At least once in every fiscal year, perhaps more, you must take
a physical inventory (that is, count all the items on hand) to see
if the quantity registered in the program is the same as the
physical quantity in stock. If there are differences, you must post
them to the item accounts before you do an inventory valuation. You
also post your results to the physical inventory ledger, to record
that you have counted a particular item on a particular date. To
post in the physical inventory ledger, however, you must be sure
that you have counted all of the items concerned, not just some of
them.
If you are not using directed put-away and pick for a location,
you perform a physical inventory using the Phys. Inventory Journal
(process described in Filling
In the Physical Inventory Journal with the Calculated
Quantities). If you are using directed put-away and pick, you
use the Whse. Phys. Inventory Journal, and later on, the Phys.
Inventory Journal. This process is described here. In warehouses
with bins, the counting is performed and registered bin by bin.
To Perform a Warehouse Physical Inventory:
Open the Item Journal
window and click Functions,
Calculate Whse. Adjustment.
Fill in the batch job request window with the numbers of the
items you want to count and with your location, click OK, and post
the adjustments if any. If you do not do this before you perform
the warehouse physical inventory, the results you post to the
physical inventory journal and item ledger in the second part of
the process (described below) will be the physical inventory
results combined with other warehouse adjustments for the items
that were counted.
In the journal, click Functions, Calculate Inventory. The
Whse. Calculate Inventory batch job request window appears.
Set the filters to limit the items that will be counted in the
journal, and then click OK.
The program creates a line for
each bin that fulfills the filter requirements. You can at this
point still delete some of the lines, but if you want to post the
results as a physical inventory, you must count the item in all the
bins that contain it.
If you only have time to count the
item in some bins and not others, you can discover discrepancies,
register them and later post them in the item journal using
Calculate Whse. Adjustment.
Open the Whse.
Phys. Inventory List report request form and print the lists on which you want employees
to record the quantity of items that they count in each
bin.
When the counting is done, enter the
counted quantities in the Qty.
(Phys. Inventory) field in the warehouse physical inventory
journal.
Note: In the warehouse physical
inventory journal, the program automatically fills in the Qty.
(Calculated) field on the basis of warehouse bin records and copies
these quantities to the Qty. (Physical) field on each line. If the
quantity counted by the warehouse employee differs from what the
program has entered in the Qty. (Physical) field, you must enter
the quantity actually counted.
When you have entered all the counted
quantities, register the journal by pressing F11 or clicking Registering, Register.
When you register the journal, the
program creates two warehouse entries in the warehouse register for
every line that was counted and registered:
If the calculated and the physical quantities differ, a negative
or positive quantity is registered for the bin, and a balancing
quantity is posted to the adjustment bin of the location.
If the quantity calculated is equal to the physical quantity,
the program registers an entry of 0 for both the bin and the
adjustment bin. The entries are the record that on the registering
date, a warehouse physical inventory was performed, and there was
no discrepancy in inventory for the item.
When you register the warehouse physical inventory, you are not
posting to the item ledger, the physical inventory ledger, or the
value ledger, but the records are there for immediate
reconciliation whenever necessary. If you like to keep precise
records of what is happening in the warehouse, however, and you
counted all of the bins where the items were registered, you should
immediately post the warehouse results as a physical inventory in
the Inventory menu.
To Post Warehouse Results as a Physical Inventory:
Select the same items that you counted in the warehouse physical
inventory that you just performed, and click OK.
The program creates lines in the Phys. Inventory Journal window
for these items. Note that the program has filled in the
Qty. (Phys. Inventory)
field with the sum of the quantities you counted and registered for
the item bin by bin in the Whse. Phys. Invt. Journal and has
calculated the Quantity field.
Without changing any quantities, click Posting, Post.
The quantities in the item ledger (item entries) and the
quantities in the warehouse (warehouse entries) are now once again
the same for these items, and a full physical inventory has been
performed for the item.
Note: Only an employee with permissions in the Inventory area
can update the item ledger and physical inventory ledger with the
results of the warehouse physical inventory.
Item Journal
window and click Functions,
Calculate Whse. Adjustment.