PHYSICAL INVENTORY PROCESS

Pre Physical Inventory Update IN4000

The pre physical inventory update gets the stock ready for taking physical inventory counts.  This application must be run prior to a physical inventory being done.  Note.  Product with the ‘Physical Flag’ set on the Stock File Maintenance (IN0200) is the only product that will be updated.  This application simply stores the current quantity on hand of the stock item and timestamps the start of the physical inventory process for the item.  It should also be noted that the actual physical count of the product must occur after the Pre-Physical Inventory update is run.  That is to say that no movements of the product can occur until after the actual count is done.  In short the product is frozen until a physical count is done on the item.  After the actual count, movement of the individual item within the product group can resume while other products are counted.

The physical inventory is broken down into four parts:

1)     Physical inventory checklist

2)     Physical inventory tag entry  (Note. Tags can also be loaded using ‘Tag Load’ under the Load Interface)

3)     Physical inventory deviation report

4)     Physical inventory update

The physical inventory checklist will create a list of all products within a group and warehouse, which are to be counted in the physical inventory

The physical inventory tag entry will be used to enter the physical inventory quantity counts, which will be compared with the quantity on hand of the stock record.   If the tag load process is used, tags from a delimited ASCII file are loaded into the system.  These tags are verified with any exceptions being able to be maintained.  Once complete the loaded tags are updated to the standard tag entry as if they were entered manually.  Note.  Tag entry and Tag load can be used together.

The deviation report will show the differences between the physical inventory count and the quantity on hand for each stock record.

The physical inventory update will update the quantity on hand on the stock file to agree with the physical inventory count.

The physical inventory checklist will produce a report that will list the product group, bin location, product number, product description, dashes in the actual count and a space for comments, for each stock item to be counted.

Physical Inventory Checklist By Product Group IN4100

The physical inventory checklist will create a physical inventory record based on the product group range, bin range and warehouse number entered by the user. The record created is a preliminary record with no counts quantities. User can then go to the GB4200 Physical Inventory Tag Entry program to retrieve the records and enter the physical counts. If physical inventory records within range entered exist and have counts on it, program will abort with error message 'Un-updated counted tags exist for this range', user have to update the counts first before running this program.

A report of the records created will be generated. This report will list the product group, bin location, product number, product description, dashes in the actual count and a space for comments, for each stock item to be counted.

Physical Inventory Cycle Count Sheet IN4110

The Physical Inventory Cycle Count Sheet is another form of count sheet that can be produced.  It is used in the same manner as the Checklist by Product Group (above) but only lists those items that are flagged with the appropriate ABC code.   The application generates a listing of Product Group Number, ABC Code, Product Number, Description, Lot Number, Bin Location, Count and Time.

Physical Inventory Tag Listing by Tag IN4220

The physical inventory tag listing by tag is used to create a report showing the details of each tag.

This report may be run for a range of tags and a range of warehouses.

Physical Inventory Tag Listing By Product IN4230

The physical inventory tag listing by product is used to create a report showing the details of physical inventory for each product within a warehouse.

The report may be run for a range of products and a range of warehouses.

Physical Inventory Deviation Report IN4300

The physical inventory deviation report will show the differences between the physical inventory count and the quantity on hand of the stock item on the stock file.

The deviation report lists the dollar value associated with the difference in inventory.

The report can be used to check for errors in keying or counting.

Physical Inventory Update IN4400

The physical inventory update program will update the quantity on hand of the stock item to agree with the physical inventory count.

Once the update is completed, it is advisable to produce an inventory value report. The quantity on hand should agree with the quantity on hand in the physical inventory deviation report.

For uncounted tags, the user has the choice to either process them (i.e update the stock with 0 counted quantities - this is usually used for obsolete products) purge them (i.e. delete the physical inventory records and leave the quantity on hand in stock master as is) or skip them.  (i.e leave them on file so processing can continue at a later date).

A stock movement transaction of 'pia' is created and a G/L transaction is created.

Tag Load Utility IN6500

The Physical Inventory Process can also be handled by loading a formatted file containing the counted tags and information from another outside application.  This application will load a standard ASCII comma delimited file formatted in the layout below in preparation to create inventory tag entries into the inventory module via the tag file update IN6800.  If there are errors on the file loaded then these can be viewed and maintained in the exceptions maintenance.  The records in the file loaded are deleted to aid in not allowing the load of the same file twice.

Enter the file name or optionally use the ‘Browse’ button to locate the issue file to be loaded.  The default directory is to the standard electronic data interchange directory set up on the global file maintenance GB0100

After locating the file to be loaded click on the ‘Load File’ button.

Tag File Layout:

Warehouse Code, Product Number, Lot number (optional), Tag number, Bin Location (optional), Quantity Counted

Eg. OM, 18375,,125,,472

Exceptions Maintenance IN6600

This application displays all of the records that were in error after loading and validating the ASCII comma delimited tag file.  The legend displayed on the screen corresponds to the error for each individual record.  These records can be corrected directly within this application in preparation for the tag update IN6800.   Re validation occurs upon entry.