Inventory Physical Count

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Physical/Cycle  Count Forms

Overview

 Physical counts are usually performed by a company once a year when the assumed inventory counts are physically verified against what actually exists in each of the company's inventory locations. ERPlite uses these physical counts plus all transactions that occur starting the day AFTER the recorded physical count date to calculate the actual ON HAND amount for each item per location.

On the other hand, cycle counts are performed by a company periodically on a subset of items in the Item Master in order to ensure that the ON HAND values are indeed correct, and if necessary, are corrected to their proper values (i.e. use cycle count for corrections between Physical Counts).

Definitions

1. Manual Data Entry

2. Import Count data from a csv or txt file

3. Serial/lot numbers

1.0 Manual Data Entry

 Once the basic data (Employee and Description) have been entered, you can cycle through all the inventory locations that exist in ERPlite with the Location field and the < > keys. For both physical counts and cycle counts you can specify values for a specific item in as many inventory locations as needed. There should be only one entry per item per location and sub location. Furthermore, use the Add buttons in the Add Items tab to automatically add all items/non-zero quantity items to the sub form for the inventory location specified in the Location field. For users who do not wish to use these buttons, items can be added to the sub form manually (one-by-one) for the Location specified by selecting an ItemID from the pull-down list.

Once item's) are chosen for a specific location, ERPlite will display what the current count is for said item's) in that location. Furthermore, use the Refresh Cur Qty/Cost button in the Copy Qty tab to get the most up-to-date inventory counts for all inventory locations. For convenience, the Copy Cur Qty to New Qty button will copy the values in the Cur Qty field to the New Qty field, which can drastically reduce the amount of data entry required when most of the counts are correct. Note that this button will not over-write any value previously entered in the New Qty field.

The unit of measure and standard cost for each item are also displayed in the sub form for reference only. The standard cost is the value that is used in the inventory transaction. If you wish to update standard cost, open the Update Standard Cost form from the Item Master/BOMs section of the switchboard. For physical counts, the standard cost becomes the starting value for average cost calculations after the Last Physical Count Date (where Average Cost refers to the average price paid for items on all purchase orders after the Last Physical Count Date). Again, use the Refresh Cur Qty/Cost button get the most up-to-date cost information.

Once all counts for all items in all inventory locations have been entered, navigate to the Preview tab to finally review the count. The Effective Date that is specified is also important. For cycle counts, the effective date becomes the transaction date for the cycle count in order to properly correct the counts. On the other hand, the effective date for a physical count becomes the Last Physical Count Date in the My Company Information form, and the actual counts listed in the sub form below are given transaction dates a DAY after the effective date. Finally, ERPlite only allows there to be one active physical count after the effective date specified. If ERPlite does detect an active physical count's), it will request to delete any active physical count's) before proceeding. Note that if an item is not listed on a physical count for a specific location, it is assumed that there is zero quantity in said location. If a New Qty is not specified for an item listed in the sub form, the Cur Qty is used in its place for both physical and cycle counts.

After all information has been verified and double-checked, click on the Receive button in the Apply tab to activate your physical/cycle count.

To Export what's currently in inventory, you can open the "Inventory Valuation/Counts" report from the Reports section of the Main Menu.  Then go to File->Export.  Save as type Microsoft Excel (*.xls).

To Import it all back in, save the updated excel spreadsheet as a *.csv (comma separated) or *.txt (tab delimited) file.  In step 1. of the Physical Count form, click Import From File and select the csv or txt file.  Make sure to select the appropriate column separator (tab or comma) and select the appropriate columns for the data. The final step is to click Import Data.

IMPORTANT:: All locations must be entered before clicking the Receive button.  (all in one shot).  Note that the form can be closed and reopened later to continue entering data and the previously entered data will not be lost.  This allows you to do the physical count over more than one day and wait until all counts for all locations have been entered before clicking Receive.

After the Physical Count, all reports will continue to report a full history within the dates specified (if applicable).  This includes the Inventory Transactions History, Monthly Usage, PO Receiving History Reports, and many more.  A report such as the Inventory Valuation, however, will only show the counts after the physical count date.

2.0 Import

On tab 1, click "Import from File", which will bring up a form that allows you to browse to find your data file (csv or txt). If your data is in Excel, then export it to a csv or txt file from excel.

 ERPlite needs to know the inventory location and sub location that you want to up count with the Physical Counts. Sometimes the location and sub location are in the csv file for each record. If not,  then you need to select a specific location and sub location before importing.

Also, the Physical Count import form assumes that the part numbers (ItemIDs) are already in the database. If they are not, you can use the same csv file with the Batch > Items import tool to populate the Item Master. Then, import the physical count.

3.0 Serial/Lot Numbers

We recommend that the serial/lot numbers be captured in a csv/txt file (most users do this via a wireless barcode reader, such as Wasp Mobile Inventory).   You cannot type the serial/lot numbers directly in via the Physical Count form. Thus, if not using an automated barcode reader, then enter the serial/lot numbers in a csv/txt file and then import them via file import.  

Special Instructions for Physical/Cycle  Count Forms

ERPlite needs to know the inventory location and sub location that you want to up count with the Physical Counts. Sometimes the location and sub location are in the csv file for each record. If not,  then you need to select a specific location and sub location before importing.

If you have already entered serial/lot numbers via PO receiving, then rather than reenter them from a physical count sheet, you can retrieve them via the tab3 > edit > add.

If you need an audit trail for receipt of serial/lot numbers from Vendors, then you must enter them via a PO Receive.

Limitations

 Required CSV (comma separated values) or text file only

 



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