Creating & Completing Inventory Counts (Stock Audit) in Uprow
This article includes:
Stock Audit overview:
Inventory values tend to become distorted over time. The most common sources of these distortions are:
•
Incorrect cost information – Vendor invoices are often received many days or weeks after the
merchandise was physically received. receiving vouchers are not updated, it can cause
misstatements of physical inventory.
•
Data input errors – Accurate information depends on accurate data input. If personnel
inadvertently type 50 for a 5 item quantity on a receiving voucher, then inventory will be
mismatched.
•
Items being sold before they are received – In the rush to get merchandise onto the floor, items
are sometimes sold before they are actually received into the system. This can cause
the inventory quantity to be temporarily negative and can skew the calculations used to determine
inventory cost.
Using the Inventory Count Tool, you can perform periodic stock audits to keep your inventory values aligned with the transactional history.
Why retailers should do stock audit ?
This has three main benefits:
• Inventory counts are an important method for businesses to make sure inventory records are kept
up to date and to compare expected inventory levels against actual inventory levels. This
information is useful for identifying inventory control issues and enables businesses to take
corrective action.
• Gives managers proof of the integrity of Uprow data so that they can confidently make purchasing
and other decisions.
• Helps ensure that financial documents and tax statements are prepared in a timely and accurate
manner.
When the audit is completed, you can reconcile the stock. Reconciliation freezes all the data so that it can be used to prepare company reports and financial documents.
Full Inventory Count:
Full inventory count includes every item in your store, including your warehouse and is generally done outside of your usual trading hours. This is usually completed at the end of financial year in order to provide your accountant with an exact value of your inventory. Full counts are a lot of work as it is best practice to close your store during your full count to make sure you get an accurate account of your inventory levels.
Important Note:
A full inventory count should always be completed when your store is closed. This ensures that no items are counted twice, or sold after they have been counted.
To perform Full Inventory count in Uprow:
•
Go to
Inventory > Inventory > Stock Count
• You'll be taken to the Inventory Count home page.
• Give your count a name (something that can well explain what you're counting or why).
• Set the date and time for the inventory count (this will default to today's date, and can't be in
the past).
• Choose which outlet your inventory count is for.
• Select
Full Count.
• Click the
Save button if you want to do count later. This is also used for count scheduling. You can
also click
Start button to start counting immediately.
Things to do before inventory count :
On the day before, or the day of, your inventory count, depending on how much you're counting, you'll need to prepare your inventory to be counted.
we recommend:
• Printing new barcode labels for any products missing barcode labels.
• Checking your barcode scanners to make sure they are functioning.
• Tidying all areas you'll be counting, including any items on hold.
• Finalize any sales and purchase orders that are in process
• Create invoices and vendor bills for all shipped and received orders
• Stop movement of all products to be counted
• Use a floor plan to assign areas of the store.
• Mark the areas that has already been counted (especially in partial counts)
Starting the count
When you're ready to start your count,
follow the steps below:
1. Go to
Inventory > Inventory > Stock Count. This will open All inventory count page.
2. Find the count name you want to start.
3.
Double click on the
count name row.
You'll see a page with a list of all your items to be counted, as well as the expected count for those
items. You don't need to count the items in the order they appear on the page.
Item scan/ search Mode :
• Simply scan the item barcode one by one using barcode scanner or
• Write the item name in scan item box. If you're doing this, make sure you tick the
Search mode
box.
• Find the item in the list and click the row and then manually enter the count.
• When an item is counted, it appears at the top of your counted list. It will also appear in
Last Scanned items on the right hand side of your screen. The number of items in your uncounted
tab will also be reduced.
Review Count:
Once all your counts are submitted, you'll need to review your counted items.
When you click on the review button on upper right corner, there are three tabs you can view:
• Uncounted: This lists all items where the total counted is 0. This includes items with an expected
count of 0.
• Unmatched: This lists all items that had a count greater or less than the expected amount.
• Matched: This lists all items you've counted where the total counted equals the expected amount.
Review the items in your count, especially the unmatched and uncounted items. If you have
discrepancies, you can click Resume Button on upper right corner of the page, and count the items
again.
Were you Selling while counting?
If you did not close the counter and you were selling while counting, you will need to make any final adjustments based on sales or returns made during your count period.
If you sell or return an item
after you've counted it, that item will need to be adjusted. For a sale, you'll need to decrease the count quantity by one in your inventory count. For a return, you'll need to increase the quantity by one.
To know more about stock adjustment, please read the article
“How to adjust stock for a particular inventory item?”
If you sell or return an item
before you've counted it, these items will have the correct inventory value but a discrepancy may appear on the review page (as the expected count would not have changed.)
Completing the count
Once you've checked and confirmed your count, and are satisfied all items are accounted for, click
Complete Button. Please, don't do this until all of your staff have completed and saved the counts on their devices.
If you have any uncounted items, we will send an alert message, as the inventory count for these items will be set to 0 when you click submit.
Once you have clicked complete, we will start processing your reconciliation. This can take several minutes to complete, specially if you have lots of items.
Once it's complete, the results will be displayed on the page.
You'll have two tabs:
• Unmatched
• Matched
These will show your items, expected and final inventory count, the difference in quantity after your count, and any associated cost for that change.
In the bottom of the list you will see your total changes in units and total changes in costs.
Export the data:
Click the export buttons on the upper right corner to get a copy of your results.
Generate Excel Report: This gives you a Excel file with a line for each product counted. You will have columns for expected and final count, difference in cost, and total value of each product's inventory after count.
Generate CSV Report: This gives you a CSV file with a line for each product counted. You will have columns for expected and final count, difference in cost, and total value of each product's inventory after count.
Generate PDF Report: This gives you a formatted PDF report, including the expected and final count, difference in cost, and total value of each product's inventory after count.
How can I delete the scanned item in the counted row?
On the right-hand side of the page, you'll see a list of your most recently scanned items.
If you've made a mistake, just click the bin icon to remove that item from your count.
Remember, this will remove only single quantity at a time of the respective item. When you're finished counting, click Review count button on the upper right side.
What is search mode?
Search mode enables to you rapidly search each item's name in your store to add it to your inventory count. Your searched item will be shown in the dropdown with batch and barcode details.
Select the row with the name of the item and then enter the final counted quantity before submitting it.
Can I Cancel an inventory count?
Sometimes, you may need to stop doing an inventory count that you've started. This may be because you've run out of time to complete it, for example, as an inventory count should always be completed in a short time period.
To Cancel an in-progress count:
• Open the count
• Press
Review
Count button.
• On review count page, click the
Cancel button.
Cancelled counts will appear with the 'Cancelled' tag of the inventory count home page.
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