This is described in specific procedures below where relevant. Then, you use special functions to synchronize the new or changed warehouse entries with their related item ledger entries to reflect the changes in inventory quantities and values. Therefore, you perform counting, adjusting, and reclassifying in special warehouse journals that support bins.
In advanced warehouse configurations, items are registered in bins as warehouse entries, not as item ledger entries. Typical attributes to reclassify include serial/lot numbers, expiration dates, and dimensions. If you need to change attributes on item ledger entries as well as the quantities, you can use the item reclassification journal. Alternatively, you can adjust for a single item on the item card. If you need to adjust recorded inventory quantities, in connection with counting or for other purposes, you can use an item journal to change the inventory ledger entries directly without posting business transactions. For more information, see the "To perform cycle counting" section. For this purpose, you can assign special counting periods to those items. When the actual physical quantity is known, it must be posted to the general ledger as a part of period-end valuation of inventory.Īlthough you count all items in inventory at least once a year, you may have decided to count some items more often, perhaps because they are more valuable, or because they are very fast movers and a large part of your business.
At least once every fiscal year you must take a physical inventory, that is, count all the items on inventory, to see if the quantity registered in the database is the same as the actual physical quantity in the warehouses.
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