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Our Inventory Lead at the City of Milwaukee has raised this question: about Crediting one project number, charging another (after transactions have posted)
Sometimes stock is disbursed and temporarily or wrongly charged to a particular accounting string. This can be corrected via the processing of an offsetting return transaction, followed by a re-issue to the correct account string. When multiple transactions and Item ID’s are involved this can be a cumbersome task. Corrective action of this type also distorts item usage history. Further, if the average unit costs for the involved items changed, between original issue and corrective action, you may not be able to duplicate and properly offset the original transaction’s dollar impact
Is there an easier process to do inventory adjustments when we are correcting the account string? We need to provide a detailed list of material and quantities used on specific projects.
Currently we have to find the average cost that was charged for the item.
Change the average cost to the cost effective at that time of the original issue.
Enter a Express Putaway (Return) using the item at the incorrect account distribution.
Enter a Express Issue (Disbursement) using the item at the correct account distribution.
Change the average cost to the current cost.
If you have any questions, please let me know.
DPW Inventory & Purchasing Manager
841 N Broadway, Rm 519
Milwaukee, WI 53202