Inventory Maintenance & Adjustments

The Inventory Maintenance function allows you to manually add or (draw) Products from Inventory.

AcctVantage 2017 introduces web browser and bar code scanning functions for Inventory Adjustments.  Refer to this article for more information!

New Feature for AV 2018 -> If you have an existing Lot that you want to ADD inventory to, you are in luck! You can now add inventory to existing Lots!

See this article for more information.

Set your Default Inventory Scrap Account

  1. Navigate to Administration ➤ System Setup and select Inventory & Marketing from the drop-down list.
  2. Enter an Expense Account to use for Scrap Default.
    • This account will auto-populate on the Inventory Maintenance record when you enter a Quantity to draw from Inventory.
Set your Default Inventory Scrap Account

1. Create a new Inventory Maintenance transaction.

Navigate to the Warehouse Management ➤ Maintenance window (Inventory ➤ Maintenance window in AV 2015 or earlier).

Click the + symbol (or use the keyboard shortcut Command + N) to create a new record.

Create a new Inventory Maintenance record.

2. The Inventory Maintenance record.

The Inventory Maintenance record.
  • Date: The date on which the transaction will be posted to the General Ledger, in MM/DD/YY format.
  • Memo:  A note about the transaction, usually a description of why it was needed.
  • Reference: This is a secondary text field similar to the Memo field.
  • ID (not modifiable) - An internal number assigned by AcctVantage.  
  • Part Number: The Part Number of the Product involved.
    • To see a list of part numbers from which to choose, type in the first few letters or the “@” symbol, then press tab.
  • Product Name: The name of the item. Enter either this or the Part Number.
  • Unit of Measure: By default, the Product's base (1x) UM will be used.
    • If alternate UM's have been established for the Product, you may change to UM prior to entering any Qty.
  • Warehouse Name: Indicates the Warehouse where the Inventory Maintenance transaction occurred. This is modifiable only if multiple Warehouses are associated with the Product.
  • Qty Available (not modifiable): The number of units currently in stock for the affected lot.
  • Qty Add +/Draw -: The number of items that you want to add or remove from Inventory.
    • To add to Inventory, make the number positive; to draw from Inventory, make the number negative.
    • This determines the Type field (see below). If the Product is Serialized, you will be prompted to add or remove Serial Numbers. See Serialization below.
  • Type (not modifiable) - Add, Draw, or Assembly Build. This is determined when you enter the quantity.
  • Lot Number: The Lot Number for the transaction. Only a single lot can be specified. If the draw quantity exceeds the available quantity in the oldest lot, the system will continue to deplete lots on a FIFO basis until the entire quantity is drawn.
    • When adding inventory, a new Lot will be created per the syntax entered in Administration > System Setup > Inventory & Marketing > New Lot Prefix
    • When drawing inventory, type the @ symbol to be presented with a list of available lots per the indicated Warehouse.
  • Location: This is the Location of the inventory lot within the Warehouse.
  • Unit Cost: The cost for the items being adjusted.
    • When adding Inventory the Unit Cost will be the Default PO Cost indicated on the Product record.
    • When drawing Inventory the Unit Cost will be the Average Cost and inventory will be drawn on a FIFO basis, unless a Lot is specified.
    • If a Lot is specified, the the actual Lot Value will be used for the cost.
  • Total Value - The total value of the add (draw.) This will change based on the Qty x Unit Cost.
  • Inventory Asset GL Account: This is the account that will be debited (when adding inventory) or credited (when drawing inventory). This happens automatically!
  • Serialization - If the Product is Serialized, you will be prompted to select Serial Numbers for addition or withdrawal once you specify an add (draw) value.
    • For draws, the table shows all available Serial Numbers.
    • For adds, AcctVantage will auto-create the correct number of serial numbers if the product is marked for Automatic Serial Number Generation, otherwise the user must manually enter each one.
  • GL Distribution: In this section you will need to balance the add (draw) transaction with a GL Account.
    • The numbers in the Amount column should always be entered as positive. The system will determine when the GL Account(s) will be debited or credited based on the type of transaction (i.e. add or draw)
    • GL Accounts entered here will be debited (when drawing inventory) or credited (when adding inventory). Note: this is converse to the Inventory Asset GL Account noted above.

After you've entered the relevant information, see that the Amount Remaining to Distribute = $0.00. If it does, click OK to save the record and don't forget to Post!