Count and Reconcile Inventory Quantities

Note: Inventory Control includes 6 forms to help you physically count inventory items, and then enter and post adjustments for the differences between the physical counts 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.

This topic provides the steps for the complete stocktaking process. Refer to the following topics for more detailed steps.

Generate Inventory Worksheets for Stocktaking

Print Inventory Worksheets for Stocktaking

Enter Quantities Using the Inventory Counts Form

Enter Quantities Using the Physical Inventory Quantities Form

Print the Inventory Reconciliation Report

Post Inventory Reconciliation

• Run Day End Processing to update the company's Inventory Control data if you have posted transactions since the last time you ran Day End Processing. (You should run Day End Processing even if you cost items during posting.)

• Decide on the inventory locations, account sets, and items that you want to count.

• Decide on the sorting order in which to list items on the physical inventory worksheets.

• Make sure no other users are working with the Inventory Control database and no other Inventory Control forms are open on your computer.

1. Specify the range of locations and account sets for which you require the worksheet.

2. Specify the method by which to select the items to be listed on the worksheet.

3. Type an optional comment to be printed on the worksheet.

4. Specify which items you want to include on the worksheet.

5. Select the Default Quantity On Hand choice if you want Inventory Control to display the current quantity on hand when users enter the physical quantities using the Inventory Counts form or the Physical Inventory Quantities form.

6. Click Generate, then click OK from the message that appears.

1. Make your selections as follows:

From Location [ ] to [ ]. Enter location codes or use the Finder to select the range of locations at which you want to count inventory.

Include. Select the information to include in the report.

• Unit Cost. Prints the unit cost for each item on the worksheet.

• Quantity. Prints the quantity on hand for each unit of measure defined for each selected item.

You can print the current quantity on hand in the Counted Quantity column — whether or not you chose the Default Quantity On Hand choice when you generated the inventory worksheet.

• Comment. Select this option to include a comment line for each item. Use the comment line to record remarks while doing the physical count.

2. To begin printing, click the Print button.

1. Enter a location code or use the Finder to select the location code and starting item number for the worksheet.

2. Enter or edit the physical count, adjustment cost, and status for each item on the worksheet. (If you selected the Default Quantity On Hand option in the Generate Inventory Worksheet form, the current quantities on hand are inserted for each item in the Quantity Counted column, but you can change the figures.)

Press F9 to enter quantities in different units of measure.

Use the Quantities form to enter counts by the various units of measure you have assigned to an item.

3. When you are finished, click Close to save your changes and close the form.

1. Enter the location code or use the Finder to select the code

2. Enter the starting item number or use the Finder to select the item number code.

3. Enter the physical count or edit the displayed count in the Quantity Counted column. Press F9 to enter quantities in different units of measure.

5. When you are finished, click Close to save your changes and close the Inventory Counts form.

1. Make your selections in the following fields:

Location [ ] to [ ]. Specify the range of locations to include in the report.

Show Only Items with Quantity Variance. Select this option to list only those items that show a variation between the quantity on hand recorded in Inventory Control and the physical count you entered in the Physical Inventory Quantities form. The report then excludes items for which the totals are the same in Inventory Control as in your physical count.

Include Comment for Each Item. Select this option to print a blank comment line for each item listed in the report.

Include [ ]. Select from two types of report.

• All Units of Measure. The report lists quantities counted for each unit of measure.

• Stocking Unit Only. The report lists total quantities counted in the stocking unit of measure only.

2. To begin printing, choose the Print button.

1. Type or use the Finder to enter beginning and ending codes in the range of locations for which you want to post reconciliation adjustments.

2. Enter the transaction date, fiscal year, and period to which you will post the transaction.

3. Enter a reconciliation number and an optional reference and description.

4. When you are finished, click Post, then click OK in the message that appears.

5. Click Close to close the Post Inventory Reconciliation form.

• Run Day End Processing to update the company's costing and statistical data (unnecessary if you cost items during posting).

• Print the Adjustments Posting Journal to check the adjustment transactions posted by the program for the reconciliation.

• Delete inventory worksheets that you do not need. For example, delete worksheets that contain only items that you do not want to post.

When you post reconciliations, the program changes the "Ready to post" status of any items it cannot post to a status that indicates the problem. Check each item's status to decide whether you want to make the changes needed to post the item.

To help you, I/C assigns a status from the following list. Make the changes described, and then use the Physical Inventory Quantities form to set the item's status to "Ready to post":

Item does not exist

Non-stock item

Item not allowed at location

Insufficient quantity

Item not active

Generate inventory worksheet

Inventory worksheet - printing

Physical inventory quantities

Inventory Counts

Inventory reconciliation report

Post inventory reconciliation

Periodic processing