Inventory Adjustment

Workflow template includes the following steps

This workflow template can be used as is or edited, added to and expanded upon. You can delete steps you don’t need or add steps specific to the operations of your company.

The Purpose of Inventory Adjustment

Inventory adjustment is an essential process in the effective management of any business dealing with physical goods. It involves the correction of discrepancies between actual physical inventory and the recorded inventory data. This process is crucial for maintaining accurate inventory records, which in turn affects business operations, financial statements, and decision-making.

The process begins with specific data inputs such as part number, adjustment reason, lot, and unit of measurement. These data inputs enable a detailed and precise adjustment process. The reason for adjustment could range from damaged goods, theft, or data entry errors. Identifying the specific reason for adjustment is vital as it helps in pinpointing issues and implementing corrective measures.

The inventory adjustment process includes three approval phases. This is to ensure accuracy and accountability in the adjustment process. The approvals may be from different departments or levels of management depending on the company’s structure and policies. These approval phases help in mitigating risks of errors or fraud.

Lastly, the process includes the option of sending an automatic email with the adjustments that need to be made. This feature enhances communication and ensures that the relevant parties are informed in a timely manner. It also provides a record of the adjustments made for future reference.

Overall, the inventory adjustment process is an integral part of inventory management. It promotes accuracy, accountability, and effective communication, thereby enhancing operational efficiency and decision-making.

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