Physical Inventory Overview

Before you take a physical inventory, print the Item Status Report so you have a current list of items and quantities to help you decide what to count in each batch.

Use the Physical Inventory function to take a physical inventory by performing the following steps:

Use the Freeze Quantities function to prepare batch codes that include the items and locations you are going to inventory.
- Elect whether to use tags or worksheets for counting a batch.
- Elect whether to enter all the inventory counts or to enter only exceptions between frozen quantities and counted quantities.
- Click the Prepare Batch button.
Print the Batch List to verify the status of each batch. The list indicates whether the various stages of the physical count process have been completed.
Post transactions in all modules to update current on hand quantities.
Use the Freeze Quantities button anytime after you prepare batch codes to freeze on-hand quantities. Use this function when you are ready to conduct the physical count.
Once you freeze quantities, there should be no activity in the warehouse until you update the physical inventory using the Update Perpetual Inventory function, but you can continue to process transactions during this time.
Use the Print Inventory Tags or the Print Inventory Worksheets function to produce tags or worksheets to record the physical count of your inventory.
Conduct the physical count using the printed tags or worksheets.
Use the Physical Counts Entry function to enter the physical count quantities recorded on your tags and worksheets.
If you have used a bar code scanner to enter your counts into a text (comma delimited) file and have set up a physical counts import definition using the TRAVERSE Integration Engine, select Import on the Physical Counts Entry screen to get your counts imported into your batches.
Print the Physical Counts List from the Physical Counts Entry screen to produce a list of items from the selected batches to verify that the correct counted quantities were entered.
Use the Variance Report to see the difference between the counts you entered and the frozen quantities in the system. This report is part of your audit trail and must be printed to a file or the printer in order to run the Update Perpetual Inventory function for a batch.
Use the Physical Counts Valuation Report to see the items and quantities frozen in each physical count batch, the value of those items before and after the physical count, and the variance, if any.
Select the Update Perpetual Inventory function to update on-hand quantities with the physical count quantities for the items in each batch. Save the log printed during the Update Perpetual Inventory as part of your audit trail for the physical inventory.