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Companies schedule a regular physical inventory count to properly account for the inventory items on stock their warehouses or storage locations. They conduct physical inventory count usually towards the end of the fiscal year for proper reporting of inventory in the financial statements. Physical inventory count is also a way of ensuring that transferred inventory items are properly accounted for.

 

You can perform physical inventory counts any time and as often as necessary.  You can process inventory counts without disrupting your shipping and receiving operations.

 

You can prepare worksheets to record the inventory count results.  You can record in the General Ledger any physical count variances as adjustments to inventory.  You can also generate a Physical Variance Report for audit trail purposes.

 

 

To perform physical inventory count in the system, perform the following steps:

 

1.Freeze inventory items to set up the cut-off point of the recorded on-hand quantities for an efficient comparison against the actual quantities to investigate and adjust the recorded on-hand quantities using the Freeze Items function.

 

2.Input or manually enter the actual counted on-hand quantities using the Input Physical Count function.

 

3.Generate the Physical Count Variance Report to view the difference between the on-hand quantity and the counted quantity.

 

 

4.Update the recorded counted quantities for AccountMate to adjust the recorded on-hand quantities using the Update Physical Count function.

 

 

5.If you want to cancel the physical count without updating the inventory records, clear the frozen inventory items using the Clear Frozen Item function.

 

 

 

See Also

Physical Inventory Count Reports

 

 

 

 

 

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