Where you compare what the system thinks you have, to what you actually have.
This guide provides the Basic Steps to be performed in System Five, to perform periodic and annual physical stock counting, and related Quantity and Financial adjustments.
- Variance reporting is also included in the Physical Inventory Count tool. This report will show the difference in inventory value, based on the old existing Qty Reported vs the New Qty stock counted even before the count is processed and updated.
- General Ledger Asset Account value. The Physical Inventory Count tool will not make any automatic adjustments to Inventory Asset Ledger Account values when the count is processed. A journal entry will need to be created by the bookkeeper based on the result shown in the variance report. Consult your accountant for details on creating this journal entry.
Advanced Inventory Control A.I.C:
See attached file for complete documentation.