Select this menu option when all the items in the inventory receipts file have been verified and are correct. At that time the update routine will "move" the items in inventory receipts into the master inventory file. At the same time the stock labels are created and are printed when the operator selects the print labels routine.
Notes for accounting:
•The total cost of all the inventory updates for a given period should equal the total of all loan drops, purchase pulls, and items bought for inventory from wholesalers.
•The cost of bulk items can be either computed when a sale is made or expensed as a cost of goods when an item is put into a bulk stock number. It has been found that since the "bulk" items usually are of little value, that any items that are put in bulk (i.e. bins with no stock numbers) should be expensed immediately. For example, say a $50.00 loan was made for a roll around tool box with some small hand tools. When the loan is pulled the tool box is given a cost of $40.00 and $10.00 is assigned to the tools. They are not worth tagging with a stock number so they are just thrown in the bulk bins. So when the update to inventory is run, the total cost of the items updated is $40.00. The $10.00 bulk cost of goods needs to be added to the update sheet so that total cost of goods is 50.00 and will equal to total items pulled. A manual accounting expense entry is made for the period for the $10.00 expense. If this method is used then in E-A-A Field 9, set the percentage to zero "0.00". If cost is computed as a sale is made then estimate the normal markup on bulk items and enter a percentage of sale as a cost value in field 9.
