physical inventory

Feed Physical Inventory is the process of taking a physical inventory count of the feed. At the end of the fiscal period, most farm take an inventory count. The difference between the perpetual or expected inventory and the actual inventory is journalized to an inventory shrink account.

There are two 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

A Feed Delivery transaction must be created Before creating a Feed Physical Inventory transaction.

The following options are outlined in this document

• Physical Inventory Count
• Auto-Load from Inventory
• Posting a Physical Inventory Transaction
• Journal Transaction

Physical Inventory Count

1. In TMTS>TIM>Transactions>Feed Inventories, select Physical Inventory.
2. In the Feed Physical Inventory main index, click the button to create a new physical inventory record.
   
   
   
3. In the New Record dialog box, in the Trans Code field, select the type of transaction. Available options are:

   1. Adjustment - Used when the difference between perpetual and physical inventory is to be reported for financial purposes. Valuation is determined at global post and the difference is reported as a shrink variance.  

   2. Non-Inventory - Only used for internal reporting purposes to analyze inventory quantities. There is no valuation on this type of physical inventory transaction.

4. In the Trans Date field, enter the date of the physical inventory transaction. Generally, physical inventory records are created at the end of the fiscal year.
5. From Farm No, select the farm where the inventory is located, and then click 'OK'.
6. In the Feed Physical Inventory screen, click to add a new inventory product. This will allow one product to be added at a time.

7. From the Complex Entity No drop-down menu, select the entity number of the farm for the physical inventory adjustment.
8. From Feed Type No, select the type of feed being counted. Based on a customer defined list, the feed formula is assigned to a feed type. *NOTE: Feed Type No or Formula No will only be displayed if the respective mode is selected. If Single Inventory is the selected option, neither field will be displayed in the physical inventory screen. The registry switch is located in: Admin>System>Registry>Poultry Registry>Poultry>PMTS>Layer Breeder>General>Feed Inventory Mode. Select ``Inventory By Feed Type`` or ``Inventory By Formula`` to display the desired fields to select from.
9. Feed Type Name defaults from Feed Type No and displays the name of the feed type.
10. Ref No is a unique identification code for the physical inventory transaction. This can be manually or automatically entered.
11. Empty Space is an optional field and refers to the empty space of the silo. Select the Empty Space field and hit 'F12' while still in the field. This calculates the quantity based on the dimensions of the silo, the density of the ingredient, and the empty space.
12. Enter the Quantity in units of the selected feed product.
13. Book Quantity will default in and displays the perpetual inventory units based on the transactions that have been entered.
14. Adjustment Quantity will default in once the transaction has been saved, and displays the calculated difference between Quantity (actual inventory) and Book Quantity.
15. Adjustment Value will default in and displays the estimated value of the shrink adjustment. When global post is run, this will be updated to the actual adjustment value.
16. In the Comments field, enter any additional information related to the inventory feed product.
17. Selecting the Void Flag will cancel the inventory line.
18. 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 'Add Inventory Autoload.'

    

   
   

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. Empty Space is an optional field and refers to the empty space of the silo. Select the Empty Space field and hit 'F12' while still in the field. This calculates the quantity based on the dimensions of the silo, the density of the ingredient, and the empty space.
4. In the Quantity field, enter the number of units of the selected product.
5. If applicable, enter any additional information In the Comments field.
6. 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.

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.

1. In the Feed 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 Record(s).'
2. To un-post a 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.

Journal Transaction