IM1000 Inventory Management Physical Count Processing

Physical Count Processing

Application Overview

 In just about any Inventory Management package, it is necessary to physically count inventory items periodically to ensure that the theoretical quantity on‑hand figures being used in the package are fairly accurate.  This can be done for all inventory items at the same time, or each item can be counted periodically with some kind of rotating schedule (cycle counting).

 The Physical Count Processing application is set up so it can be used for either method.  A system based on tags is used.  A tag is a two‑part form, which is filled out by the person counting inventory.  Tags are numbered sequentially to help keep track of them during the inventory process.

 Each inventory item in stock is assigned a tag.  On each half, the inventory taker writes the quantity of the item counted and the unit of measure (EA, DZ, CS, etc.).  Half of the tag is left with the items; the other half is entered into the computer.  Any items removed or added to stock after counting are noted on the remaining half of the tag.  These updates can be entered into the computer after the counting is over.

 After all tags have been entered, you may print the Missing Tag List.  This prints a list of all items in the Inventory Item File, which did not have tags, entered for them.  This is to help verify that all items, which were assigned tags, actually had them entered.  The list may be printed for a range of items and locations.

 When you have confirmed that all counted items have tags entered for them, you are ready to proceed to the Post Physical Count Tags application.  That application will update the necessary files and accounts with the counted quantities.  If serial/lot items have tags entered or if the LIFO or FIFO costing methods are in use, the posting application will print a report indicating items that are out of balance.  For more information on this, refer to the Post Physical Count Tags documentation.

 If I/M Setup field #27 is configured for batch processing, you may set I/M Setup field #28 to allow distributions to G/L accounts during posting of tags entered in Physical Count Processing.  These adjustments to quantities on hand will be made to the appropriate asset accounts, as well as the Inventory Transaction Audit File.

 Note:  The use of tags is optional.  If there will be little activity in the warehouse or if absolute accuracy of the count is not critical, it may not be necessary to use tags.  In this case, the quantities counted can be written on the cycle count worksheet (see the Print Cycle Count Worksheet application for details) and entered into the computer from that report.

 


Run Instructions

 Select Physical Count Processing from the pull down I/M Processing window.  The following screen will then be displayed:

 

Physical Count Processing Entry Screen

 The following options are available:

    • Select the desired mode from the Physical Count Processing menu bar
    • Enter the data requested on the screen

     To return to the menu bar, press the ESC or F10 key. To leave this application, press X for EXIT when positioned at the menu bar.

     

    Entry Field Descriptions

     

    Name

    Type and Description

    1.  Tag Number

    6 numeric characters.

    Enter the sequence number from the tag. If printed tags are not used, enter an arbitrary number.  In add mode, press the F1 key to display the next available tag number.  This field defaults to the last entry plus one.

    2.  Item Number

    15 alphanumeric characters.

    Enter the item number of the item, which has been counted.

    Pressing the F7 key will allow a search for the item-by-item number.  Pressing the F8 key will allow a search for the item by entry of a partial description.

    3.  Location

    2 alphanumeric characters.

    Enter the Location code of the stocking location where the item was counted.

    4.  Unit of Measure

    2 alphanumeric characters.

    Enter the code for the unit of measure, which has been used for counting the item.  This may be CS for case, DZ for dozen, or something similar to these.

    5.  Quantity Counted

    Standard quantity format.

    Enter the quantity, which was found in counting the item.  If there are five cases of the item in stock, then five would be entered here if the unit of measure is cases.

     

     

    Physical Count Processing

     

     

     

    Physical Count Edit List

     


     

    Missing Tag Edit List

      


     

    Processing Item Missing Tag Edit List


      

                        

    Post Physical Counts Tags

    Application Overview

     The Post Physical Count Tags application allows posting of physical count tags after they are entered in Physical Count Processing.  Posting tags updates quantities on hand in the Inventory Item File.  If I/M Setup is configured for batch processing and for physical count distributions, the appropriate G/L asset accounts are also updated.   For more information on entering tags, refer to the documentation for the Physical Count Processing application.

     Before posting, run the Update Edit List.  This prints all counted items by tag number and verifies that for each item the units of measure are the same in the Item File and on the tags.  It also prints a warning if an item's counted quantity is zero or if two tags have been entered for the same tag at the same location.  You will be given the option of zeroing out the quantity on hand amounts (on the list) for any items, which did not have a tag, entered.

     When the Update Edit List is printed, the application will check to see if LIFO/FIFO costing methods are being used and if any of the tags are for serial/lot items.  If either of those conditions are met, it will print a Quantity On Hand Error Report.  This compares quantity on hand levels in the Item File and the Serial/Lot Layer File or LIFO/FIFO Layer File.

     After all tags are properly entered and verified using the edit lists, they may be posted.  You will again be given the option zeroing out the quantity on hand amounts for items without tags entered.  This time, however, the Item File fields will be effected, not just the edit list.  As the posting is performed, a Posting Register is printed.  The register is basically the same as the Update Edit List, but also indicates any tags that could not be posted.  Also, if LIFO/FIFO costing is in use, or if any of the posted tags were for serial/lot items, another Quantity On Hand Error Report is printed.

     If the Freeze Inventory application has been run, tags with a posting date on or before the last freeze date will update frozen quantity on hand levels.  Refer to the documentation for the Freeze Inventory application for more information on freezing inventory levels.


    Run Instructions

     Select Post Physical Count Tags from the pull down I/M Processing window.  The following screen will then be displayed:

     


    Post Physical Count Tags Entry Screen

     The following options are available:

      • Select the desired mode from the Post Physical Count Tags menu bar
      • Enter the data requested on the screen

       To return to the menu bar, press the ESC or F10 key. To leave this application, press X for EXIT when positioned at the menu bar.

       

      Entry Field Description 

      Update Edit List 

      Name

      Type and Description

      Zero Quantity On Hand For Missing Tag Items ?

      Y or N.

      Enter Y to set the quantity on hand on the edit list to zero for all items with missing tags.  Enter N to decline.  Defaults to N.

      Enter Location To Zero Quantity On Hand

      2 alphanumeric characters.

      If the previous flag is set to Y, enter the location that this will effect.  Defaults to All.

      Enter Posting Date

      A date in the standard format.

      Enter the posting date to be used when updating the appropriate files and accounts during posting of tags.  Tags posted with a date on or before the last frozen inventory date will update frozen inventory levels.  Keep in mind that even though even though we do support physical count with serialized item, but the frozen inventory to adjust net change concept is not applicable to serialized items. 

      Defaults to the system date.

      Enter Variance Account #

      An account number in the standard format.

      This field will only appear if I/M Setup is configured for batch processing and for physical count distributions (ie. field #27 must be set to N, and field #28 must be set to Y).

      Enter the account number to record the variance between the Item File's quantity on hand and the actual amount counted during inventory.

       

      Post

       

      Name

      Type and Description

      Do You Want To Post At This Time ?

      Y or N.

      Enter Y to post adjustments to the Inventory Item File.  Enter N to decline.  Defaults to N.

      Zero Quantity On Hand For Missing Tag Items ?

      Y or N.

      Enter Y to set quantity on hand in the Item File to zero for all items with missing tags.  Enter N to only adjust quantity on hand levels for items with tags.  Defaults to N.

      Enter Location To Zero Quantity On Hand

      2 alphanumeric characters.

      If the previous flag is set to Y, enter the location that this will effect.  Defaults to All.

      Enter Posting Date

      A date in the standard format.

      Enter the posting date to be used when updating the appropriate files and accounts during posting of tags.  Tags posted with a date on or before the last frozen inventory date will update frozen inventory levels 

      Defaults to the system date.

      Enter Variance Account #

      An account number in the standard format.

      This field will only appear if I/M Setup is configured for batch processing and for physical count distributions (ie. field #27 must be set to N, and field #28 must be set to Y).

      Enter the account number to record the variance between the Item File's quantity on hand and the actual amount counted during inventory.




       

      Update Edit List

       

                             


       

      Zero Quantity On Hand “Y”

       


           

       

      Post Physical Count Tags

       

       

       

                                     

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