Use this program to update the available or on hand quantities of items in the physical inventory file with discrepancies between the quantity captured and the physical count recorded.
For items in multiple-bin warehouses, the Physical Inventory Update reads all location records and the physical count quantity is accumulated before any file updating occurs. The program creates only one adjustment record or ledger card record per item or item/serial lot number.
Upon completion of the update, the available or on hand quantities in the warehouse/item file reflect the true quantities (the physical count) of the warehouse, allowing for adjustments made (sales, etc.) since the time that the quantities were captured.
Items with discrepancies are updated in the same order (item, alpha sort, vendor class or location) as they appeared on the count sheets.
Discrepancies post to the adjustment file so they can print on the next Adjustment Register and update the General Ledger.
Printing Discrepancies only
If the IC Static Control F/M setting for Count Exceptions Only is set to No, then the any null count quantity for any location is considered zero. If the Count Exceptions Only flag is set to Yes, a null count quantity in the primary location record is considered equal to the capture quantity. A null quantity in any other location records is considered zero. This comes into effect when you select to print discrepancies only. Using the above rules, all location count quantities are summed and compared to the capture quantity. If they are equal, this is also not considered a discrepancy.
To access this program, click Inventory Control>Physical Inventory>Update Inventory .
Click field descriptions for information on each field.
See also