FeaturesRepairDesk Updates Why is Inventory Adjustment & Valuation Important for Your Repair Business? by RepairDesk October 5, 2018 written by RepairDesk October 5, 2018 1.8K Table of Contents Toggle -RepairDesk’s New Feature -RepairDesk’s New Feature Yes, it is finally here; one of the most useful and highly demanded features to get your stock in control -The Inventory Adjustment & Valuation feature in Inventory Management. Are you wondering how it will help you? Or what is exactly inventory valuation? No worries, let us explain. Managing inventory can be a big challenge for your repair business with hundreds of repair parts & gadgets. Unsold stock means money is sitting on your shelves gathering dust. You also must keep track of which products sell out, so you can reorder in time. Are you counting your inventory and found that you have more items at hand in store? But the system says there shouldn’t be that much stock left at your repair shop. During the stock count, there could be a shortage and excess of resources. Physically counted materials may not tally with your stock status in the system. You’ll then try to find a way to adjust your inventory, in order to keep your system records aligned with the real inventory. RepairDesk is always here for you. So, here’s the solution! Inventory Adjustments are used to update/correct the quantity and price of products in your Inventory. Adjustments could be due to new stock needing to be entered, removing damaged or stolen stock, data entry error etc. Adjustments can be negative or positive in case of excess or abundance of available stock. Your in-store stock level must match your records, and that’s why you need to adjust and make everything accurate. Inventory Valuation is sometimes underemphasized but is very important for your revenue and profit calculations. Choose from multiple inventory valuation methods like The FIFO method (first in, first out) where you assume that the first items to enter the inventory are the first ones to be sold. The LIFO method (last in, first out) where you assume that the last items to enter the inventory are the first ones to be sold. The weighted average method, where an average of the costs in the inventory is used in the cost of goods sold. Whichever method you choose will affect the inventory valuation recorded at the end of the reporting period. Inventory valuation is important for your business because it can benefit you in the calculation of the cost of goods sold and determining how much you owe in taxes, whether you are eligible for a loan, and other legal matters. Since inventory is frequently one of the largest components in your assets, the value of your inventory can be critical in loan agreements. Thus, inventory valuation has a major impact on reported profit levels. Here is a guide on How to Adjust & Value Inventory. Handle your inventory efficiently with RepairDesk and use our most recent add-on. We strive our best to provide you everything for your cell phone repair business in your favorite POS. If it wasn’t exactly what you were looking for in the past, give it another shot because it is much better now! Sign Up for a 14-day FREE Trial! Subscribe to our Newsletter Leave this field empty if you're human: best point of sale softwarecell phone repair pos softwareinventory adjustmentinventory management softwareinventory valuationrepair shop softwarerepairdesk updates 0 comments 0 FacebookTwitterPinterestEmail RepairDesk previous post Repair Ticket View: User Interface (UI) Update in iPad POS Register next post Release Notes -iPad POS Register Related Posts Boost Your Repair Shop Sales with RepairDesk Marketing... May 29, 2024 Appointments Pro – Facilitating Your Customers Like Never... April 20, 2024 RepairDesk Connect – The Best Unified Inbox for... February 20, 2024 Why RepairDesk PhonePro is the Best VOIP System... February 15, 2024 Why Do You Need a Cloud-Based Phone System... February 6, 2024 Benefits of Having Cellphone Parts Provider Integrations in... November 3, 2023 Improve Your Drone Repair Business with a Drone... July 21, 2023 RepairDesk v Orderry: The better POS solution for... June 23, 2023 Take Control – Start Your Own Repair Store... June 7, 2023 RepairDesk Introduces Mail-in Repair Workflow Management System April 16, 2023