Physical Inventory Procedure
For those shops that stock parts, a physical inventory will be necessary from time to time. A physical inventory involves counting the stocked parts and comparing the counts with the quantity on-hand in StockTrac®. If discrepancies are found, the on-hand quantity in the system will need to be adjusted.
Step 1: Print the Inventory Worksheet
The WorkSheet is a tool to assist in recording the actual on-hand quantities of your stocked parts. The report is printed, the parts are counted, and the counts are recorded in the space provided.
To print the out this report, go into the Inventory Module.
Click on Reports and then WorkSheet. The Worksheet Setup screen will display:
The following information can be selected to determine which items will appear on the Worksheet:
Categories/Manufacturers – Listed on the left-hand side of the screen are the categories that have been defined in the system. Click the box next to the category or categories to be included on this worksheet.
Scope – Use this field to tell the worksheet which parts within the selected categories to include.
Active Only – This option tells the system to include parts that have ever been “active” in the system (i.e., sold, purchased, etc.). It can be used in conjunction with the With Activity Since field described below.
On-Hand Only – Clicking this option will tell the system to only include items with a current on-hand quantity on the worksheet. It can be used in conjunction with the With Activity Since field described below.
All Parts – Selecting this will cause all parts in the categories selected to appear on the worksheet.
Stocking Parts – One of the following must be true: a) Maximum Qty > 0; b) Computed Max Qty > 0; c) Qty On Hand < 0; d) Qty Committed > 0.
With Activity Since – Use this in conjunction with the Scope values Active Only, On-Hand Only and Stocking Parts to further limit the items shown on the report.
Sale Code to Include – This field will default to all. However, if only one category is selected on the left of the screen, the Sale Codes for that category will display in this section. The drop down box to select a specific sale code.
Once the selections for the worksheet have been made, click OK.
The report can be previewed first to ensure the desired parts are included. Click Printer and OK to print the worksheet.
An example of the worksheet is shown above. Notice the New O/H (On Hand) column for recording the counted quantities.
Step 2: Physically Count The Inventory
Using the Worksheet(s) printed in step 1, count the stocked parts and write the counts in the space provided. Once everything has been counted, proceed to step 3.
Step 3: Enter the Counts into StockTrac
Gather the worksheets and get ready to enter any differences between what StockTrac shows for the quantity on hand and what the physical count indicated is actually on hand.
Go into the Inventory Module.
Click on Items and then Batch Input.
Click the Category of items and click the box next to the On Hand field. Click the Begin button to start entering the counts.
Click the magnifying glass icon to locate the first part in the category that needs an on-hand quantity change. Pull up the part, and then press the tab key to move to the New Value field. This is where the correct quantity on hand for the part will be entered. Type in the quantity, and then click the tab key again. Next click Apply button to write the changes to the Inventory file.
The system will automatically advance to the next part. If this part number does not need the quantity on hand changed, either type in the next part number or use the magnifying glass icon again to locate the next part. Once the part is located, click tab to move to the New Value field, enter the new quantity, click tab, and then Apply the changes to the item.
Repeat this procedure until all counts have been entered. When changing the quantity on the last part, click Apply to record the quantity change and then Done to finish.
The system will now prompt to print or preview the Batch Input Report.
The first page (shown above) shows a brief summary of what was just done in Batch Input. It shows how many records were updated and what fields were updated.
Subsequent pages will show the detail on every entry made in the Batch Input function.
Each time and value is changed, it is assigned an Entry number, beginning with 1. The Full Stock column contains the Part Number that was changed. Previous and New refer to the On Hand column to the right. It is simply stating that the first line will show the previous on hand quantity, and the line below it will show the adjusted quantity on hand (the figure that was entered in Batch Input).
Review the detail pages of the report and compare to the Inventory Worksheet to ensure all counts were entered correctly. If additional changes need to be made, repeat the Batch Input process (Step 3). Alternatively, if only a few items need additional changes, these can be made via Edit Items as shown in Step 4.
Step 4 – Enter Individual Counts (optional)
If only a handful of items need to have the on-hand quantities adjusted, it may be faster to make the changes through the Edit Items program.
Go into the Inventory module and click the Edit Items button.
Change the Category and locate the Part Number that needs to be changed. Double click on the part or highlight the part and click Edit. The Edit Item screen will display.
Click on the Shop tab. Change the On Hand quantity to the desired figure and press tab. Then use the red X in the upper right-hand corner of the screen to exit the record (the changes to the quantity will be saved). Continue to change other parts via this same method, and exit the Edit Item function when finished.