![]() ![]() If everything has synchronized, and numbers still do not match up, you know the discrepancy lies in the physical inventory count.Run SOS Inventory reconciliation reports to ensure everything from SOS has synchronized to QBO.Add these figures to the valuation report and recheck against the QBO asset account. Next, you will check inventory in different stages of progress by running a work in progress report.If they do not, you will need to take action to correct the data. From the finance side of the business, updating the numbers begins with running an inventory valuation report and then comparing it to the total of the asset accounts in QuickBooks to see if they match.Just as you balance a checkbook, updating your inventory occasionally ensures your numbers match. But reconciliation is necessary from time to time because your books can only be accurate if the original data is accurate. SOS Inventory syncs with your QuickBooks Online account to ensure your books reflect the inventory figures in the software. There are two parts to inventory in your ledger – the count and the cost. Cycle Counting Inventory and the Reconciliation Process Easily reconcile your real-time inventory counts with your ledger. ![]() SOS Inventory gives you all the tools you need to keep your inventory counts up to date without tabulating with an inventory cycle count formula. Cycle counting inventory makes it more manageable and, therefore, easier to follow through more frequently. ![]() If your business only performs physical inventory counts, they tend to be less frequent due to the disruptions and number of resources required. This will give you a percentage which, ideally, will near 100% as you make improvements to your inventory counting methods. IRA = 100% x (1 – difference between counted inventory and logged inventory) / Counted Inventory Items). Your aim is to increase inventory accuracy and you can judge how close you are to accurate numbers using a simple cycle counting formula: The more time that elapses between inventory counts, the less accurate the count tends to be for several reasons: The goal for any business is to increase inventory accuracy. Identify causes of discrepancies sooner, i.e., if theft is occurring, investigate and nip it in the bud.Continue conducting normal business operations even when cycle counting takes place.Schedule cycle counting when it’s most convenient for your staff.The approach can be as flexible as needed to suit your business. Alternatively, you can cycle count any given number of SKUs at one time.If you use an ABC inventory method of classification to group best sellers or expensive items, you may organize your inventory cycle around it. If desired, update the best sellers more frequently than slower selling merchandise.Reduce number of workers needed to conduct inventory count.Perform inventory counts during regular work hours without closing business. Having the features of a cycle counting program plus much more will keep your business in line with demand.īenefits of the cycle count process are numerous: Your inventory cycle count will be more productive with software that integrates the information across your business. ![]() Naturally, if you have the benefit of cycle count software features in your inventory management software, you can update counts immediately across your business when you enter physical counts. Cycle counting inventory accomplishes a gigantic task in smaller chunks to make it manageable and, often, less costly for your business to conduct. Rather, group A may be updated one week, group B the next week and then group C the week after that. By conducting a cycle count in your warehouse, you can update inventory counts for some products and update others at another date so over time the count for all products is regularly updated but not all simultaneously. Doing so disrupts business, slows order processing, and can run up labor costs for overtime. For large companies, a physical inventory count may entail closing business for several days to manually count and log every product in the entire warehouse. After reviewing each group of products, the records get updated with the real-time inventory counts for those products. Cycle counting inventory is the process of taking a physical count of inventory on your shelves in groups of products at a time so that all inventory is eventually counted. ![]()
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