Field Description - Transaction Type

The Transaction Type specifies the type of transaction being entered and determines the fields and types of information to be entered.  The Type also determines how the transaction quantity will update the inventory item Committed, On Order, and On Hand amounts.

Valid Transaction Types are:

• Adjustment -  Use to correct inaccurate entries.  An adjustment constitutes a direct entry to the On Hand field only.  

• Order -  Use to signify that goods have been ordered from the vendor.

• Receipt -  Use to signify that the goods have been received from the vendor.  A Receipt Transaction type reduces inventory on order, increases inventory on hand, and updates the unit costs.

• Sale -  Use to signify that the goods have been sent to a job site and that the cost of those goods has been applied to the job.  This kind of transaction reduces inventory on hand and increases cost of goods sold.
  Tip:  Sales transactions are the only types of transactions that post to the General Ledger.

• Commit -  Use to signify that goods are to remain in the warehouse, but are dedicated to a certain job.  This type of transaction increases the Committed count.

• Transfer -  Use to signify that an item is moving from one location to another.  This Transaction Type does not change the net amount, but it changes the number of goods in the locations.  A Transfer decreases the on hand inventory in one location and increases the on hand inventory in another location.
  Note:  Transfers are only available when a company has multiple locations.  

Notes:

For transactions with serialized items:

• Adjustments, Receipts, Sales and Transfers require serial numbers.

• Orders and Commits do not require serial numbers as they are not available at the time of the transaction.

• Sales and Receipts indicate that the serial numbers will be removed from the item and require the selection of existing serial numbers.

• Transfers require the selection of existing serial numbers and positive quantities.

Where-Maintained:  Transaction Entry

Where-Used:  Transaction Journal Instructions, Transaction History Inquiry

Format:  Predefined.  Required.