6Physical Inventory
Option 8Adjust to Physical Inventory and Print Audit Report
This function adjusts the inventory records to the physical count quantities entered from count sheets or tags and prints an Audit Report of the Inventory Control and General Ledger adjustments made.
On hand inventory quantities are set to the actual physical inventory count according to the following formula:
Old On Hand +/- Variance Quantity = New On Hand
Adjustments are made in the Inventory Control files and the General Ledger accounts to reflect the changes. The inventory account and the over/under account (from each product’s Product Classes record) are adjusted by the amount indicated on the Physical Inventory Variance Report and the Audit Report.
The Audit Report indicates, by product class, the inventory and over/under accounts to which adjustments were posted and the amounts of the adjusting entries.
A sample Audit Report is shown below.
Expert Distributing, Inc.
05/24/91 11:53 am KAY Page: 1
Adjust to Physical Inventory Audit Report
Product Class Inventory Account Amount Over/Under Account Amount
=================================================================================================================================
020 Special Order 1100001000WH 0.00 1100001000WH 0.00
030 Custom 1100001001WH 0.00 1100001000WH 0.00
----------- -----------
-- Grand Totals --> 0.00 0.00