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Entering a Stock Revaluation Record

You can enter records to the Stock Revaluation register in the following ways:
  1. Directly to the Stock Revaluation register in the Stock module.

  2. You can create them using the 'Cost Price Analysis Revaluation' Maintenance function.
The first of these options is described here. The 'Maintenance' function is described here.

To open the Stock Revaluation register, first ensure you are in the Stock module. Then, if you are using Windows or Mac OS X, click the [Registers] button in the Navigation Centre and double-click 'Stock Revaluations' in the resulting list. If you are using iOS or Android, tap the [Registers] button in the Navigation Centre and then tap 'Stock Revaluations' in the 'Registers' list.

The 'Stock Revaluations: Browse' window will be opened, showing Stock Revaluations already entered:

Stock Revaluations are normally shown sorted by Stock Revaluation Number. If you are using Windows or Mac OS X, you can change the sort order by clicking on one of the other column headings. If you are using iOS or Android, tap on the column heading and choose the sort order you need. Repeat the procedure to reverse the sort.

Also shown is an indication of whether each Stock Revaluation has been marked as Done, the Dates of each Stock Revaluation, the Location from the header of each Stock Revaluation, and the Comment.

To enter a new Stock Revaluation, select 'New' from the Create menu (Windows/Mac OS X) or the + menu (iOS/Android). You can also use the Ctrl-N (Windows) or ⌘-N (Mac OS X) keyboard shortcut. Alternatively, highlight a Stock Revaluation similar to the one you want to enter and select 'Duplicate' from the same menu. If you don't want to open the 'Stock Revaluations: Browse' window before creating a new record, you can also use the + menu in the Navigation Centre (all platforms).

The 'Stock Revaluation: New' window is opened, empty if you selected 'New' or containing a duplicate of the highlighted Stock Revaluation. Complete the Stock Revaluation record as appropriate and as described below, then save it using the [Save] button (Windows/Mac OS X) or by tapping √ (iOS/Android) and close the window by clicking the close box (Windows/Mac OS X) or tap < (iOS/Android). Then, close the browse window using the close box or < again..

Header

No.
Paste Special    Select from another Number Series
The unique identifying number of the Stock Revaluation. The default will be chosen as follows:

  1. It will be taken from the first valid row in the Number Series - Stock Revaluations setting.

  2. It will be the next number following on from the last Stock Revaluation entered.

You may change the default, but not to a number that has already been used. If you have defined at least one number sequence in the Number Series - Stock Revaluations setting, the number you change to must be inside a valid number sequence.

You will not be able to save a Stock Revaluation if the No. does not belong to a valid number sequence. A valid number sequence is one for the period in which the Transaction Date of the Stock Revaluation falls and with unused numbers, so this problem will most usually occur at the beginning of a new calendar or financial year.

If you are working in a multi-user system, the Stock Revaluation Number will be assigned when you save the Stock Revaluation for the first time, chosen as described above and providing you have not already specified a number yourself.

Short Code
Paste Special    Account Short Codes setting, Nominal Ledger
You can use Short Codes to help reduce errors when selecting Accounts and Objects. You can also use them if you do not want the members of staff who work with Stock Revaluations to have any access to the Account and Object registers (which means that they will not be able to use 'Paste Special' to choose Accounts and Objects). Enter a Short Code here to bring in the appropriate Account and Object(s).

Location
Paste Special    Locations setting, Stock module
In most cases, specifying a Location in this field will not affect the operation of the Stock Revaluation.

When you specify an Item in a Stock Revaluation row, the quantity that you currently hold in stock will be placed in the Qty field. If you are holding stock in different Locations, a separate row for each Location will be added to the matrix automatically. The Location will be shown on flip C.

If you remove the Location from flip C in a particular row, it will be assumed that the stock in that row is stored in this Location specified in the header.

However, as you must include the full stock quantity of the Item to be revalued in the Stock Revaluation record, it is not recommended that you change or remove the Location from flip C in any of the rows, and it is unlikely that you will do so. If you do, the result may be that the full stock quantity of the Item is no longer included in the Stock Revaluation record and so you won't be able to mark it as OK.

Nevertheless, it can still be useful to include a Location in the header of a Stock Revaluation record. This Location will be shown in the 'Stock Revaluations: Browse' window, and you will also be able to use it as a search criterion when producing a Stock Revaluation Journal report.

A default Location can be brought in from the 'Sales' card of the user's Person record or from the Local Machine setting in the User Settings module (the Default Location). The Local Machine setting is specific to the client machine you are working on.

Trans Date
Paste Special    Choose date
The Transaction date: the default is the current date, and you must use the current date.

Var. A/C
Paste Special    Account register, Nominal Ledger/System module
Default taken from    Account Usage Stock (Stock Revaluation Variance Account)
When you mark the Stock Revaluation as OK and save, a Nominal Ledger Transaction will be generated to record the change in stock value in the Nominal Ledger (subject to the Sub Systems setting in the Nominal Ledger and in the Number Series - Stock Revaluations setting). In this Transaction, any increase in the value of the Items in the Stock Revaluation will be debited to the relevant Stock Account and credited to the Variance Account specified here. Any decrease in the value of the Items will be credited to the relevant Stock Account and debited to this Variance Account.

You can specify a Variance Account in any of the Stock Valuation rows (on flip D), to override the one entered here.

You can bring in a Variance Account by specifying an Account Short Code in the Short Code field to the left.

Objects
Paste Special    Object register, Nominal Ledger/System module
Specify one or more Objects for the transaction, separated by commas.

In the Nominal Ledger Transaction generated from a Stock Revaluation record, any Objects specified here will be assigned to all postings to the Stock Account(s). If you are using the Object on Stock Account option in the Cost Accounting setting, these Objects will also be assigned to all postings to the Variance Account (unless you are using the Skip Header A/C Objects on Cost A/C option in the Account Usage P/L setting in the Purchase Ledger).

You can bring an Object in to this field by specifying an Account Short Code in the Short Code field to the left.

Reason
Paste Special    Standard Problems setting, Sales Ledger/Service Orders module
Specify here a Standard Problem to describe the reason why you needed to enter the Stock Revaluation record.

OK
When the Stock Revaluation record is complete and correct, you should mark it as OK and save. This will assign the new values to the Items listed in the record, and no further changes to the record will be possible.

If you have so determined in the Sub Systems setting in the Nominal Ledger and in the Number Series - Stock Revaluations setting, a Nominal Ledger Transaction will be created in the Transaction register. The nature of this Transaction is described on the Nominal Ledger Transactions from Stock Revaluations page.

You can use Access Groups to prevent certain users from marking Stock Revaluations as OK. To do this, deny them access to the 'OK Stock Revaluations' Action.

Matrix

Use the grid that takes up most of the window to list the Items that are to be revalued.

If you are using Windows or Mac OS X, you can add rows to a Stock Revaluation by clicking in any field in the first blank row and entering appropriate text. To remove a row, click on the row number on the left of the row and press the Backspace key. To insert a row, click on the row number where the insertion is to be made and press Return.

You can also bring Items into a Stock Revaluation by opening the 'Items: Browse' window, selecting a range of Items by clicking while holding down the Shift key, and then dragging them to the Item field in the first empty Stock Revaluation row. You can also copy a list of Item Numbers in a spreadsheet or word processor and paste them in the Item field in the first empty row.

If you are using iOS or Android, you can add rows by tapping the + button below the matrix. To remove a row, long tap on the row number on the left of the row and select 'Delete Row' from the resulting menu. To insert a row, long tap on the row number where the insertion is to be made and select 'Insert Row' from the resulting menu.

Flip A

Item
Paste Special    Item register
Enter the Item Number of the Item that you want to revalue. As with all Item Number fields you can also enter the Alternative Code or Bar Code of the Item.

When you specify the Item, the quantity that you currently hold in stock will be placed in the Qty field. If you are holding stock in different Locations, a separate row for each Location will be added to the matrix automatically. The Location will be shown on flip C. If the Item is Serial Numbered, a separate row for each Serial Number will be added to the matrix.

In most cases, you must include the full stock quantity of the Item to be revalued in the Stock Revaluation record. If you only want to revalue the Items in a particular Location, you should not delete the rows referring to the other Locations. Instead, use the New Cost field to change the value as necessary. If you enter an Item by mistake, be sure to remove every row featuring that Item, and do so before saving the Stock Revaluation. After saving, you won't be able to remove saved rows. You can revalue an individual Item if it is Serial Numbered at the Unit or Batch level and if you are using the Cost Price for Serial Number option for that Item. In this case you can remove rows representing the Serial Numbers that you do not want to revalue.

You can only revalue Stocked Items. You cannot revalue Plain or Service Items, even if you are using the Cost Accounting for Plain and Service Items option in the Cost Accounting setting.

If you choose an Item and the Qty, Name and other details are not brought in to the appropriate fields in the row, this will either be because the Item is a Plain or Service Item or because you don't have any examples of the Item in stock, meaning that there is nothing to revalue.

Qty   
When you specify the Item, the quantity that you currently hold in stock will be placed in this field.

As you must include the full stock quantity of the Item to be revalued in the Stock Revaluation record, you cannot change the figure in this field. For this reason, it is recommended that you enter Stock Revaluation records and mark them as OK at a time when you are not entering other stock transactions (e.g. Deliveries or Goods Receipts). If you enter a Delivery in the time between entering a Stock Revaluation and marking it as OK, you will then be attempting to revalue a quantity greater than you have in stock and marking as OK will be prevented.

Serial No.
if you specify an Item that is Serial Numbered, the Serial Numbers that you currently hold in stock will be placed in the field (one Serial Number in each row).

You can revalue an individual Item if it is Serial Numbered at the Unit or Batch level and if you are using the Cost Price for Serial Number option for that Item. In this case you can remove rows representing the Serial Numbers that you do not want to revalue.

Description
The Item Name will be brought in from the Item register when you enter the Item Number.

Old Cost
The unit value of the Item as it was before the Stock Revaluation. This figure will be brought in automatically when you save the Stock Revaluation record.

This figure will be calculated using the Cost Model specified in the relevant Item or Item Group record. If that Cost Model is Default, the Primary Cost Model specified in the Cost Accounting setting will be used. This field will therefore show the average unit FIFO, LIFO, Weighted Average or other value of the Item, depending on the Cost Model.

New Cost
Enter the new stock cost per unit in this field. If you need to see the existing stock cost first as a guide, save the Stock Revaluation to force this figure to be brought in to the Old Cost field.

If you hold stock in more than one Location and you only want to revalue the stock in one of those Locations, enter a New Cost that is the same as the Old Cost in the rows representing the other Locations.

However, if you are using the Force same Cost for same Item option in the Stock Revaluation Settings setting, you will not be able to revalue stock differently in different Locations. In this case, when you enter a New Cost, it will be copied to every other row featuring the same Item.

You do not need to specify a New Cost before saving, but you must do so before marking a Stock Revaluation as OK and saving. The New Cost cannot be negative.

Diff.
This field displays the difference between the New and Old Costs (New Cost - Old Cost).

Flip B

Tot. Cost
The total stock value of the Items in the row (Old Cost multiplied by quantity).

New Tot. Cost
The total stock value of the Items in the row as it will be after the application of the Stock Revaluation record (New Cost multiplied by quantity).

Diff.
This field displays the difference between the New and Old Total Costs (New Total Cost - Old Total Cost).

Flip C

Location
When you specify an Item on flip A, the quantity that you currently hold in stock will be placed in the Qty field. If you are holding stock in different Locations, a separate row for each Location will be added to the matrix automatically. The Location will be displayed in this field.

As you must include the full stock quantity of the Item to be revalued in the Stock Revaluation record, you should not change the Location in any of the rows or remove the rows referring to individual Locations.

Position
Paste Special    Position register, Warehouse Management module
If the Location is a large one that has been sub-divided into Positions, enter here the Position where the Item is stored. You must specify a Position if you are using the Demand Position option in the Location in question.

If an Item is stored in more than one Position, a second row will be added to the Stock Revaluation when you specify the Position. The Qty in the original row will be changed to show the quantity in the specified Position, and the remaining quantity will be shown in the new row. For example, if the Qty is 52 and the specified Position contains 25, the Stock Revaluation row will be split into two rows with Quantities of 25 and 27. You should then specify a second Position in the second row.

Flip D

Var. A/C
Paste Special    Account register, Nominal Ledger/System module

You can enter an individual Variance Account in each row, to override the default Var. A/C entered in the Stock Revaluation header.

You can bring in a Variance Account by specifying an Account Short Code in the Short Code field to the right.

Objects
Paste Special    Object register, Nominal Ledger/System module
Default taken from    Item
Specify one or more Objects for the row, separated by commas. Usually these Objects will represent the Item. In the Nominal Ledger Transaction generated from the Stock Revaluation record, any Objects specified here will be assigned to the posting to the Stock Account and to the posting to the Variance Account, providing in both cases that you are using the Object on Stock Account option in the Cost Accounting setting.

You can bring in an Object by specifying an Account Short Code in the field immediately to the right.

Short Code
Paste Special    Account Short Codes setting, Nominal Ledger
You can use Short Codes to help reduce errors when selecting Variance Accounts and Objects. You can also use them if you do not want the members of staff who work with Stock Revaluations to have any access to the Account and Object registers (which means that they will not be able to use 'Paste Special' to choose Accounts and Objects). Enter a Short Code here to bring in the appropriate Variance Account and Object(s) into the Stock Revaluation row.

Flip E

Supp. Inv. No.
If the Item is Serial Numbered, the Supplier's Invoice Number of the original Purchase Invoice for the Item will be brought in to this field for information only, providing the following conditions are met:

  • You are using the Transfer Each Row Separately option in the Purchase Invoice Settings setting in the Purchase Ledger.

  • You will created the Purchase Invoice for the Item from its Goods Receipt. Alternatively, you created the Purchase Invoice from its Purchase Order while using the Invoices Based on Goods Receipts option in the Purchase Invoice Settings setting.

  • You are not using the PO Number only on Goods Receipt rows (not in header) option in the Stock Settings setting in the Stock module.

If you do not want to use any or all of these options, you will be able to enter the original Purchase Invoice Numbers yourself.

If the Supp. Inv. No. field in the relevant Purchase Invoice is empty, this field will contain the text "P/INV:" followed by the No. of the Purchase Invoice.

Coeff
Default taken from    Item
The Unit Coefficient