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Physical Inventory Processing

The Physical Inventory module provides a simple way to reconcile your inventory.

Navigate to the Inventory Control menu and select Physical Inventory Processing from the Activities section.

Before performing a Physical Inventory, make sure all outstanding transactions have been closed and posted.

  1. All registers have been closed and z’d out
  2. All orders have been posted
  3. All Adjust, Receive and Transfer documents have been entered and posted.

Plan Ahead

Counts must be performed outside of business hours when there is no item movement on the floor.


Steps to performing a Physical Inventory

  1. Print Physical Inventory Worksheet
  2. Take Snapshot of the inventory location being counted
  3. Count the Inventory and record counts on worksheet
  4. Enter counts into the Physical Inventory module
  5. Verify/recount any items with large discrepancies
  6. Post the counts to Inventory
  7. Print the Physical Inventory report



Step-by-Step


Print Physical Inventory Worksheet

Navigate to the Inventory Control menu and select Physical Inventory Worksheet from the Reports section.

Choose the location you will be counting and optionally, filter to the item group(s) you will be counting.

Print the report.


Take a Snapshot of the Location you are counting

The snapshot takes a picture of the inventory levels for the location being counted.

Counts entered will be compared against the snapshot to determine over/shorts.

Inventory will be adjusted by the over/short amounts when posted.

Navigate to the Inventory Control menu and choose Physical Inventory Processing from the Activities menu.


Physical Inventory Processing


Click the New button on the toolbar.

Select the Location you are counting.

Make sure the Expense-to has the Physical Inventory GL Account selected.

Click the Camera button on the toolbar to take the snapshot.


Count the Inventory

You must count the inventory and take a snapshot at the same point in time so that they compare against the same period.

It is best to record your counts on the Physical Inventory Worksheet as this will streamline the data entry when recording the counts in the system.

Count the inventory and record the counts on the Physical Inventory Worksheet.


Enter your Counts

Open the Physical Inventory Processing screen. If your snapshot is not in view, use the search tool on the toolbar to find your snapshot. It should be listed at the top. Double click to open.

Using the Physical Inventory Worksheet that has the counts recorded, enter counts into the Cnt column.

Notice the check mark in the ? column as you enter counts. This signifies that you have counted this item.

Make sure to enter counts for ALL items so that all checkboxes are checked – very important! If you have inactive items, or out of stock items listed that did not get counted, place a 0 in the count column. This tells the system to adjust the items quantity to 0.

Tip - You can work by item group by using the Item Group filter on the Physical Inventory screen. This makes it easier to enter counts since the worksheet with the counts is also organized by item group.


Verify / Recount items with large discrepancies

If you have items with large discrepancies, you may need to re-count or find out where the discrepancy is. You can update the counts previously entered with new counts if needed as long as this is done before the final step of posting the physical inventory.


Post Physical Inventory

Once you have verified your counts and are happy with your entries, you can Post Physical Inventory using the button at the top of the page. This will post any adjustments to inventory by the amount that was over/short.


Print the Physical Inventory report

Navigate to the Inventory Control menu and select Physical Inventory from the Reports section.

Choose a Document ID from the pull-down to select the inventory snapshot to be printed.

Tip - You can set the Counted (y/n) and/or the Variance (y/n) filters to get a list of items not counted, or items that had a variance (discrepancy).

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