Skip to end of metadata
Go to start of metadata

Office Help Home

Overview

The Inventory Adjustment Wizard allows an authorized user to make adjustments to Inventory in terms of both quantity and cost.  Additionally, the overall average cost of an Item may be adjusted utilizing this tool.

Use Case(s) 

When an Item is incorrectly received into Inventory, the Inventory Adjustment Wizard may be used to adjust/correct the Inventory quantities and costs to actual.

 

Content

Accessing the Tool

 

To access the Inventory Adjustment Wizard 

    1. Click on Items

    2. Then, click on Inventory Adjustment Wizard


Prepare - Post All Charge/Inventory Batches

Prior to performing any steps related to the Inventory Adjustment Wizard, care must be taken to ensure all POS charge batches and Inventory batches are posted.

To review for unposted batches, within Items, click on the Approve Inventory Adjustment Batch.  Set Posted filter to Unchecked to return all unposted batches.

 

Contact Accounting to post any listed batches before continuing to next step.

 

Note: Clubessential is not allowed to change employee privileges for security purposes.  If you are unable to access this feature, contact your Club Administrator.

Do NOT proceed to next step if you have not checked with your Accounting Office that all POS batches for your area have been posted.

Make Inventory Adjustment 

 

Once all batches have been posted, navigate to the Inventory Adjustment Wizard. 

Enter the G/L date to use for the transactions.  It will default to current date.

Then, click Next.

 

 

Next, enter the Adjustment.  

Enter the Item (use the Lookup feature for assistance).  

The On Hand Quantity will be displayed.  

Enter the Adjustment (Quantity).  Enter Adjustment as a positive to increase inventory, or as a negative to decrease inventory.  

The Cost field will populate with the Item’s current average cost.  This may be overridden.  

The Value field will calculate based on Quantity entered multiplied by Cost.  

Enter a Description to describe the Adjustment (optional).  

Add additional adjustments by repeating the above steps, and when all adjustment lines have been entered, click Finish.


The Post Batch Preview screen will show the adjustment that will be made to the GL.

Click Post Batch to post.

 

Review - Inventory Transaction History

The Inventory Transaction History Report will contain the posted batch, as well as the adjustment amount for future reference.  

To navigate to the Report, click on Interactive Reports, expand the Inventory Report section, and choose Inventory Transaction History report.

Set appropriate parameters, and click, View Report.

Click to expand and view the details of the adjustment.

 

Inventory Adjustment - Override Average Cost 

In addition to regular Inventory Adjustments, a Club may also wish to override the entire average cost of an item.  

This could be performed in conjunction with an inventory restructuring that will impact item’s cost, and/or a general inventory clean up.

 When performing an override of the average cost, in addition to specifying the G/L date to use for the adjustment, ensure to check the Override Average Cost option prior to clicking Next.


On the following screen, enter the Item(s).  The On Hand quantity will display.  Enter the New Cost (the new Average Cost) for the item, and click, Finish.


The Post Batch Preview will appear and will display the dollar adjustment that will be made to the G/L.

Once reviewed, click Post Batch.


Again, the Inventory Transaction History Report will contain the posted batch, as well as the adjustment amount for future reference.  

Click to expand and view details.



Best Practices

Consult your Accounting Department prior to making any adjustments to ensure all batches have been posted.

Review Inventory Adjustment batch prior to posting to ensure desired results are obtained.

Use the Inventory Transaction History Report to help research/review adjustments impacting the Item’s cost or quantity.


FAQs

Q. How do I know all batches have been posted?

A. To review for unposted batches, within Items, click on the Approve Inventory Adjustment Batch.  Set Posted filter to Unchecked to return all unposted batches.  Contact Accounting to Post batches.

 

Q. What if I can’t access Approve Inventory Adjustment Batch?

A. Contact your Club Administrator for access issues.  Additionally, contact your Accounting department to ensure all appropriate batches have been posted prior to performing an Inventory adjustment.

Q. What’s the difference between using the Override Average Cost button and adjusting the Cost on screen 2 of the Inventory Wizard?

A.  The Override Average Cost feature is to be used only when resetting the Item’s overall average cost, impacting all units of the Item.  If an adjustment is being made to a subset of the total quantity of the Item (for instance 2 units when a total of 10 are on hand), the cost should be adjusted on screen 2 of the Inventory Wizard, and the Override Average Cost button should not be selected.

 

Downloadable Guide

Inventory Adjustment Wizard - Guide