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How To: Perform a Physical Inventory


Performing a Physical Inventory in MISys involves a series of steps: some are done in the program and some are done in your facility. The following is a general outline of how to perform one with MISys Manufacturing.

Print a Physical Inventory Worksheet

Note: The printing of the worksheet also captures the quantities in Stock (and WIP if applicable) of your Items and uses those values as the Recorded quantities in the Physical Inventory Batch.

You can print the Worksheet by going to Stock Control | Physical Inventory | Print Worksheet. Fill in the required information based on what you need to count and then click on Print. You can then distribute this printout to the people that will be counting your inventory.

Initial Physical Inventory Batch Entry

Note: If you manually insert details into your batch MISys will use the Current Quantity as the default Recorded quantity.

Navigate to Stock Control | Physical Inventory | Edit Batch and create a batch to use.

Click on the Worksheet button. This will feed the batch the entries from the Worksheet you printed above. When prompted, you'll want to use Batch Entry Type of Separate Stock and WIP if you're going to count and enter both of these, or Stock only if you're just counting Stock quantity. Hit F1 for descriptions of the other Physical Inventory count types in the MISys online help.

Count Inventory

Now the process of actually performing the Physical Inventory takes place. The Worksheet you handed out had space to write down what you actually have in inventory for each Item in your database. While this is happening, you can continue to process in MISys since we use a "net-change" Physical Inventory. One the counting is done, you can proceed to entering the information into the Physical Inventory batch.

Physical Inventory Batch Entry

With the filled-in Physical Inventory Worksheet in hand, you can enter the Counts for your Items in the Physical Inventory Batch. Make sure to periodically save your work so you don't loose anything since entering this batch can take a large amount of time depending on the number of Items and Locations you have!

Checking the Physical Inventory Batch

The hard work or counting and entering the Physical Inventory results is done. Now it's time to verify the counts and see the impact on your inventory. You first want to see this in our Check Batch function that shows you the results of posting without actually posting. It will have no impact on your actual inventory and will not drive any accounting.

Navigate to Stock Control | Physical Inventory | Check Batch and select your batch and Check it. You can select how you want to handle duplicate entries depending on how you entered your batch.

After the batches have run through the Check process, use the Display button to analyze the results (there are also reports). Review any substantial variances and double check any counts as needed.

Posting the Physical Inventory Batch

Once all of the variances have been verified and everything looks valid you can post the Physical Inventory. Unlike the Check, this will have an impact on your actual inventory and will drive accounting.

Backup your MISys database

Never perform a Physical Inventory without first performing a backup! This way if the Posting fails for whatever reason, or if you don't like the results, you can restore your data from the backup taken just prior to Posting the Inventory.

You can perform a backup from within Housekeeping | Backup Company or through your MISys Server Administration function. 

Post the Physical Inventory Batch

Navigate to Stock Control | Physical Inventory | Post Batch and select your batch and Post it. Again, you can select how you want to handle duplicate entries depending on how you entered your batch.

Once this is done, you immediately want to Print an Inventory Valuation and also verify in the Master Transaction Log that the resulting accounting looks correct.

If you need further detail regarding the Physical Inventory process, this is also covered in your MISys online help documentation (hit F1 from any MISys form). Feel free to contact MISys Technical Support with any questions or problems.

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Article ID: 31
Category: Physical Inventory
Date added: Aug-01-2013: 2:03pm
Views: 1570
Rating (Votes): Article rated 3.4/5.0 (42)

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