Inventory Control > Physical Inventory Count

After performing the actual physical count process and entering the actual counted quantities using the Input Physical Count function, you must update the inventory item records to reflect the adjusted on hand values. You can perform this process using the Update Physical Count function.

To update the inventory record to reflect the actual on-hand quantities, perform the following:

1.Access the Update Physical Count function from the Physical Count group under the Transactions menu of the Inventory Control module.

2.In the Selection Criteria area, set up the criteria for inventory records that will be updated for its corresponding counted quantities. Enter values on the following fields:

oWarehouse

Click the All checkbox in this field to select all warehouses where inventory items you want to update its on-hand quantities are stored; otherwise, enter your desired range of warehouses in the corresponding From and To fields.

oBin

Click the All checkbox in this field to select all bins, set up for the warehouse(s) selected above, where inventory items you want to update its on-hand quantities are stored; otherwise, enter your desired range of bins in the corresponding From and To fields.

oABC Category

Enter in this the category code of the items you want to freeze, if applicable.

oItem #

Click the All checkbox in this field to select all inventory items, assigned to the specified warehouse and bin, you want to update its on-hand quantities; otherwise, enter your desired range of inventory items in the corresponding From and To fields.

oItem Class

Click the All checkbox in this field to select all classes of inventory items you want to update its on-hand quantities; otherwise, enter your desired range of classes in the From and To fields.

oProduct Line

Click the All checkbox in this field to select all product lines of inventory items you want to update its on-hand quantities; otherwise, enter your desired range of product lines in the From and To fields.

3.Enter in the Remarks field a relevant brief description of the update transaction.

Note: You must enter a brief description in this field; otherwise, you cannot proceed with the transaction.

4.Accept or amend in the Count Date field the posting date for the inventory count update. The default date displayed is the current system date.

5.Mark the Use Inventory Adjustments account assigned to each warehouse checkbox if you want to use the GL Account ID from the Adjustments field of the Warehouse Maintenance of the warehouse assigned to each inventory item that has an adjustment or variance. When this checkbox is marked, the Adjustments field in this function window is disabled.

6.If necessary, amend the default GL Account ID assigned for the count discrepancies. This field is enabled only when the Use Inventory Adjustments account assigned to each warehouse checkbox is unmarked. When this field is enabled, the default GL Account ID will come from the Inventory Adjustments field of the Warehouse Maintenance for the warehouse assigned to the first inventory item included in the Update Physical Count transaction session.

7.Click the Update button to proceed updating the on-hand quantities for inventory items based upon the entered counted quantities for inventory items selected in the Selection Criteria area; otherwise, click the Cancel button to exit from this function screen without updating the items' counted on-hand quantities.

Notes:

•The difference between the actual counted quantities entered through the Input Physical Count function window and the on-hand quantities recorded in the system will be posted as inventory adjustments. To view the posted adjustments, generate the Inventory Adjustment Report.

Example: The actual on-hand quantities for a particular inventory item recorded using the Input Physical Count function are 8 units while the on-hand quantities recorded in the system are 10 units. When you perform the update, the inventory item’s on-hand quantity will change from 10 units to 8 units, resulting in an automatic inventory adjustment of -2 units.

•If the inventory item records has zero count quantities during final updating of the physical count, the system will show a warning message to ensure that updating of warehouse quantities is done after physical count was actually entered.

•At the end of the process, the system displays a message box informing you that it has completed updating the inventory records. Click the OK button to exit from the Update Inventory Count function.

•After completion of the update process, all the frozen inventory items will automatically be unfrozen by the system. The newly updated inventory item will be released from the Physical Inventory Count unless you freeze these inventory items once again.

Q. Significant transactions occurred when my inventory items were frozen. How do I reflect the effect of these transactions on the on-hand quantities?

A. You need to clear the frozen inventory items for the system to update the on-hand quantities in this function. Then freeze the inventory items again, input and update the count data.

Update Physical Count

Update Physical Count

See Also