About Physical Inventory

Use the screens on the I/C Physical Inventory menu to prepare for a physical count, enter the results of the physical count into your Inventory Control system, and to post reconciliation adjustments for any differences between the physical count and the quantities on hand tracked by Inventory Control.

These screens include:

• I/C Generate Inventory Worksheet Screen. Use this screen to generate inventory worksheets to use for performing the physical count.

  You specify the locations, account sets, and items to include in the worksheet. You can select the Default Quantity On Hand option to automatically include the current quantity on hand for each item in the Quantity Counted column in the I/C Physical Inventory Quantities screen and the I/C Inventory Counts screen.

  If you need to use the average cost to calculate adjustments for standard cost items, make sure that the UseActualCostForPI option is set to Yes in the IC.INI file before generating a physical inventory worksheet. (For more information, see Using Average (Actual) Cost for Physical Inventory Adjustments.)

• I/C Inventory Worksheet Report. Use this screen to print copies of the inventory worksheets so they can be used for the physical count. You can write the physical counts as well as comments while taking stock.
• I/C Inventory Counts Screen or I/C Physical Inventory Quantities Screen. Use one of these screens to enter the item counts. If you also want to assign an adjustment unit cost for items with a quantity variance, use the I/C Physical Inventory Quantities screen.
• I/C Inventory Reconciliation Report. Use this screen to print a report so you can check that the counts (and other details you entered) are accurate for each location before reconciliation adjustments are posted.
• I/C Post Inventory Reconciliation Screen. Use this screen to post adjustments for variances in the item quantities.

After posting a reconciliation, you can print the I/C Inventory Reconciliation report to review any items that the program could not post.

Last published: 4/8/2016