Inventory audits are a great way to maintain a healthy physical inventory. Bypass recommends physically auditing your inventory monthly to understand how stock items are moving through your business. Only one inventory audit can be performed per day.
Table of Contents
Inventory audits definitions:
Location - The location name
Item - The number of stock items the location has
Status - Percentage of how the audit is to being completed (What percentage of items have been counted)
Expected QOH - The expected quantity on hand
Audit QOH - The counted quantity on hand
Audit Value - The value of the counted audited items
Variance - the number of variance items
Variance Values - the difference of the Expected QOH value minus the audit value
Audit QOH - The total audit quantity on hand
Audit Values - The value of the total Audit QOH
Variance Units - The total variance units
Variance Values - The total value of all variances
How to Perform an Inventory Audit
Click the Edit button for the location you want to enter counts for then enter the exact counts on hand for each location by UOM. When finished counting click Done.
When the count is complete, the Audit must be Finalized. Chose the inventory that you want to be adjusted.
- Adjust All Inventory - takes the actual counts in the audit, and updates the counts for all stock items in those locations.
- Adjust only chargeables - takes the actual counts in the audit for all chargeable, and updates the counts for chargeable stock items in those locations.
- Adjust only non-chargeables - takes the actual counts in the audit for non-chargeable stock items, and updates the counts for non-chargeable stock items in those locations.
- Do not adjust inventory - does not adjust all stock items in those locations.
Select the inventory that you want adjusted and click Finalize Audit. Note that only one audit can be performed per day.