Stock take and valuation reports

 

Wall to Wall stock take

 

As the ACS-MVDS system is real-time, it is strongly recommended that all the following are performed in a time frame when no transactions are processed, either inwards or outwards. If transactions must be processed during this time, strict controls need to be in place to ensure there are no conflicts between the counting of stock and the processing of transactions.

NB. If count sheets are printed before all transaction processing is finished, any adjustments must be keyed immediately after the count, as the count sheets will not reflect the true On Hand quantity for items that have transactions recorded after the print run. It is strongly recommended that the count sheets are printed after all transaction processing is completed, and any adjustments are keyed in immediately after the physical count is completed. This minimises the possibility of errors.

Ensure all received orders have been receipted, and all returns have been adjusted.

Print count sheets in either Inventory -> Reports -> Stock Take Reports -> Stock Take Location for Stock by Location, Inventory -> Reports -> Stock Take Reports -> Stock Take for Stock by Part Number or Inventory -> Reports -> Stock Take Reports -> Stock Take by Product Group for Stock by Product Group.

 

It is advisable to have available add sheets for any items which either do not appear on the printed count sheets, are in more than one location, or are in a different location to that printed on the count sheets. These sheets should include columns for quantity, part number and a reference number, and be sequentially page numbered prior to stock count and kept with the count sheets for audit purposes.

When counting, only stock in the designated area should be counted to the sheets - it is not recommended that any items which appear on the sheets for a given area, but the stock is in another area, are counted to the sheets at that time as the potential for double counting is greatly increased. These items should either be counted to an add sheet when the area they are in is being counted, or counted to the original printed sheet but as a separate designation.

Consigned stock is not included in the on hand balance, but is shown as a separate quantity on the count sheets. Consigned stock needs to be counted, but not at this time as it would not normally be on the premises. It can be counted separately, even at another time as required. Use the printed report/s in Inventory -> Stock Maintenance -> Stock Maintenance -> Consignment Stock -> Report Consignment Stock to count consigned stock to.

Prior to keying adjustments, all items from the add sheets should be checked for a corresponding part number on the printed sheets, the count adjusted accordingly on the printed sheets, and a cross-reference to the printed sheet (e.g. page number) written on the add sheet.

 

Caution: The quantity to enter when keying adjustments is the actual quantity counted, not the difference between the On Hand and the count.

 

Adjustments can then be keyed in Inventory -> Stock Maintenance -> Stock Maintenance -> Stock Adjustments -> Stock Take Adjustments using 'Stock take' or 'Cycle Count' as a description. Adjustments also need to be keyed for any items outstanding on the add sheets.

 

It is only necessary to key in adjustments for items which have a variance between the On Hand and the count, however all items may be keyed if so desired. The system will record all entries including those with no change.

 

When all adjustments have been keyed, an adjustment report can be generated in Inventory -> Reports -> Stock Take Reports -> Stock Adjustment.

A stock obsolescence report can be generated in Inventory -> Reports -> Stock Take Reports -> Stock Take Obsolete. Leave the Product Code and Vendor ID fields blank. This report includes the total stock value. When running this report for end of financial year, auditors would prefer it to be run last thing on the last day of the financial year. It could be run first thing the following morning if necessary, but this must be done prior to any transactions. If 2 copies are required, run the report again immediately.

 

Remember to take account of any outstanding claims, returns not credited, items on loan and such at the date of the count.

More:

Stock take

Stock adjustment

Stock valuation

Stock take obsolete

Stock by age