physical inventory

Product 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 inventory will be created via transfers, and receivings from product purchase order.  

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 - This method will load all products in inventory with the available inventory. The user will then enter the actual inventory for the required products.

Physical Inventory Count

1. In TMTS>TIM>Transactions>Products>Products, select Physical Inventory.
2. In the Physical Inventory main index, click the button to create a new physical inventory record.
3. In the New Record dialog box, 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.
4. From Farm No, select the farm where the inventory is located, and then click 'OK'.
5. In the Products Physical Inventory screen, click to add a new inventory product. This will allow one product to be added at a time.

6. Entity Trans ID displays the farm selected for the physical inventory adjustment.
7. Entity Trans Name displays the name of the selected farm.
8. From the Product Type drop-down menu, select the required type of product. Available options are: Field Products, Medication, Semen or Vaccinations.
9. From Product No, select the required inventory product. Product numbers will filter for available products according to the selected product type. For example, if 'Medication' is selected in the Product Type field, Product No will display only medication product numbers.
10. Product Name defaults from Product No and displays a description of the product.
11. Lot No is a unique identification number for the product, and is generally used for medications and vaccinations. Enter the lot number, if applicable.
12. The Consignment flag will be selected if the product is purchased on consignment.
13. The Consignment Complex PO will be displayed if the consignment flag is selected, and is for reference only. Any consignment inventory that is adjusted will not be expensed with the warehouse inventory.

14. In the Quantity field, enter the number of units of the selected product.
15. Adjustment Quantity calculates the difference between what the 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.
16. Adjustment Value automatically calculates the value using the selected valuation methodology of Average Cost or FIFO.
17. 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.
18. Selecting the Void flag will cancel the inventory line.
19. In the Comments field, enter any additional information related to the inventory product.
20. Post Status indicates whether the inventory line is Active or Posted and will automatically update to reflect changes.
21. Creation Date indicates the date the transaction was created.
22. Last Mod Date indicates the date the transaction was last modified.
23. 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 Products 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 Products 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. To view the product in inventory, select Physical Inventory.