Inventory

Adjusting inventory

Most businesses probably won't need to use MYOB Premier Accounting's inventory adjustments feature very often. If you set up your items properly and you record item invoices and item purchase orders accurately and promptly, your Premier Accounting records should match your actual quantities and values.

Occasionally, however, situations will occur when you need to adjust your items' quantities, unit costs and total values in Premier Accounting. When this is the case, it's important that you make your adjustments carefully so your records remain accurate.

You should determine the type of inventory adjustment you need:

• If an item's actual inventory quantity is lower than your MYOB Premier Accounting records indicate due to unexplained loss or theft, you should enter a typical inventory adjustment. (To adjust item quantities)

• If an item's actual inventory quantity is lower than your Premier Accounting records indicate because you've conducted sales without entering Premier Accounting item invoices, you should enter a typical inventory adjustment. (To adjust item quantities)

• If an item's actual inventory quantity is higher than your Premier Accounting records indicate because you've made purchases without entering Premier Accounting item purchase orders, you should enter a typical inventory adjustment. (To adjust item quantities)

• If the actual inventory quantities of many of your items are different than your Premier Accounting records indicate, you can use the Count Inventory window, which will help you quickly update the quantities of many items at once. (Counting inventoried items)

• If an item's actual inventory quantity is different than your Premier Accounting records indicate, but the value of your inventory asset account is correct in Premier Accounting, you should enter an inventoried adjustment that changes the item's quantity and unit cost in Premier Accounting. (Adjusting item quantities and unit costs)

• If an item's actual inventory quantity matches your Premier Accounting records but the value of your inventory asset account and the item's total value are incorrect, you should enter an inventoried adjustment that changes the balance of the inventory asset account, the item's total value and its unit cost. (Adjusting item total values and unit costs)

• If an item's actual inventory quantity matches your Premier Accounting records and the value of your inventory asset account is correct in Premier Accounting, but the unit cost of an item is incorrect, you should enter an inventoried adjustment that changes the item's total value and unit cost. (Adjusting item total values and unit costs)

Warning:  Typical inventory adjustments affect total inventory values

• Entering information in the Adjust Inventory window

• Counting inventoried items

• Adjusting item quantities and unit costs

• Adjusting item total values and unit costs

• Finding, changing, deleting and reversing inventory adjustments

Step by step

• To adjust item quantities
• To count inventoried items
• To adjust an item's quantity and unit cost
• To adjust an item's total value and unit cost