physical inventory

Egg Room Physical Inventory is the process of taking a physical inventory count. At the end of the fiscal period, most companies take an inventory count. The difference between the perpetual or expected inventory and the actual inventory is journalized to an inventory shrink account. The Physical Inventory transaction records the difference between the perpetual and physical inventory. The transaction will remove the eggs from inventory.

There are three options available to enter inventory counts.

• Physical Inventory Count - When using this method, the user will enter each line for the products that were counted.
• Auto-Load from Inventory - This method will load all products in inventory with the available inventory. The user will then enter the actual inventory for the required products.
• Zero-Out Inventory - The Zero-Out Inventory sets the quantity to zero. When the record is saved, it will set all of the inventory records to zero and create the adjustment, or the user can enter the inventory quantities.

A Farm Receiving transaction must be created before creating a Physical Inventory transaction.

The following options are outlined in this document.

• Auto-Load from Inventory
• Zero-Out Inventory
• Posting a Physical Inventory Transaction

Physical Inventory Count

1. In TMTS>BIM>Transactions>Egg Room, select Physical Inventory.
2. In the Egg Room Physical Inventory main index, click to create a new physical inventory record.
3. In the New Record dialog box, from Farm No, select the entity/farm where the inventory is located.
4. Enter the Date of the Physical Inventory and then click 'OK'.
5. In the Physical Inventory screen, click to add a new inventory product. This will allow one product to be added at a time.

6. From the Complex Entity No drop-down menu, select the entity number of the farm for the physical inventory.
7. Farm Name defaults in and displays the name of the farm where the physical inventory is taking place.
8. From Product No, select the required product for the inventory count.
9. Product Name defaults from Product No and displays a description of the product.
10. Tracking No is a unique identification code use to identify the physical inventory transaction. This can be manually or automatically entered.
11. Prod Date indicates the date the product was produced. This date can be modified if required.
12. From Buggy No, select the buggy that the product was packaged from, if applicable.
13. Buggy Name displays the name of the buggy.
14. Package No displays a unique reference number used to identify the packaging transaction, if the product was packaged.
15. Package Date displays the date the product was packaged, if applicable.

16. Package Sales SKU No indicates the sales SKU number of the package, if applicable.
17. Package Sales SKU Name displays the name of the package sales SKU, if applicable.
18. In the Quantity field, enter the total number of units of the selected product.
19. Time indicates the time of the production date and can be modified if required.
20. Adjustment Quantity calculates the difference between what he system says is there and the amount that is actually counted. *NOTE: Adjustment Quantity and Adjustment Value will be calculated once the physical inventory transaction is saved.
21. Adjustment Value automatically calculates the value using the selected valuation methodology of Average Cost or FIFO
22. Book Quantity displays the product quantity in units depending on the system's numbers. When the record is saved, Book Quantity will update to reflect the number entered in the Quantity filed.
23. In the Comments field, enter any additional information related to the inventory feed product.
24. The Consignment flag will be selected if the product was purchased with a Consignment Purchase Order.
25. Once the fields have all been entered, click to save the inventory record, and then close the screen. Saving the record will calculate the adjustment quantity and value. Ending Inventory can be viewed in: Products>Inventory from the  folder.

Auto-Load from Inventory

Alternatively, all products from inventory can be automatically added at one time rather than adding individual products one at a time.

1. To add all products from inventory, in the Physical Inventory screen, click the drop-down menu and select 'Auto-Load from Inventory.'

    

   
   

2. All of the products in inventory for the selected date will be listed on the Physical Inventory screen with the current inventory quantities.
   

3. In the Quantity field, enter the number of units of the selected product.
4. If applicable, enter any additional information In the Comments field.
5. Once the fields have all been entered, click to save the inventory record, and then close the screen. This process will establish an ending inventory, unit quantity, and value.

Zero-Out Inventory

The Zero-Out Inventory sets the quantity to zero. When the record is saved, it will set all of the inventory records to zero and create the adjustment, or the user can enter the inventory quantities.

1. To add products from Zero-Out Inventory, in the Physical Inventory screen, click the drop-down menu and select 'Zero-Out Inventory.'

    

   
   

2. All of the products in inventory for the selected date and farm will be listed on the Physical Inventory screen with the inventory quantities set to '0'.

3. In the Quantity field, enter the number of units of the selected product.
4. If applicable, enter any additional information In the Comments field.
5. Once the fields have all been entered, click to save the inventory record, and then close the screen.

Post a Physical Inventory Transaction

Once the physical inventory transaction has been created and saved, the transaction needs to be posted. The posting process locks the transaction to prevent edits, and updates the inventory based on the adjustment created.

1. In the Physical Inventory main index, select the required transaction and right-click to select 'Post'. Alternatively, click the green check mark  in the top menu bar and select 'Post'.
2. To un-post an egg room physical inventory transaction, select the required transaction and right-click to select 'Unpost'.  This process will set the transaction status to 'Reversed' status, which allows the transaction to be edited.