What is Inventory Adjustment?
Inventory adjustment refers to the process of making changes to the recorded quantities of items or products in a company's inventory. These adjustments are made to ensure that the inventory records accurately reflect the actual physical count of items on hand
Why do we need Inventory Adjustment?
Inventory Control: Inventory adjustments help businesses identify and address issues such as shrinkage (loss due to theft, damage, or obsolescence) and discrepancies between recorded and actual inventory levels. This control over inventory can lead to better decision-making in terms of purchasing, pricing, and production planning.
Financial Decision-Making: Accurate inventory data is vital for making informed decisions related to ordering, pricing, and overall inventory management. It ensures that businesses have the right amount of inventory on hand to meet customer demand without tying up unnecessary capital.
Auditing and Accountability: Accurate inventory records are essential for internal and external audits. Auditors rely on these records to verify the financial position of a company and the accuracy of its financial statements.
How should we do it with Magestore Retail Management Software?
1. In-progress list
1.1. How to manage the Inventory Adjustment that is in-progress by the In-progress list
There will be a list of In-progress list after you access the Inventory Adjustment sub-menu. In this list, you can see all the inventory adjustments in the current source that is in progress, and you can also see some important information related to the adjustment such as the created date of the adjustment, the person who created the adjustment or the total SKU which is adjusted in the adjustment,…
In addition, you can click on View button to see the adjustment details.
1.2. How to create a new Inventory Adjustment?
To create a new inventory adjusment, you can click on the New Inventory Adjustment button. After that, you will be redirected to the Adjustment details, and it will be empty like this below picture.
1.3. How to add products to the Adjustment details
There are 3 ways to add products to the Adjustment details