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    Memorandum For Physical Inventory: Reconciliation

    Uploaded by

    J Mark J Mark
    This memorandum provides instructions for performing a physical inventory in MONITOR. It describes reconciling reports that impact stock balances beforehand and printing the physical inventory list with the appropriate status selected. The physical counting is then performed using the printed list. Finally, the results are registered in MONITOR by entering the quantities found on the same classifications and sorting as the printed list. The physical inventory difference procedure is used to calculate value of differences found after the inventory.

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    © All Rights Reserved
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    Memorandum For Physical Inventory: Reconciliation

    Uploaded by

    J Mark J Mark
    353 views3 pages
    This memorandum provides instructions for performing a physical inventory in MONITOR. It describes reconciling reports that impact stock balances beforehand and printing the physical inventory list with the appropriate status selected. The physical counting is then performed using the printed list. Finally, the results are registered in MONITOR by entering the quantities found on the same classifications and sorting as the printed list. The physical inventory difference procedure is used to calculate value of differences found after the inventory.

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    Physical Inventory

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    This memorandum provides instructions for performing a physical inventory in MONITOR. It describes reconciling reports that impact stock balances beforehand and printing the physical inventory list with the appropriate status selected. The physical counting is then performed using the printed list. Finally, the results are registered in MONITOR by entering the quantities found on the same classifications and sorting as the printed list. The physical inventory difference procedure is used to calculate value of differences found after the inventory.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    353 views3 pages

    Memorandum For Physical Inventory: Reconciliation

    Uploaded by

    J Mark J Mark
    This memorandum provides instructions for performing a physical inventory in MONITOR. It describes reconciling reports that impact stock balances beforehand and printing the physical inventory list with the appropriate status selected. The physical counting is then performed using the printed list. Finally, the results are registered in MONITOR by entering the quantities found on the same classifications and sorting as the printed list. The physical inventory difference procedure is used to calculate value of differences found after the inventory.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3
    At a glance
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    The key takeaways from the document are that several reconciliations should be performed before a physical inventory to ensure accurate stock balances, a plan should be made for how to conduct the inventory and print lists, and status should be selected appropriately when printing and registering lists. Procedures are provided to calculate and view physical inventory differences.

    The reconciliations that should be performed before a physical inventory include checking that arrived goods have been delivery reported, received goods have been reported, delivered goods have been arrival reported, all manufacturing has been reported, and there are no parts with negative balances.

    When printing and registering a physical inventory list, it is important to enter status, make the same classifications/sorting for both, enter the correct inventory date, and adjust registrations on the same date if needed. Physical inventory should be performed per location.

    Memorandum for Physical Inventory

    This memorandum shortly describes a general work method (recommended by us) for a
    complete physical inventory (not continuous physical inventory) in MONITOR. Please read
    through this document before you start your physical inventory. For company specific questions
    regarding the inventory, please contact your Monitor instructor/consultant.

    Reconciliation
    Before you perform a physical inventory you should perform several reconciliations to make
    sure that all reports that affect the parts' stock balance have been executed. If not, then the
    physical inventory will be carried out based on incorrect stock balances, and the reporting
    carried out after the inventory will lead to inaccurate balances.

    As a rule you should always report what have been delivery reported, delivered and
    manufactured prior to the physical inventory. This should be done even if it means that you
    have to partial report.
     Has the arrived gods been delivery reported? Check the Order List - Purchas procedure.
     Has the checked arrived gods been reported? Check this in the Receiving Inspection List
    procedure.
     Has the delivered gods been arrival reported? Check this in the Order List - Sales procedure.
     Has everything that is manufactured been reported? Check the Order List - Purchas
    procedure.
     Has all material been deducted from balance for the manufacturing orders reported as
    finished? Check the warnings in the Final Reporting procedure.
     Are there any parts with negative balance? When there are parts with negative balances,
    then there is an obvious inaccuracy in the balance. These should be corrected before you
    begin the physical inventory. Check the Part List - Inventory procedure.

    Print Physical Inventory List


    Before you print this list you should have a plan concerning how to perform the inventory.
    Should you perform physical inventory on the entire stock all at once or bit by bit? How should
    you print the physical inventory list?
    Which options are selected in the Create tab? Do you need to filter and/or sort the list? It is
    good to make notes of which selections you make when printing the physical inventory lists so
    that you can make the same selections again when registering the physical inventory.

    Page 1 of 3
    It is important to enter status when printing physical inventory lists. There are then three
    occasions that are important to consider:
    1. Printing physical inventory list.
    2. Performing inventory, the physical counting and making notes of the quantity on the
    physical inventory list.
    3. Registering the physical inventory in MONITOR.
    If you select status None or Under inventory no transactions (arrival, delivery or reporting) can
    take place in MONITOR between item 1 and 3.
    If you select status Under inventory with saved balance you can start working again when item
    2 has been completed. When you select this alternative the system will consider transactions
    made and the physical inventory difference will be calculated based on the parts' balances at
    the time of printing the lists. It is good to make a note of the time of printing the physical
    inventory list so the physical inventory difference can be traced back, if needed.

    Physical Inventory List Reporting


    You can register physical inventory in two different procedures: Physical Inventory is used to
    perform physical inventory for a specific part. The Physical Inventory List Reporting procedure
    is used to register the result in a list. In this list it is important that you make the same
    classifications and sorting as when printing physical inventory list. This facilitates the registration
    considerably.
    Important to consider:
     If multiple stock locations are used you perform the physical inventory per location, not per
    part.
     Enter the correct inventory date. It is best to have a physical inventory on one and the same
    date. Even though the actual physical inventory proceeds for several days the lists and
    follow-ups are facilitated if one inventory date is used.
     If you afterwards want to adjust a physical inventory - perhaps you have found an extra case
    with material - it is important to put this on the same inventory date as the physical
    inventory that you did earlier. MONITOR will then ask if the balance should be added to the
    previous physical inventory. Yes is selected by default. When choosing No, the registration
    will be treated as a new physical inventory and the inventory difference will then be
    calculated against the part's current balance at the time of registration.

    Page 2 of 3
    Physical Inventory Difference
     Physical Inventory Difference – This procedure is used to calculate the value of the
    differences that occur after a physical inventory. A difference can be positive or negative.
     Inventory Value List – This list is used in order to see the inventoried value. Select to base
    value on Inventoried balance and enter Last inventory date. These two alternatives are
    always used together.

    Page 3 of 3

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