Physical Inventory Procedure

Transcription

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2 Physical Inventory Procedure The Physical Inventory procedure within FMS enables: the computer physical inventory figures to be frozen, count sheets to be printed, entry of actual count quantities, printing of costed variance reports, and creation of physical inventory adjustment transactions. Prior to considering a physical inventory the STOCK records should be critically reviewed to determine those items requiring physical inventory. The STOCK file activity code should be maintained if items are now unsaleable or should be flagged as suspended pending deletion. Print the report Phys Inv Select by Location by Product (FMII100) for each of the groups of products to be counted. Multiple reports can be produced for individual warehouses and/or product ranges. Prior to conducting the physical inventory the computer physical inventory files should be updated with ALL transactions, which has affect physical inventory levels, up to the actual date/time prior of the actual physical inventory counting. These transactions will include: Invoices Credit notes Purchase receipts Purchase credits Production achievements Warehouse transfers Miscellaneous inventory receipts, issues and adjustments. Note: The synchronization of the processing of these inventory movements transactions relating to events prior to the physical inventory count MUST be carefully coordinated. If any inventory movement transactions are NOT processed prior to the printing of the physical inventory count sheets, then these transaction sheets MUST be isolated and used to reconcile the physical inventory count recorded on count sheets. If any physical inventory movements occur after the printing of physical inventory count sheets and prior to the physical inventory count, then these MUST also be isolated and used in physical inventory reconciliation. 1

3 Processing Steps Required Go to the Inventory Main Menu/Physical inventory Menu. Once all of the above transactions have been processed, then proceed as follows. 1. Process the Option Physical inventory Batch Select, FMIE100, and note down the batch number assigned. 2. Enter the type of selection required S-physical inventory codes, L-locations, P-product group codes. To select all products for a warehouse 01 enter starting range and ending range 01ZZZZZZZZZ. 3. This process stores the current physical inventory on hand for later comparison with the actual count quantities entered. 4. A Physical Inventory Count Worksheet, FMDI355, is printed for the above selected items with print order being By location - from the Item Master file By item number 5. Any number of physical inventory batches can be worked on at a given time. Record the batch numbers assigned for each selected group of items. 2

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5 Once the count sheets have been returned with the reconciled actual count quantities the details can be entered into the Physical Inventory Item Count Entry screen, FMIE120. Enter the batch number and the product details for that batch will be displayed along with the frozen physical inventory on hand figure. The items are displayed in the same order as on the Physical Inventory Count Worksheet, FMDI355, printed during the selection process "Physical Inventory Batch Select, FMIE100. Enter the physical inventory count quantities from the actual physical inventory sheets. After the count quantities have been entered, print the Physical Inventory Variance Reports valuing the variances at the appropriate costing method (i.e. moving average or standard, either std from the Item Master or the Stock file). Check the actual count quantities entered are correct as per the actual count sheets. Any alterations can be corrected in the same Physical Inventory item count entry screen, FMIE120. Once the entered physical inventory quantities have been finalised and agreed upon and the required physical inventory variance reports printed, 4

6 Process the Physical Inventory Master Update, FMIE110. By entering the appropriate batch number to be updated. This procedure can only be processed once for each physical inventory batch. This procedure creates SA physical inventory adjustment transactions where the actual count entry differs from the frozen computer physical inventory figure. 5

7 Once physical inventory batch has been updated, it is recommended that the batch be deleted at a later time - see option "Delete Physical Inventory Batches", FMIE140. 6