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Stock Correction for Accurate Inventory Adjustment
Stock Correction for Accurate Inventory Adjustment
Stock Correction is a feature that allows you to correct your inventory by adjusting the stock as per the physical stock in the warehouse.
This is helpful whenever there is a mismatch between physical stock and system stock.
Update Inventory efficiently through Stock Correction.
AltheaSuite ensures accurate inventory levels and correct asset values while saving time and avoiding unnecessary rework.
Note:
- The users also have the flexibility to decide which financial account the corrected stock should impact, ensuring that your financial accounts are updated.
- During correction, users can manually enter the QLN/Serial Number and their Purchase Price.
Example : Let’s say the item Microwave has a stock in the inventory.
- The stock of 2 quantities was entered in the system.
- Later, if you find out the stock count should be 3 instead of 2 and there is a mismatch of 1 quantity.
How to adjust stock using Stock Correction ?
STEP 1: Navigate to the “Stock Corrections” page from the “Inventory” menu.
- Click on the Inventory on the left side menu.
- Click on Stock Corrections.
- Click on + Stock Correction – This opens up the stock correction screen.
STEP 2 : Select the Warehouse
STEP 3: Enter the SKU/Name of the item that you want to correct the stock.
STEP 4: Enter the adjustment stock
- After adding the item – The grid will display all the items added.
- Under the Actual Stock column, enter the Physical Stock you have for the item in the warehouse.
In this example, we will enter ‘3’ (as the inventory should have the total stock of 3) - Missing Stock column will show the difference between Actual Stock and System Stock.
STEP 5: Specify Account for Inventory Adjustment. This is an optional step.
- When the checkbox “Specify The Account for Inventory Adjustment” is checked. The system will prompt you to select a financial account. The account selected during stock correction determines how the adjustment is reflected in financial transactions.
- If the checkbox is unchecked then the system uses the default financial account Inventory Asset Account to reflect the adjustment in the financial transactions.
In the example scenario:
- There is a missing stock. The system shows 2 but the physical quantity is 3.
- When stock is increased, the selected account gets credited with the stock value that got increased.
The selected account Inventory Stock will show a credit of the stock value.
- When stock is reduced (to correct excess stock recorded in the system), the selected account gets debited with the corresponding stock value.
STEP 6: Add Serial Number
- After you click on Save, the system will prompt you to enter QLN/Serial Number only for the items that are marked ‘Has Serial Number’.
- Enter the QLN/Serial Number for the item.
- The system will default populate the last purchase price of the item. You can change the purchase price for the QLN/Serial Number if required.
NOTE: All the Values are editable and can be manually added.
STEP 7: Click on Save
NOTE: After clicking on Save, the stock will get adjusted (to 3 quantities in this case) along with the entered serial number and purchase price. The purchase price entered for the serial number will get updated in the financial transactions affecting your inventory value.
