Update Inventory Count

Overview: This selection allows you to enter counts of your physical inventory but not finalize the changes until a later time.  The difference between what should be on the shelf and what is on the shelf will be held for each item record.  Since the difference is held, it won’t matter if a customer purchases some of the items or you receive more of the items between the time you counted and the point you finalize the count.

1.     From the Program Menu, go to #15 Inventory Reports.

2.     Select Update Inventory Count in the center of the screen; then enter your user ID and password. This takes you to the Inventory Selection screen.
Note: If you need to change the Password Requirements you can do this by going to File and Field Security and under the Item File you can change the 'Count Date' to the password level you should like. 

3.     This is the same screen you use when writing a contract in File Maintenance.  You would normally select items in a group such as by Category, Bin Location, or Vendor. 

4.     The ‘Before Count Date’ field allows you to filter out items that have been counted after the date you enter in the box. This is critical for ‘Cycle Counting’.  See below for an explanation of Cycle Counting.

        * Note: You can change store locations by double-clicking on the item name, then choose to modify, you can change the current location on the far right under the current location. (see below)

5.     Once you have made your selections use the Print button in the bottom right corner to generate a worksheet that can be used to physically count your inventory. Only the items listed in the Selection screen will print on the worksheet.

5a. Clicking on anything in blue you will be able to drill down further. Ex. By Group, by clicking this will list all categories group. These groups with then show in the inventory count worksheet.

6.     You can exit this screen and come back to it at any time in the future. Any count differences will be held until you re-enter or finalize the counts.

7.     To update the count for an item simply click on it and enter the counted quantity. If the counted quantity that you enter matches the current quantity, the “Count Diff” column will show 0 in green. If you are short, the short quantity will be displayed in red.  If you have more units, the overage will be displayed in yellow. Any differences will be noted in the Count Diff column. As you update the counts for each item, the Count Date is automatically updated. (once you have selected an item the Enter Key on the keyboard can be used to move forward 1 item at a time. This was designed to make it easy to go through a long list of updates, or allow your staff to use a wireless laptop and easily maneuver through each item.

8.     After completing your initial counts you can check the ‘Show only Quantity Difference’ check box, reprint the inventory count worksheet and recount those items if desired.

9.     Just like most screens in Point-of-Rental you can modify the columns in this screen allowing you to view information like ‘Cost’.

a.             Example: Check the box that shows only quantity differences and add the column for cost and sort the cost column. This will put the most expensive items at the top of the screen where you can determine whether it would be prudent to recount or accept the count as is.

10.  Once you are satisfied with your counts, click the Finalize Count button. The quantities will update automatically for all items shown.

11.  All adjustments will show on your Cost of Goods Sold and Sold Asset Reports as ‘Adjust’ in the contract number column for easy identification. In a multi-store company: the adjustments will be made to the store that finalizes the count.

Cycle Counting is an inventory management procedure where a small subset of inventory is counted on any given day. Cycle counts contrast with traditional physical inventory in that physical inventory stops operation at a facility while all items are counted at one time. Cycle counts are less disruptive to daily operations, provide an ongoing measure of inventory accuracy and procedure execution, and can be tailored to focus on items with higher value, higher movement volume, or that are critical to business processes. If the goal is to ensure your inventory is counted quarterly you would enter a date that is three months prior to the current date in the ‘Before Count Date’ box. This will then only show items that have not been counted since that date.

*Note: When adding or deleting inventory quantities, this will affect your purchase tab in your file maintenance. When a quantity of any item is changed and the quantity is:

Increased: The system will adjust any previously sold quantities in the purchase tab. If there are no previously sold quantities to adjust, the system will create a new purchase line with no cost.

Decreased: The system will add the sold qty of a purchase line.

Serialized items - if you have a serialized item showing in your warehouse that belongs to a different store and is going to be moved to your store location, you can double click on the item and change the store location to the current store. If all stores have done their inventory at the same time, and you show discrepancies, you should do an inventory transfer between stores, to have a record of inventory going to and coming from another store location.

* Note: Any changes done through Inventory Update Count will affect the purchase tab in the item record.

Bulk Items - This allows you to transfer inventory from one store to another through Item Availability. You will have the option to transfer now or set up a future transfer. If you select transfer now, it will add the inventory to your store location, updating your inventory with NO PAPERWORK to support transfer. Selecting a future transfer will add the items to a transfer contract to/from the store location.

It is not uncommon for counts to take more than a day to complete. To alert staff members that a count has not been finalized, those item’s quantities will appear in red in the inventory selection screen, item availability, and on the item record. Once the counts have been finalized, the quantities will revert back to displaying in black.

Cycle Counting is an inventory management procedure where a small subset of inventory is counted on any given day. Cycle counts contrast with traditional physical inventory in that physical inventory stops operation at a facility while all items are counted at one time. Cycle counts are less disruptive to daily operations, provide an ongoing measure of inventory accuracy and procedure execution, and can be tailored to focus on items with higher value, higher movement volume, or that are critical to business processes. If the goal is to ensure your inventory is counted quarterly you would enter a date that is three months prior to the current date in the ‘Before Count Date’ box. This will then only show items that have not been counted since that date.

*Note:  When adding or deleting inventory quantities, this will affect your purchase tab in your file maintenance. When a quantity of any item is changed and the quantity is:

    Increased: The system will adjust any previously sold quantities in the purchase tab. If there are no previously sold quantities to adjust, the system will create a new purchase line with no cost.

     Decreased:  The system will add the sold qty of a purchase line.

Serialized items - if you have a serialized item showing in your warehouse that belongs to a different store and is going to be moved to your store location, you can double click on the item and change the store location to the current store. If all stores have done their inventory at the same time, and you show discrepancies, you should do an inventory transfer between stores, to have a record of inventory going to and coming from other store locations. 

         * Note: Any changes done through Inventory Update Count will affect the purchase tab in the item record.

Bulk Items - This allows you to transfer inventory from one store to another through Item Availability. You will have the option to transfer now or set up a future transfer. If you select transfer now, it will add the inventory to your store location, updating your inventory with NO PAPERWORK to support transfer. Selecting a future transfer will add the items to a transfer contract to/from the store location.