. Press the Add button to add the item to the adjustment grid. As each Item Code is added, its Description, Unit Price and Stock on Hand figures are displayed for your reference. Enter the quantity to decrement the stock level of each item by in the Adjustment column. Press the Update button to save the details of the adjustment for each item. To remove the item from the adjustment, select it and press the Delete button. The Print button will print a hard copy of the adjustment for your records although you will have the option of printing when you Finalise the adjustment and commit the adjustment figures to the Portal. To remove the adjustment from the Portal without finalising, press the Delete Adjustment button.

After you have finalised an adjustment, you will be redirected to the Adjustment Reports screen. This can also be accessed from the Stock Adjustments section of the Procurement Menu. The Adjustment Reports screen contains two reports, available from the Show drop-down list:

• Summary Report, lists the adjustments made at the selected Site during the specified period. This report can be filtered to show details of Open or Finalised adjustments or both by selecting the Type to report on. Information in this report includes the Site Name, Adjustment Number, Date Created and Finalised, Total Cost, Total Retail Value, Number of Items, Adjustment Status and the Comment.

• Detail Report, displays detailed information regarding the adjustments made at the selected Site during the specified period. This report can be filtered to show details of Open or Finalised adjustments or both by selecting the Type to report on. Information displayed in this report includes the Site Name, Adjustment Number, Date Created and Finalised, Cost and Retail Values, Item Number, Item Description, Quantity, Reason, Status and Comment for each item in each Stock Adjustment.

In either report, click on an Adjustment Number to open a popup menu allowing you to perform the following functions:

• Display Details: Each item is listed in this drill-down screen and information includes the Item Code (which can be clicked to open the Inventory Management screen), Item Description, Quantity Adjusted (decremented), Cost per Unit, Line Cost, Unit Retail Price, Line Retail Value and the Reason for the Adjustment. Total costs are also displayed for the Stock Adjustment.

• Edit Adjustment: Reopens the Stock Adjustment screen, allowing you to edit the details of the adjustment. This option is only available to non-finalised (Open) adjustments.

In this tutorial we have discussed the administration of Stock Adjustments, an important part of maintaining accuracy in your stock control records. We have also explored the reports available to us to aid in the monitoring of discrepancies in stock levels.