Release Physical Inventory Options
When selecting to Release a Physical Inventory there are two options available: “Release Only” and “Auto Adjust and Release”.
Under the Inventory Module select “Physical Inventory\Adjustments”
In the Physical List select the Physical Inventory to Release and select “Edit” in the bottom right of the Physical List screen.
When the Physical Inventory Screens opens select “Release Physical”.
Release Only
Select this Option if the Physical Inventory should be Released without making any adjustments/changes to the Warehouse On-Hand Quantities or Values. If you use this option your inventory journal and GL will not be affected by the physical.
Note – This option should be used only if something has gone wrong with the physical, and it needs to be gotten rid of. This option effectively cancels the physical.
Select Save.
A pop up will appear asking if you are Ready to Release this Physical.
Select Yes.
Auto Adjust and Release – One Physical Inventory
Select this Option if your Company is ready to record any/all variances.
Enter the Variance Date: The Variance date will automatically fill in with the Physical Start Date; this date should not be modified.
Account Code: This field will automatically fill in with the default Physical Adjustment COGS account; this may be changed if necessary. This will be the offset account to the inventory account assigned to the warehouse used for posting any variances to the G/L.
Category Code: Select the appropriate Category Code from the Drop-down menu.
Memo: An optional note may be entered into the Memo field.
Select Save.
A pop up will appear asking if you are Ready to Release this Physical.
Select Yes.
Auto Adjust and Release – All Current Physical Inventories
When selecting Auto Adjust and Release there is an option at the bottom left of the screen: Apply to All Current Physical Inventories”.
Only select this option If there are more than one Physical Inventories that you want to release all at the same time using the Same GL Account, Category and Memo.
Enter all fields as described in the previous steps for Auto Adjust and Release.
Select “Apply to All Current Physical Inventories” and Save.
Two pop-ups will appear - A pop up will appear asking if you are Ready to Release this Physical. Select Yes.
Another pop-up will appear asking if you are sure the Adjustment Count and date are correct for the Adjustments. Select Yes.
