Introduction

Stock Count allows you to record stock take details against all inventory items. The actual quantity and actual cost/value of each item can be recorded, and the system will automatically update the quantity on hand, its value and will create postings to the General Ledger to adjust the Inventory Control account and the Cost of Sales in accordance with the value of the adjustments.

About the Inventory Management System

The Inventory Management system can be used for both Stock Items (Products) and Service/Non Stock Items. It can operate as a Product Price Catalogue without reference to locations, for example, if Items were shipped directly from a third-party supplier who provided storage.

The Inventory system operates in conjunction with Purchase Ordering and Sales Ordering with Inventory movements taking place at Delivery In or Delivery Out stage. This allows for the receipt of Items from Suppliers, issue of Items to Customers, and the updating of Quantity and Cost information for Items. 

Alternatively, you can operate the Inventory system without the Order system and use it solely in conjunction with the Purchase and Sales Ledgers. In this case, the Goods are received into Stock when a Purchase Item Invoice is processed and out of Stock when a Sales Item Invoice is processed.

Currency Considerations

The Inventory Management System operates in Base Currency only as this is what Inventory is valued in regardless of the Currency of the Supplier (Vendor) or Customer. When a Sales Order or Invoice is processed, the Base Currency Price is converted to the Currency of the Customer and presented as the default Price. Similarly, when a Purchase Order or Invoice is processed, the Last Cost is presented in the Currency of the Supplier (Vendor) as the default.

You can still process Orders and Item Invoices from foreign currency Suppliers (Vendors) and sell to foreign currency Customers. For example, you can purchase the same Product in several different Currencies from different Suppliers (Vendors) and then process Sales in multiple Currencies.

Performing Inventory Checks

Inventory Checks can be carried out at any time. The system is always up to date by way of its Transaction orientation focus, with little or no necessity for cumulative roll-ups or summarisations. However, if Inventory has been physically moved into or shipped out of Stock without the requisite Receipt, or Issue system transactions, being fully processed, then you will encounter mismatches between the system versus the physical count.

For Purchases, Inventory is added to the On Hand Quantity:

See:

Managing Items‍ 

Preparing the Inventory Checklist

How Inventory Counting works

First you download a list of items for your stock count. You can use the filters below to extract based on selected criteria. For example, you may wish to export different lists of items by location if they physical count is being carried out in separate locations and by different individuals. These can then be uploaded as part of an overall stock count. Then, download the stock count file and update it with the physical count of items along with any updates to average cost. 

Because the system is entirely transaction-based, the Inventory Count facilitates Stock checking on a rolling basis.  

Inventory Check Prerequisites:

• All inward and outward-bound Inventory Movements system transactions are cleared.
• Physical movements from location to location have been fully recorded. If any such location movements are outstanding, make these Location Transfers in the Stock Adjustments program.

How to Create a Stock Count

1. Go to Items > Product Items > New Stock Take to open the Stock Count screen.
   
   
   
   
2. Delete

   Info: Our New Look

   If you are using our new look navigation, go to the Items tab in the new sidebar. Hover over the plus icon and select New Bulk Update:

   
   

3. In the Stock will be counted by field, enter the Name of the Stock Checker. You can use several Stock Checkers and allocate them specific Locations and/or Item Groups for future use. This name will be downloaded in the Excel file and available as an audit check in the stock count history.
4. In the Export Stock Listtab, use the dropdown filters to select your parameters. Use Item Locations and Sub Locations if you need to carry out separate physical stock counts by location. These can then be uploaded as part of an overall stock count.
   
   
   
   
5. Click Export.
6. When the file is ready, click Save to save it to your Desktop.
   
   

The Stock List Excel file

Do not change the structure of the downloaded Excel file such as removing header rows or columns.

Each Export consists of a single Excel Workbook Sheet with detailed information about the selected Products. You can record any:

• Differences between the Counted Stock and the System held quantity.
• Revisions you might want to make to the Average Cost. 
• Record a note against each line item which will be saved with the resultant stock movement transaction, for example, Damages, or Perished Stock. 
  
  

Create a Printable Stock List

You can hide any unwanted columns for a printable version you can give to each Stock Checker for manual counting:

Importing the Stock Count

When the printed Stock Count Sheets have been returned, any variances in Quantity, Average Cost, and Notes need to be recorded on the previously saved Spreadsheet and then uploaded back into the system. You can import as many individual files as you wish into a single stock count.

1. In the Import Stock Count tab, enter a unique Reference number for the Stock Count and change the Stock Count Date if necessary. This date will be assigned to all the stock movements and updates associated with file. You cannot enter a date that is earlier than the last stock count date.
2. Click browse and select the Stock List file, then click Upload.  Repeat this action for as many Stock Count sheets as you want.
   
   

Correcting Errors

If there are errors in the uploaded file, you will get an Upload Status of Failed. 

1. Click on the status symbol to get a detailed explanation.
   
   

   
   

2. Correct any errors in the saved spreadsheet.
3. Delete the spreadsheet with errors from the uploads and upload your corrected version. You will receive a message if the file has been successfully processed. 
4. Click Outstanding Deliveries and Invoices to download these two reports and print them. If there are Outstanding Deliveries and Invoices, process them now before posting the imported file into the System. 
   
   
   
   

Outstanding Deliveries and Invoices

If you are using Sales and/or Purchase Order Processing:

Inventory movements take place because of Delivery processing. Otherwise, they take place during Invoice processing. 

Consequently, the Outstanding Order Delivery Item list reminds you that:

• If the Items are delivered before the Stock Count date, the Stock Count Import Posting will overwrite the previously created Inventory Movements. Best practice is to amend the expected Delivery Dates on these Items.

For Invoice Items Not Posted:

If invoice items are processed with a transaction date before the Stock Count Date, the subsequent Stock Count Import Posting will overwrite these Inventory movements. 

You can do any of the following:

• Change the Transaction Date on these Items to be after the Stock Count Date.
• Adjust the relevant Stock Items afterwards using the Stock Adjustments program. 
• Process some or all these Items. Delete the relevant Imported Stock Count Sheets, using the Delete function under Actions. Make the necessary alterations to the saved Stock Count Worksheets and then re-import them.

Stock Count Import Posting

1. Examine the Stock Count Summary Report. It is a summary report that displays the impact of the imported stock count. It shows the changes in on hand quantities and stock valuations arising from the imported file. It is useful for quantifying the effect of the stock count prior to posting. You can save it on your Desktop.
    
2. Click Post. You will see a progress bar. Click here to post the stock count. Ensure that you have checked that you have no un-processed orders and /or un-posted invoices before posting. If you cannot process these orders and invoices, please re-date them to a date after the stock count date before posting.
   
   
   

Stock Count History

1. In the View History tab, you can call up the Stock Count History and select any previous Stock Count from the Select Previous Stock Count dropdown.  You can also download all previously uploaded files associated with a selected stock count. You cannot delete any previously uploaded Excel files.
2. This will then display all the Imported Stock Count Sheets associated with that Stock Count which you can examine, print, or save.  

These items will not be shown on these reports if you have:

• Processed some items from the Outstanding Deliveries & Items Reports.
• Manually adjusted the Stock Levels afterward using the Stock Adjustments Programs.

It is best to adjust the Transaction Dates (which defaults to today’s date) and process these outstanding Orders and Invoices afterward.