Inventory transfer

SOLVED

How do I make inventory transfer between accounts (both are inventory class) without quantities changes?

  • 0

    Use the inventory adjustment function. Write down the appropriate number of one item and write up the other item.  Note that the items must be correctly linked to the asset accounts. If an item was setup incorrectly initially, I would transfer out the incorrect item. Mark the item inactive. Make a new item and transfer in the amount as needed. Note that the dollar value should not change either, in an ideal world.

  • 0

    I hate to disagree but I am not sure creating a new item is necessary for this.  If my assumption is correct and the Judy only wants to switch asset accounts to keep the total of the item value, then it is a three-step process after you backup your file.

    1. Use the Inventory Adjustment module to reduce the quantity and value of the item to zero.  Send this to a specific expense account of your choosing using the Acct column.  Some people use the regular expense (COGS) account for that time, others use an Inventory Adjustment account.  The key is to use the same account here and in step 3.
    2. Change the inventory item Asset linked account to the correct account, now that there are no items in stock.
    3. Use the Inventory Adjustment module to increase the quantity and value of the item to the original level.  Use the same specific expense account you used in Step 1.  Check the reports to make sure the value moved on the balance sheet and the total value and quantity of the item has not changed.
  • 0

    Hi Judy,

    If any suggestions provided in this thread are able to help you resolving your issue, would you please click the 'Yes' button to the question - 'Did this answer the question?'  The thread will be marked as answered, which will benefit other users who have the same issue.  Thanks a lot.

  • 0 in reply to Richard S. Ridings

    Thank you all for the response.

    Richard's assumption is close to my situation.

    We had an item A was put in to Inventory a/c-1150 with all other item.

    After system conversion,  I made another a/c# 1155 Inventory-A, and link item A to the a/c 1155.  

    We continue using this item# for SAL and PUR,

    Now I want to transfer the value of Item A which we originally put under a/c#1150, to a/c#1155.  Total value unchanged.

    I will try Richard's steps.

    Thanks all !!

  • 0 in reply to JUDY@RIVER

    Step 2: Change the inventory item Asset linked account to the correct account, now that there are no items in stock.

    .................

    My problem is I have already changed the inventory item Asset linked accout before any inventory quantity adjusments.

    Is there still a way to fix this?

    Please help.

    Thanks.

  • 0 in reply to JUDY@RIVER

    Hence, why I don't suggest to change the linked account on an inventory item, but to make a new item instead.

    So, if the value of the item is now in 1150 and you want it in 1155:

    ***I would make a backup and test this first, as I am just thinking out loud and haven't tried this. Also make sure you are in single user mode so no one messes this up as you work.

    What if you make another inventory item for the sole purpose of transferring the value from 1150 to 1155? Let's call it ItemADJ. Link ItemADJ to 1155.  Re-Link Item A to 1150. Adjust inventory from Item A to ItemADJ for the quantity and value required. Then put Item A back to 1155. Adjust inventory from ItemADJ to Item A.

    Should work, right??? Like I said, make sure you have a backup first.

  • 0 in reply to JUDY@RIVER
    verified answer

    HI Judy@river,

    You may also want to take a look at the knowledge base article below.  Please read method 3.

    10276 How to adjust the inventory to match the GL balance?

    Hope this helps.

  • 0 in reply to Keith L

    Hi, Keith L

    I used method 3. Successful transfered.

    Thank you all for help.