Physical Inventory — Overview

Inventory Control lets you enter the results of physical counts into your system and helps you reconcile the differences between the physical count and the calculated quantities-on-hand in your Inventory Control system.

You can find the physical inventory forms in the I/C Physical Inventory folder. They include Generate Inventory Worksheet, Inventory Worksheet, Physical Inventory Quantities, Inventory Counts, Inventory Reconciliation, and Post Inventory Reconciliation, as described below.

• Use the Generate Inventory Worksheet form to generate inventory worksheets that specify the locations, account sets, and items for which you want to count inventory.

You can use the Default Quantity On Hand option to automatically include the current quantity on hand for each item in the Counted Quantity column of the Inventory Worksheet.

• Use the Inventory Worksheet to print copies of the inventory worksheets you generate, if you want to write the physical counts on them while taking stock.

If you used the Default Quantity On Hand choice in the Generate Inventory Worksheet, you can choose the Quantities option to print the current quantity on hand in the Counted Quantity column. This means that you have to enter quantities only when the counted quantity differs from the quantity on hand stored in Inventory Control.

• Use the Physical Inventory Quantities or the Inventory Counts to enter counted item quantities. You can also assign an adjustment unit cost for items with the Physical Inventory Quantities form, and view, edit, and delete inventory worksheets that you created.

• Use the Inventory Reconciliation form to print a report of the counts and costs that will be posted when you reconcile your inventory counts.

• Use the Post Inventory Reconciliation form to post the counts and costs that you entered in the Physical Inventory Quantities form. The program creates adjustment transactions when you post inventory reconciliations.

• After posting a reconciliation, print the Inventory Reconciliation report to check for any items that the program could not post.