Michael Intravartolo
Sep 30, 2016
Transcript
0:07 in this video we're going to review the process of revaluing inventory in this
0:19 example we have item 19 to 8 -
0:25 s the amsterdam lamp we currently have three units on hand at a unit cost of 42
0:32 dollars and eighty cents if i click on the ledger entries and sort by remain in
0:39 quantity we can see that these three units were purchase on march twenty 8
0:46 2016 and the total current value of these three units is a hundred
0:52 twenty-eight dollars in forty cents
0:55 let's say we need to revalue these three units to be reflected in inventory and
1:02 even fifty dollars each
1:04 or a hundred and fifty dollars what we'll do is up on the ribbon from the
1:10 item list select revaluation journal the posting date defines the effective date
1:19 of the revaluation
1:21 however we don't want to manually create the row
1:25 we're going to select calculate inventory value and hear what we'll do
1:31 is we'll select will enter a document number or unique number associated with
1:38 this transaction will also select the specific item number that we would like
1:46 to revalue in this case we're going to select the amsterdam lamp
1:53 however you could revalue a whole range of items or a whole class of items at
1:58 the same time
1:59 by clicking okay
2:04 the system automatically creates the revaluation entry for me and pulls in
2:09 the current value
2:10 all i need to do is select the revalued current cost that i would like to set
2:16 this to in this case we're going to revalue the item to fifty dollars each
2:20 for a total inventory value of a hundred and fifty dollars
2:24 the total adjustment amount is 21 dollars and sixty cents by clicking post
2:34 we will that will make this change in the system
2:40 the journal lines were successfully posted
2:43 let's close the revaluation journal go back and look at the Amsterdam lamp on
2:48 the list