Journal Adjustment Report

Overview:

The Journal Adjustment report is for accountants who prefer to calculate the net change credit and debit amounts to adjust for an ending inventory count valuation.  An example is shown below:

Things to know!

• This report will only be accessible and visible to users who are given access to this report function. 
• The Extension General Journal report will include a valuation for all Items that were recorded for a selected Count date.
• The Extension General Ledger will list an inventory valuation by Inventory Category and the corresponding GL Number in your Accounting System. This report is utilized to view GL (General Ledger) Account values for posting to your General Journal.
• The Valuation Method (Effective Cost or Weighted Average Cost) for an Extension Report is determined by the selection made in Company Settings (Company>Setup>Company Settings).
• Inventory Items, Recipe Items, and Combined Items can be counted in an Inventory Count.
• If you are set up to export adjustments to your General Ledger, you can use this journal to view the credit and debit adjustments before exporting.
• The export feature is in the Accounting features on the main Navigation menu. Use this link to receive more information on Inventory Adjustments Export. 

Report Parameters

To Run a Journal Adjustment Report, use the Sidebar to navigate to the "Count" menu option and select the Adjustment Journal from the submenu. Upon selection, a Report Parameters screen like the one below will display:

Valuation Count date: From the drop-down menu select the desired ending Count Date.

Prior Valuation Count Date: From the drop-down menu select the desired beginning Count Date.

Site: Select a Site from the drop-down if a specific Site is desired. A site selection will only be requested when you are logged in to your company versus a specific site. 

Run Report: Once you have selected your report parameters, click the Run Report button to list the report.

Journal Adjustment Report:

Selecting to Run the Extension General Journal Adjustments Report will display a report similar to the below:  

This is a report for accountants who prefer to make net adjusting entries versus making reversing entries to the prior period. The general journal adjustment report compares the current valuation credit and debit entries to the prior period entries and calculates the net amount of the adjusting credit and debit entries, to account for the value of the beginning inventory. 

In the above example, the prior period had an ending food inventory value of $3,236.90.  This carries over to become the beginning inventory value for the current period.  The net adjustment to food inventory, to adjust for how much inventory was already on hand (the beginning inventory) is a debit of $671.65.  

At the bottom, this report will confirm that the adjusting debit and credit entries are in balance. 

Report Options: For a description of the toolbar provided at the top of the report, please see "Report Options" in the help library: Report Options link.