Stock count

To prepare for a stocktake to make sure your records are accurate and correct, you create a stock count record that identifies all stock items that need to be physically counted at a specific site or warehouse. The results are displayed on this page with the selection criteria that was used to create the stock count record and with the facility to enter the counted quantities and serial numbers for each stock item.

When you have entered the counted quantities, you use this page to post the updated quantities and observed serial numbers to stock.

Enter the results of a physical stock count

1. To enter the results of a physical stock count, if the stock count Status is:

   • To be counted: Select Start.
   • Count in progress or Counted: If the status of the stock count line is Stock count in progress or Counted you need to revert the status of the line to To be counted. Select the More actions icon for the line then select Count.
   When you start a stock count, all stock movement transactions for the items on the stock count record are blocked. You should enter the stock count results and post the count as soon as possible after selecting Start to ensure warehouse activity for the items is restarted as soon as possible.

2. In the Document lines grid, you can:

   1. Enter the Counted quantity of the stock count line.
   2. Report that no items were found for the specific stock count line: Select the More actions icon for the stock count line then select Confirm zero quantity.
   3. Exclude a stock item or line from the count: Select the More actions icon for the stock count line then select Exclude.
   4. Reinstate an excluded stock item or line: Select the More actions icon for the stock count line then select Count.

3. If the stock item is serial-numbered, a serial number progress bar is displayed on the stock count line. This is to prompt you to enter the serial numbers that were observed during the count. You can enter ad hoc serial numbers or a range of sequential serial numbers.

   1. Select the More actions icon for the stock count line then select Serial numbers.
   2. From the Serial numbers grid, select Add line.
   3. Select the From serial number.

   4. If ad hoc serial numbers were observed, leave the Quantity as 1.

      If sequential serial numbers were observed, edit the Quantity of sequential serial numbers to include.

      The To serial number is updated automatically. You do not need to select it.

   5. Repeat steps b to d until you have entered all serial numbers that were observed for the stock item.
4. To save the entered counted quantities, select Save.

Add a stock item to the count

1. To add a stock item to the count, from the Document lines grid, select Add line.

2. In the New stock-count line panel, enter or select the stock Item and its storage and inspection status details.

   You cannot add a serial-numbered stock item to the count.

3. Enter the Counted quantity of the item and if required, the Unit cost of the item.

   You can enter the counted quantity of the stock item after you have added the stock item to the count. In the Document lines grid, you can enter the Counted quantity of the stock item directly into the line or select the More actions icon for the line then select Edit, then in the New stock-count line panel, enter the Counted quantity and if required, the Unit cost of the item.
4. Select OK.

Add attributes and dimensions

You can add attributes and dimensions to the financial elements of the stock count to manage business rules and to analyze and track the stock costs using analytical accounting data.

You can add and edit attributes and dimensions until the stock count is closed.

To add attributes and dimensions:

• As default values for all stock items in the count or for all new stock items added to the count: From the Document lines grid, select Set default dimensions.
• To track individual stock items analytically: Select the More actions icon for the stock count line then select Dimensions.

1. In the Dimensions window, enter or select the Project attribute name.

   If you do not want stock item costs to be included when project costs are analyzed, leave blank.

2. Enter or select the Department dimension name.

   If you do not want stock item costs to be included when aggregating financial information by department, leave blank.

3. Enter or select the Channel dimension name.

   If you do not want stock item costs to be included when aggregating revenue by geographic area or by business type, for example, leave blank.

Manage dimensions

Stock count lines can inherit dimensions and attributes from the site, item, or both. For this, dimensions and attributes need to be set on the site record or item record, and default dimension rules need to be set on the company record, on the Dimensions tab. When you create a stock count, the dimensions default on the lines from those defined for the site, item, or both.

If default dimension rules are not set for the company, you can add dimensions directly on the stock count lines. You can add and change dimensions on each line individually. Or, when you create the stock count you can add the dimensions for all lines and then change them individually later if required.

To manage dimensions for individual lines:

1. From the More actions icon on the line, select Dimensions.
2. Select the dimensions you want for the line.
3. Save.

To manage dimensions for all lines:

1. Select Set default dimensions on the Document lines grid.
2. Select the necessary dimensions.
3. Select Apply to all lines to apply the dimensions to all the existing and future lines or Apply to new lines only to apply the dimensions to future lines only.

Update stock

Before you save your stock count note the following:

• If you exclude a serial-numbered stock count line after starting a count, any previously confirmed observed serial numbers for the stock count line are automatically cleared.
• You can only post a stock count if the Status of the stock count and all stock count lines is Counted.
• You cannot edit a posted stock count.

To update stock with the counted quantities of each item and the serial numbers observed during the count, select Post.

If the counted quantity is different from the expected stock quantity, a journal entry is created if the Stock posting switch for the company is on:

• If the counted quantity is more than the expected stock quantity, a stock count receipt journal entry is created for the quantity and value variance.
• If the counted quantity is less than the expected stock quantity, a stock count issue journal entry is created for the quantity and value variance.

Working with stock counts

• Should I enter actual serial numbers found during a stock count?
• A new stock item was found in the warehouse during the count. What should I do?
• The stocktake is delayed unexpectedly. What can I do about the generated quantities?
• What should I do if an incorrect counted quantity is entered and posted to stock?
• We operate a FIFO system of stock control. What happens if I post a counted quantity that is different from the expected quantity of stock?

Should I enter actual serial numbers found during a stock count?

Yes, you need to enter the number of items that were counted then you can enter the actual serial numbers that were observed during the count. To enter serial numbers, select the More actions icon for the stock count line then select Serial numbers. See Enter the results of a physical stock count, step 3.

A new stock item was found in the warehouse during the count. What should I do?

You can add the stock item to the count. If the stock item to be added to the count has batch and an inspection and quality assurance status you can enter any associated batch details and the storage location for it in the New stock-count line panel.

The stocktake is delayed unexpectedly. What can I do about the generated quantities?

If there is an appreciable delay between creating the stock count and implementing the stocktake, it's likely that physical stock levels will not correspond to the expected levels frozen when the stock count was generated. This situation might be unavoidable if you need to create a stock count in advance in order to export, print, and distribute the count details in time for the stocktake and are unable to stop warehouse activity during this time. If stock transactions have occurred since the stock count was created, you will need to consider any stock movements after the physical count is entered and either create a stock movement transaction for the difference or add the movement quantities to the count before you post the count to stock. If stock has been allocated to orders or reserved for production, you might need to edit the stock allocations before you post the count to stock.

What should I do if an incorrect counted quantity is entered and posted to stock?

You can either create a stock adjustment for the missing or inflated quantity, or you can create a new stock count for the stock item and enter and post the correct quantity.

We operate a FIFO system of stock control. What happens if I post a counted quantity that is different from the expected quantity of stock?

For FIFO systems, stock reductions are taken from the oldest batch first and stock increases are added to the newest batch in the FIFO stack or FIFO queue.