Receive / Issue Inventory

Owned by Stephen Juliano
Last updated: Feb 08, 2022 by Colleen Juliano
5 min read

Overview

Receive Inventory

The Receive Inventory screen is used to enter receipts of inventory items outside of any normal transactions such as a purchase order, project, or work order. Corrections to inventory quantities, average costs or entering beginning balances are reasons for using this screen. The inventory receipts is a batch process screen so all processing must be done through the process receipts screenINV > Transactions > Receive / Issue Inventory

  • Item – this is the item that you want to receive into inventory

  • Debit account – this is the GL account that will be debited for this item in this transaction, this will be an inventory account and is the default account for the item as defined in inventory set up – this field can be changed

  • Credit account – the credit account is the physical variance GL account that is defined in Inventory setup – this field can be changed.

  • Quantity received – this is the amount of the item that you are looking to receive

  • Date received – the date the items are to be received, this field can be changed but the actual transaction date will be applied when the receipts are processed.

  • Unit – Unit of measure that is being received into inventory

  • Unit cost – This is the cost of this unit of measure of this item, the cost is very important as it will affect your average inventory cost.

  • Warehouse location – the warehouse that the items are being received into

  • Reference – this will default as inventory receipt but can be changed to something more descriptive.

After adding the items that you would like to receive to this screen you can press F10 to save them or press the save icon. These items will remain on this screen and not affect inventory until they are processed. 

 Process Inventory Receipt

The Process Inventory Receipts screen is used to process entries saved on the Inventory Receipts screen. Options allow processing by item range, date of entry, warehouse location, or the User ID of the user who made the entries. After processing a report is printed that should be reviewed for accuracy before answering OK to actually process the transactions.INV > Transactions > Receive / Issue InventoryOnce processed, transactions cannot be changed. Incorrect receipts can be reversed only by issuance of the item out of inventory and then receiving the item back in with the correct information.

  • Starting and Ending Date - The first and last date of the range of transactions to process. Leave blank to process transactions for all dates.

  • Starting and Ending Warehouse - A warehouse or range of warehouses for which transactions are to be processed. Leave blank to process transactions for all warehouses.

  • Starting and Ending Item - The first item number of the range of items for which transactions are to be processed. Leave blank to process transactions for all items.

  • User ID - This is the user id of the user who entered the transactions. Leave blank to process entries from all users.

Issue Inventory

The Issue Inventory screen is used to enter issues (sending out) of inventory items outside of any normal transactions such as a sales order shipment, project, or work order. This screen is used to correct inventory Quantities, Average cost errors, or Entering beginning balance. The cost of the items issued is based on the current average cost of the items and this is a batch process screen so all issues must be processed in the Process Issues screen.INV > Transactions > Receive / Issue Inventory

  • Item - This is the number of the item being received. Press F9 to use the Item Search screen.

  • Debit Acct - This is the General Ledger account that will be debited for the total cost of the transaction. The default value is the item's Inventory G/L account.

  • Credit Acct - This is the General Ledger account that will be credited for the total cost of the transaction. The default value is the item's Inventory Accrual G/L account.

  • Quantity Issued - This is the actual quantity being issued.

  • Unit - This is the unit of measure in which the quantity is being issued. It defaults to the item's Standard Unit. Press F9 for a list of valid units of measure for the item.

  • Warehouse Location - This is the warehouse location in which the item is being stored. Press F9 for a list of warehouse locations.

  • Reference - This is a comment field in which a short comment about the transaction should be entered. Up to 30 characters are allowed.

Process Inventory Issue

The Process Inventory Issues screen is used to process entries made on the Enter Inventory Issues screen. Options allow processing by item range, date of entry, warehouse location, or the User ID of the user who made the entries. A report is printed which should be reviewed for accuracy of the transactions before answering OK to actually process the transactions. Once processed, transactions cannot be changed. Incorrect issues can be reversed by receipt of the item back into inventory and then issue out the correct items and quantitiesINV > Transactions > Receive / Issue Inventory

  • Starting and Ending Date – Enter the first and last date of a date range of transactions to process. Leave blank to process transactions for all dates.

  • Starting and Ending Warehouse - A warehouse or range of warehouses for which transactions are to be processed. Leave blank to process transactions for all warehouses.

  • Starting and Ending Item - The first item number of the range of items for which transactions are to be processed. Leave blank to process transactions for all items.

  • User ID - This is the user id of the user who entered the transactions. Leave blank to process entries from all users



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