Physical Inventory

Physical Inventory is the accurate count of the on-hand inventory items.

The reported inventory quantities (QOH) can become inaccurate over time because of the following factors:

• Incorrect portioning on products sold

• Spoilage/waste not recorded

• Incorrect receiving

• Transfers not posted

Most operations take a Physical Inventory on a scheduled basis to correct or true up item quantity on hand. Reports used after posting Physical Inventory outline variances and valuation issues for further research and possible correction.

Using Packages, Types, and Class as filters when printing count sheets and item count entry, decreases the time required for completing a Physical Inventory. Packages, typically used for Physical Inventory, sort the items listed in the same order on the count sheet and the Physical Inventory Item List panel.

It is recommended to take physical inventory count at the end of the business day or before opening on the next business day. This ensures there is no inventory movement impacting item quantity on hand.

The counts entered in the system are the ending quantity on hand for the post date selected. Users must ensure that the correct post date is selected. If the count is performed immediately in the morning before opening, the previous day’s date must be entered as post date.

The Saved Physical Inventory screen is displayed with the following details:

Field	Description
Number	The identification number of the physical inventory.
Location	The inventory storage location. The location auto-fills if the site has only one location.
Post Date	The physical inventory count date. Change as required using the date picker.
Reference	Optional field.
Entered On	The date on which the physical inventory was entered.
Device ID	The hardware device ID when submitted by Eatec Mobile device.
Remarks	Optional field.
Physical Source ID	Displays the counts where it is posted as following: Physical Counts Adjustments