It is very important that the Inventory Count is completed before the Year End is processed. The Count Inventory cannot be run for any period that belongs to the previous financial year except the last period.
To use the Count Inventory feature you will need to do the following:
- Update outstanding customer and supplier documents as well as any unposted inventor journals in order to ensure an accurate count.
- Go to Process… Count Inventory
- When prompted Do you want to rebuild the batch quantities before you run the Count Inventory option? say Yes to make sure that the physical quantities reflected during the inventory count procedure are correct.
- The first step in the Inventory Count procedure entails taking a Snapshot of your inventory file.
- This Snapshot is a copy of the theoretical quantities on hand at this point in time, as it is reflected in Pastel Partner.
- Click on Next to continue with creating the Snapshot for this Inventory Count.
- The following screen will be displayed:
- Select the option Print a count sheet, which will print a document with the selected Inventory Items, and you can then enter the physical quantities on hand.
- No quantities are printed on the sheet, but a space is left to enter physical quantities that you count.
- Click on Next to print the count sheets.
- Once you have completed counting all your stock and entering the physical quantities onto your count sheets you can then click on the Next button on this screen.
- Now select the option Enter or edit the physical quantities on hand. (Note that this can also be done by selecting the 3rd button on the screen to Import a text file which contains the physical quantities on hand.)
- Click on Next to begin to enter the physical quantities.
NOTE: If you make use of Serial Number Tracking, it is essential to ensure you enter the corresponding number of serial numbers to match the quantity entered.
- Once the physical quantities are entered you can print an Inventory Count Variance Report to show the difference in physical and theoretical quantities. If necessary, you can adjust any of the physical quantities entered in the previous step. You will be required to make selections on the report pertinent to your business.
- Once you have printed your Inventory Count Variance Report you are able to update your stock file if you are happy with the variances reported.
- If, however you are not happy with the reported variances, do not update the Inventory Count but return to the Enter or edit the Physical Quantities option to make changes to the quantities entered in order to correct your Inventory Count variances.
- Once you resolved any differences, you instruct the system to update the variances. The system makes the adjustments via inventory journals. If there are no differences to update, you can clear the snapshot without updating.
It is critical that you update the differences in the correct period and on the correct date to avoid ‘Date out of Period Processing’ errors. This update is normally done in the last period of the year.
Make sure that the Snapshot has been updated correctly. You can do this in one of two ways:
- Run the Inventory Quantities Report.
- Alternatively go back into the Snapshot by selecting Process and Count Inventory and following the wizard as detailed above.