is there any way to adjust inventory as compared to physical count?
You can do this by buying / selling inventory in a transaction.
It would be worthwhile to read most of the guides: https://www.manager.io/guides/
https://www.manager.io/guides/7551 (Create and manage inventory items)
https://www.manager.io/guides/11111 (Manage inventory - Part 1)
https://www.manager.io/guides/11128 (Manage inventory - Part 2)
https://www.manager.io/guides/11130 (Manage inventory - Part 3)
https://www.manager.io/guides/10709 (Write off inventory)
Inventory adjustments should not be made with buying or selling transactions. If the physical count is smaller than Manager’s count, enter an inventory write-off. If the physical count is larger, you must adjust with a journal entry.
As a side note, modification of the Inventory Write-offs tab to allow adjustments in both directions has been mentioned, but not yet implemented.
This subject has also been discussed many times previously in the forum. Please search before posting questions.
Modification of inventory write off tab to “inventory adjustments” which will accomodate both positive and negative adjustments will be the best solution
@lubos @tut Hello! I have some excess Inventory. and searching through the forum, I find several suggestion. Some are like using write off with (-) minus sign or a journal. I have done in the following manner and need your comment if this way can be done too…
While taking month-end physical Inventory count, it was discovered that an inventory item Copper Wire Size 21 was in excess of 140Kg. To offset this excess q’ty, first I made a Purchase Invoice using “suspense” (blank) as a supplier:
After doing so, I used Goods Receipt tab also with “suspense” (blank) supplier in the location where the excess inventory was found
Finally, I used the journal voucher to balance the excess Inventory by (1) crediting Income and (2) debiting supposedly “suspense” (blank) supplier as below:
Upon going through transations, we found the following result
(a) The supposedly “suspense” supplier balance was zero
(b) The inventory location count increased by the intended number 140Kg
© The Income head was credited for the corresponding cost of the excess inventory value.
May we have your endorsement, if this is right way too.
Rgds / Sultan
You are doing too many things wrong to comment on in detail. Read the Guides about all the tabs you are using to see how they’re supposed to be used. An inventory overage is handled with a single journal entry.
Journal entry? but how to add the excess quantity to each inventory item to correct and match against actual count is the problem.
When you are creating the journal entry, debit the Inventory on hand account for the inventory item being added. Enter the quantity and current average unit cost on that line. Credit a suitable income account, such as an inventory adjustments account or miscellaneous income account. Or, you could credit an inventory write-off expense account as a contra entry.
Modification of stock write off tab to “inventory adjustments” in an effort to accomodate each fantastic and negative changes can be the satisfactory answer.