Inventory Values

By changing the quantity in your item record, the overall value of the inventory will either be increased or decreased. It is not recommended to change the quantities without knowing how your inventory is going to be affected.

The recommended method would be to receive the item through a purchase order (if you have the module) or through Update Inventory Counts (if no module). The Update Inventory Count will track the increase/decrease of the quantities within the item record. You will be able to see when the changes were made and by who through your transaction history.

Purchase Tab

When someone enters a quantity into the item record, the quantity updates the purchase line. The Purchases tab lists every purchase made for this item. It will show the date, vendor. Purchase Order Number, quantity purchased, quantity sold, extra charges, and purchase price. This can affect your purchase history, ROI, Inventory Value, and GL accounts at the end of the day.

Rental Item - When a quantity is increased, it will not show as a sold rental asset. When the item is decreased, it will show as an adjustment as a sold rental asset.

Sale Item - When the quantity is increased, it will not show as a cost of goods sold. When the item is decreased, it will show the cost of good sold report.

Update Inventory Counts

Updating the inventory through the Update Inventory Count will track the inventory by updating the item record quantities and transaction edit history. You will be able to see when the item was updated.

Once the quantity counts have been finalized, you will see the record is date stamped for tracking purposes, updating the purchase line in the item record.

The item record purchase line is updated.

Edit History

Once the counts have been finalized, you will see under the Edit History the word "Count" indicating the changes were made through Update Inventory Count. When someone manually goes into the item record and changes the counts, it will show "Modify" with the quantity change. It is beneficial to use the Update Inventory Count will force you to finalize the counts to assure these are the correct quantities to be updated.