Storeroom Inventory: Year-end JVs

Business Affairs Financial Services Department has developed this document to assist Auxiliary Departments (1XXXXX funds) with storeroom inventories in preparing the necessary year-end inventory journal vouchers. This information does not apply to Service Center funds (09XXXX funds). Service centers should refer to the "Year-End Guide to Service Centers" on the Accounting web page for assistance. Below you will find sample journal vouchers of the different adjustments that may be required of a department with a storeroom inventory. If you have any questions regarding this document please contact Property Control at 6-3190 or 6-3163.

Adjustments to Inventory Balance

Department's with storerooms are required to perform an annual physical inventory count of their storeroom inventories. The results of this count should be compared to the inventory balance (acct code A4002) in the Banner system. If these values agree, then no adjustment is required. If these values do not agree, then an adjustment to the inventory balance is required. Below is the journal voucher the department should enter to adjust the inventory account:

To increase the inventory balance in Banner to match the physical inventory count:

Debit  Deptartment Fund acct code A4002 - Inventory
Credit Department Index acct code 28723 - Inventory Write-off

To decrease the inventory balance, do the opposite of the entry above.