after physical inventory THEN what?

Question

I did a physical inventory of my smallest department to test out how that works in RMS. I had a few "deltas" which I double-checked. I set reason codes and committed the new amounts to the database.

NOW WHAT?

Obviously, there is some entry that needs to be made in my accounting software for those deltas. I use Quickbooks, though I do not have any automatic posting to it set up yet (a goal for next year). How do I make an entry to correct for the corrected inventory values?

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Craig · Accepted Answer

After your done with your inventory, do a 'Item Movement History Report' on the reason code you used when you did the inventory. You will need to enter the name of the reason code in the filter, not the code#. This will give you the total $ amount you will enter as an adjustment in QB. You will need to do this adjustment manually, as it won't be included in any post. The default 'Item Movement History Report' that comes with RMS doesn't give you a $ amount,just quantity, so you will need to download 'Item Movement History Report with Cost' from Customersource to get these totals.Craig

CptSoft · Answer

After your done with your inventory, do a 'Item Movement History Report' on   the reason code you used when you did the inventory. You will need to enter   the name of the reason code in the filter, not the code#. This will give you   the total $ amount you will enter as an adjustment in QB. You will need to   do this adjustment manually, as it won't be included in any post. The   default 'Item Movement History Report' that comes with RMS doesn't give you   a $ amount,just quantity, so you will need to download 'Item Movement   History Report with Cost' from Customersource to get these totals.  Craig  >I did a physical inventory of my smallest department to test out how that   >works in RMS. I had a few "deltas" which I double-checked. I set reason   >codes and committed the new amounts to the database.  >  > NOW WHAT?  >  > Obviously, there is some entry that needs to be made in my accounting   > software for those deltas. I use Quickbooks, though I do not have any   > automatic...

Craig · Answer

Thanks for that Jeff, but I do a report on reason codes once a month so I get the total then.CraigOly & Craig,Actually its even easier.  Go back into the Physical, print it while adding the Delta Cost column.  Then click the Group icon once and the Delta Cost is now totaled.  That is your inventory adjustment amount that you post to your accounting program.

after physical inventory THEN what?

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