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Exception

A sales exception denotes an item that is sold and it was not found in your inventory file. An example of when this might occur is if you received something in your store today and a customer purchases the item before you have had a chance to receive it into the software. You may sell it as a sales exception and receive it into inventory at a later time. You then have the ability to pull up the sales exception and match it to your inventory. In order for this to happen, the sold item's Sku, Catalog or Serial number must match the item's sku, catalog or serial number it was received into inventory with. You will use 'Exceptions' on the Inventory Modules menu to make corrections to the sku, catalog or serial number of the sold item and to match the exception with the inventory item. The item will then be removed from the inventory file and the information pertaining to the item will be saved to the sold file.

When exceptions are sold, accounting will be updated with an approximate cost of sales which is calculated according to the 'Cost Percentage' associated with the inventory category of the item sold. Accounting and the sold inventory record will be updated according to the actual cost of the item it was received into inventory with when the sales exception is matched with the inventory record in 'Exceptions' on the Inventory Modules menu.

Example: An item is sold as a sales exception. The price the item was sold at is $500.00. The item belongs to category 1 and the Cost Percentage associated with category 1 is 50%. So, the cost of goods saved to the general ledger record is $250.00. The item is received into inventory at a cost of $300.00. The inventory item is matched to the sales exception and therefore removed from the inventory file and saved to the sold file. The cost of the item in the sold file is now $300.00. An entry will be made to general ledger in order to accurately represent the $50.00 difference to cost of goods.

Refer to 'Sales Exceptions' for more information on changing, matching and deleting exceptions.