Creating inventory count

The objective of an inventory count is to identify differences between the recorded and the actual quantity of items, products, stock, etc. It is carried out at the end of the year, but may also be carried out for a shorter accounting period.

This chapter shows how to create an inventory count in PANTHEON using the example below.

CASE SUMMARY Carla Caffee, Tecta's in-house bar manager, wants to make an inventory count of the bar's goods. She makes an inventory count using the following steps: Selecting and creating an inventory document Selecting lines Entering the book stock Reconciling an inventory Confirming inventory count Printing inventory count

1. Selecting and creating an inventory document

To create an inventory count, the person responsible first needs to select the appropriate document.

In the main menu bar, select the Goods | Inventory count | 9A00 – Inventory count.

The inventory count document opens.

Clicking the button (Insert record) in the inventory count toolbar creates a new inventory count document.

The inventory count will be made for the in-house bar goods, which is why the person responsible selects Warehouse BAR from the drop-down list of the field Warehouse and BAR in the field Dept. in the inventory count header.

Then, the Date is entered and the person responsible for the inventory count is selected.

Clicking the button (Post edit) saves the newly created inventory count document.

The person responsible then selects the suitable lines.

2. Selecting lines

The person responsible is making an inventory count for the Tecta in-house bar and would like to add all its goods to the inventory count lines.

This is done by clicking the button (Wizards) in the toolbar and selecting the option In Stock.

HINT For other features of Wizards for inventory count documents, see the chapter Inventory Count Wizards.

The lines are populated with the current state (stock) of all the items in the selected Warehouse BAR. The report also shows an empty column Inventory count, where the the actual inventory count is entered.

The person responsible then enters the actual inventory count.

3. Entering book stock

The person responsible decides to enter the inventory count of the goods directly in the document instead of printing out an Inventory count sheet. The actual count of the goods is entered manually in the field Inventory count.

HINT For more information on adding positions using the barcode scanner and various stock reports, see the chapter Inventory lines toolbar.

After entering all the inventories, the inventory count is displayed at the bottom of the window. The lines show data on the shortages and excesses by items. At the bottom, the total inventory value and the stock is displayed.

Then, the person responsible syncs the inventory count.

4. Reconciling an inventory

The data obtained is carefully reviewed.

If a company has several warehouses, the inventory count should to be performed for all the warehouses at the same time. An inventory count at one warehouse may show an excess, while an inventory count at another warehouse may show a shortage. Therefore, the stock of items with shortages and excesses should be reviewed for all warehouses.

The process of reconciling the inventory is completed by transferring the goods between warehouses.

The person responsible then confirms the inventory count.

5. Confirming inventory count

Once the inventory count has been reconciled, the person responsible completes the inventory count by clicking Confirm.

The inventory document status changes to Approved – P and the documents 3A00 Inventory shortage and 1A00 Inventory excess are created for items with inventory shortage and excess.

HINT The inventory shortage and excess documents are set in the Document types register.

The documents are displayed in the tab Linked documents.

Documents can be opened by double-clicking the document ID.

This way, the material operations are harmonized with the actual operations, while the documents now need to be entered in the general ledger accordingly.

The person responsible then creates an inventory count report to be printed.

6. Printing inventory count

The person responsible wants to create a print copy of the inventory count.

Because the person responsible wants to print a specific type of report, the person responsible right-clicks the button Report and selects the type 268 – Inventory Count – Inventory Count Sheet from the list.

A preview of the report opens. The person responsible prints the document by clicking the toolbar button (Print).

This completes the process of creating an inventory count.