We’re here to help you add some more tools to your tool belt with today’s handy How To: Perform a Physical Inventory in POS.
A physical inventory is the process of verifying or correcting the on-hand item quantities in your Point of Sale inventory by conducting a physical count. It is recommended that a physical inventory be done after initially entering your inventory when first starting to use Point of Sale and periodically thereafter. Conducting a physical inventory involves going through the store and recording the actual item quantities on hand. Counts can be recorded on a printed Store Count worksheet or scanned into the optional physical inventory scanner, and then transferred to Point of Sale.
The entire store does not have to be counted at the same time. You may find it easier to conduct your physical inventory by department, aisle, or some other discreet physical sections, entering counts and saving for one section of your store at a time. A physical inventory can be saved as you go and then inventory updated when you are done. Point of Sale provides several ways for you to review changes before updating inventory and alerts you if a new transaction has affected an item between when a count was entered and inventory updated.
(Pro) A physical inventory is for one store only. When a remote store updates a physical inventory, quantity adjustment memos are automatically created and sent to Headquarters during the next Store Exchange. Headquarters can create and update a physical inventory for itself or for any store.
- Select [START PHYSICAL INVENTORY] from the Inventory menu. (Multi-Store- Headquarters can enter the Store for which you are entering counts.)
- Physically [COUNT ITEM QUANTITIES] on hand using one or both of these methods:
- [PRINT] a Store Count Worksheet and take it with you through the store recording counts. Select [RUN A REPORT > PI WORKSHEET] from the [I WANT TO] menu. [MODIFY] the report as necessary to display and group your items in a manner that makes sense for counting in your store.
- [PRINT] the optional QuickBooks-approved physical inventory scanner to go through your store scanning item bar codes and entering counts. Since the physical inventory scanner is portable, you can move freely around your store and scan thousands of items in one session. (physical inventory scanner sold separately)
- [TRANSFER YOUR COUNTS] to Point of Sale by:
THIS IS THE EASIEST AND MOST CONVENIENT OPTION:
- Entering counts directly in the [COUNTED] column on the [PHYSICAL INVENTORY] window. This is convenient for entering a small number of items or items that are grouped together, but may be time consuming if the same items are scattered throughout your store. Tip: Filtering or sorting the list on this window can help make entry of counts faster.
THIS IS MORE CHALLENGING AND LESS CONVENIENT:
- [USING THE ADD COUNTS BY HAND] option. This is usually the fastest manual way to enter counts, even if an item is counted several places in the store on different worksheets. [ENTER AN ITEM IDENTIFIER] (UPC, alternate lookup, or item number) and then [THE COUNT], pressing [ENTER] after each entry. Point of Sale consolidates multiple entries and then transfers the counts to the Physical Inventory window.
- [REVIEW YOUR COUNTS] and the totals summary displayed on screen and, if applicable, select the [SET ALL ITEMS NOT COUNTED TO ZERO]. This setting ensures that all inventory items for which no physical count was entered are zeroed out when you update inventory.
- Select [APPLY CHANGES TO INVENTORY] to update your inventory on-hand quantities with the counted quantities.
- You can choose [SAVE & CONTINUE] at anytime to pause in your physical inventory. After saving you can exit and return later to finish. Choose [CONTINUE PHYSICAL INVENTORY] from the Inventory menu to resume.
- If transactions affecting the quantity of previously counted items occur during a physical inventory, the items are flagged on the Physical Inventory window and you are alerted. [YOU SHOULD RECOUNT THESE ITEMS].
- If you have entered counts but wish to cancel them and start again, select [CLEAR COUNTS AND RESTART] from the I Want To menu.
- If your computer loses power or crashes during a physical, Point of Sale retains the counts you have entered to that point and automatically recovers them for you.
- If necessary, you can select [PRINT TAGS] from the Print menu to create new tags for items as counting.