Pastel Overview of Inventory Journals
You use inventory journals to adjust inventory prices and quantities. Normally, you would use inventory journals to accomplish the following things:
· Take-on of opening balances
You enter opening quantities and cost values.
· Adjustment of average cost
You may enter an incorrect purchase price which distorts the moving average cost. You would then need to reverse the transaction and re-enter the transaction at the correct price. The same would apply if you entered an incorrect quantity.
· Quantity adjustments
You may have lost or damaged some items that you need to write off.
· Transferring one item to another You can transfer between different items, if, for example, you purchased into the incorrect item code.
Note You cannot adjust service items in inventory journals. Service items do not have a quantity but you can adjust their cost in the Edit...Inventory...Item File menu option.
To process an inventory journal
- You process inventory journals in the Process…Inventory Journals menu option.
- The first step is to specify the period in which to process your inventory.
- Enter item details in the lines area of the screen. You can leave the inventory journal menu option and come back to it at any time.
Print the batch to ensure that your entries are correct.
If you are just starting to use Xpress, verify the inventory control groups to ensure that the integration accounts are correct.
Update the batch. Pastel then updates the inventory cost and quantities, as well as the general ledger according to the Setup parameters.
Multiple Batch Lines with the Same Inventory Item
You can have more than one line in an inventory batch which has the same inventory item. There are, however, some rules which apply:
· You can take out items using as many lines as you require. Use this, for example, to allocate items to different cost codes, or to transfer items to multiple locations.
· If you put a quantity of items in, then you can only have one other line for that item, which takes the same quantity out. Use this to adjust the average cost.