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To verify the "on-hand" count of an item displayed by the system, a timeline needs to be established and the inventory, in-and-outs, added or subtracted.
Step 1.
Determine the beginning point of the timeline. A good starting point would be the quantity recorded at the last physical count. An ending point must also be determined, as a suggestion yesterday can be used as the cut-off date.
Step 2.
Print a sold Item History report (found in the Order Processing module, Task 18, Sub-task 4) using the date range determined in Step 1 for the item in question. This report will provide the count sold for the item. Subtract this number from the beginning inventory count established in Step 1.
Step 3.
Print a report which indicates that the item has been committed, but still show as available in inventory. Look in the Order Processing module, Task 9, Sub-tasks 4 or 8 (Open Order Item List or Committed Item List). The quantity on these reports should match the Qty Committed field (#4) in the Warehouse Master File (Task 19 in Inventory module). Note: Timing can be an issue here. i.e.: the item has been entered on an order, but not confirmed that it has been pulled from stock. You will need to determine if the inventory for open orders has been pulled from stock or still in stock. Until item quantities are confirmed, the inventory quantity figure still shows the inventory "on hand". If necessary, adjust the number obtained in Step 2.
Step 4.
Print a Purchased Item History report (found in the Purchasing module, Task 18, Sub-task 4) using the date range determined in Step 1. This report will provide the count purchased for the item. Add this number to the results obtained in Step 2 or 3.
Step 5.
Print a report which indicates items that are still on open Purchase Orders. Following the same logic as noted in Step 3, there could be items that have been received and put on the shelf, but not yet recorded in the system - therefore will show as open items. Print the Open P/O Status Report (found in the Purchasing module, Task 1, Sub-task 4, Option 6). The figure on this report should correspond to field #6 (On Order) in the Warehouse Master File if the PO has been Issued. Adjust the number calculated in Step 4, if necessary.
Step 6.
Determine if there are any defective or over-stocked items that are scheduled to be shipped-back to the vendor and if they have been pulled from stock or still in stock (therefore, still considered to be "on-hand"). Print the Ship Back Item (no credit) report, found in Purchasing module, Task 23. If necessary, adjust the figure obtained in Steps 4 or 5.
Step 7.
Determine if there are any items that have been received, but the invoice has not yet been received from the vendor. Using the Received Items (no invoice) report, found in the Purchasing module, Task 22. If necessary, adjust the figure obtained in Steps 4 or 5.
The above steps should shed light on any source of discrepancies concerning the inventory.