Inventory Transfers

From the DockMaster menu, select Inventory Management > Transfers > Inventory Transfers

The Transfer of Inventory items is a two-step process. The first step is recording the transfer of items. The second step is receiving those items and allowing adjustments for discrepancies. This process is only for customers who are set up with multi-location inventory. DockMaster will make accounting entries for the transfer. The transfer amount will be calculated using the following formula:

     Weighted Average Cost (at time of transfer) X Quantity Transferred

The accounting entry made at the time of transfer will follow the hierarchy shown below to make the debit and credit to the respective inventory accounts.

• First, Inventory accounts in the Department for each location.
• Second, Inventory accounts in the Inventory Parameters will be credited.

Step 1 - Creating the Inventory Transfer

A Location Listing window displays when Inventory Transfers is first selected. Enter the Location of where the parts will be transferred from. 

• Transfer Number - Click the New button or enter N to get the next Transfer Number.
• Transfer Date - Enter a Transfer Date or accept today’s date as the default.
• To Location - Enter the Location code that represents where the parts are being transferred. Note: You will receive an error message if attempting to transfer to the same location.
• Comments - Enter Comments to document the transfer or press <Enter> to use the default system description – Inventory Transfer. These Comments will appear on the General Ledger transaction.
• Transfer Amount – The total amount of the Inventory Transfer defaults into this field. This field will update as parts are added in the grid below.

Part Number Grid

• Part Number - Enter the Part Number being transferred. The part Description will appear automatically. Press ‘\’ to use the cross-reference lookup feature.
• The Qty Available field displays the current Quantity On Hand for the part number entered.
• Qty to Transfer - Enter the Quantity Transferred. The quantity entered here must be positive, and less than or equal to the Qty Available.
• The Quantity Remaining field will be calculated automatically.

Click the View G/L Distribution icon to review the accounting entries. This is a read only display showing what General Ledger accounts transactions will be made upon completing the transfer.

Click the Save icon to verify the Inventory Transfer. Proceed to Step 2 to receive the transferred parts. Note: The Inventory Transfer is not complete until received at the selected location.

Click the Delete button from the Command Panel to remove the Inventory Transfer record from the file. Note: This can only be done if the transfer has not yet been received in the selected location.

Step 2 - Receive Inventory Transfers

From the DockMaster menu, select Inventory Management > Transfers > Receive Inventory Transfers

The next step in the Inventory Transfer process is the acknowledgement from the second location that the items transferred have been received and accounted for. This step should be completed by the second location when the Parts are received.

A Location Listing window displays when Receive Inventory Transfers is first selected. Using the Location Code Listing window, select the Location where the items have been received. 

• Transfer Number – Enter the transfer number of the Inventory Transfer. Press the F6 key to select from a List.
• Transfer Date - Enter a Transfer Date or accept today’s date as the default.
• From Location – The From Location will default based off of the On-line transfer.
• Comments - Enter Comments to document the transfer, or press <Enter> to use the default system description – Inventory Transfer.
• Transfer Amount – The total amount of the Inventory Transfer defaults into this field.

Parts Number Grid

• Review that the Transfer Amount is correct.
• Review that the Qty to Transfer amount in the grid is correct.
• Review and/or change the Quantity Received amount. If the Quantity to Transfer and Quantity Received do not match, you will receive a message asking if you want to continue with the process.

Click in the View G/L Distribution button to review the accounting entries. This is a read only display.

Click the Save button to post the items as received. A posted date displays in red at the top of the form.

Print the Inventory Transfer Report to review the transfers.