The management of inventory is a critical aspect of construction accounting. Sage Intacct Construction offers a robust inventory configuration and workflow system that allows businesses to efficiently manage their stock. This article delves into the key processes of receiving inventory into stock, transferring inventory between warehouses, and making necessary adjustments to inventory value and quantity.

Receiving Inventory into Stock

When inventory is received without using the purchasing module, it's essential to post the General Ledger (GL) cost through accounts payable and update the inventory quantity and value in the system. Sage Intacct Construction provides a transaction definition setup that allows for the creation of a simple inventory receipt to update both value and quantity.

Note: It's crucial to decide whether to post the transaction to the General Ledger or merely update the inventory module based on your workflow requirements.

Inventory Transfers Between Warehouses

Transferring inventory between warehouses is streamlined with Sage Intacct's linked warehouse transfer out and transfer in definitions. This process ensures that inventory is accurately debited and credited between warehouses or GL accounts, maintaining precise stock levels across different locations.

Adjusting Inventory Value and Quantity

Adjustments to inventory, such as those resulting from physical counts or damaged goods, can be made to either quantity only or both quantity and value. This flexibility allows businesses to maintain accurate inventory records and valuation in their accounting system.

Conclusion and Next Steps

Accurate inventory management is vital for construction businesses. Sage Intacct Construction provides a comprehensive set of tools for managing inventory workflows, including receiving, transferring, and adjusting stock. By utilizing these features, companies can ensure their inventory records are precise and up-to-date.