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A & J Foster / EcoWater

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Worswick Cable Industries

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Quality Assured, Inc.

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James Thoenen
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Inventory Counting Process

1. Determine when the actual count needs to be done, how many people it will take, and who will assist in the inventory count process. Counting inventory should be done on a regular schedule.  Once a month in a perfect world would insure the month end accounting to be more accurate. The next best inventory count would be quarterly.

2. Prepare the areas that need to be counted. Make sure that counted areas are organized, accessible, and items are clearly labeled. Have the people counting walk the areas to be counted and verify that the areas to be counted are acceptable for counting. Take action to correct any issues before counting.  This will help when counting to mentally to know where items are.

3. In a perfect world you should halt all operations that effect on hand quantities in the location to be counted, and prevent the addition or deletion of inventory items in the location to be counted. In the "real world" If that is not possible, you will need to keep track of transactions during that time frame and make your adjustments accordingly.  After hours or on a day that you are normally closed for business are usually the best times to count inventory.

4. Print the appropriate count worksheets if required, and perform the physical count of the items. This step also normally includes verifying the accuracy of the physical count by spot checking items, or by using another team or person to verify the counted quantities recorded by the person performing the count. If you are using a handheld device or other data collection devices no worksheets need to be printed as they will not be used.  This step of counting inventory items is usually performed after hours, or on a weekend, when no other inventory activity is taking place.

3. Create the inventory count record in the computer. This step clears the Inventory Count file of all existing count records for the selected location, it stores the beginning on hand balances for the inventory items to be counted, and it clears the count quantity field of all of the inventory items to be counted.

5. Input the counted quantities into the Inventory Count file. Count records may be entered into the Inventory Count file manually.  If your system allows the import of file created by a handheld device, then the counts may be loaded automatically.  If handheld devices were used to perform the count, the count records will be in the count file.

7. Print the inventory count report and verify that the count records entered into the system agree with the quantities recorded on the inventory worksheets (if worksheets were used to process the count). This step involves printing and analyzing the count report, optionally making changes to the information in the count file, re-running the inventory count report. This step can be repeated as necessary until the inventory count report is deemed to be correct.
 
8. Print a hard copy of the final inventory count and save. This allows you to recover if the count in case there is a computer failure or hardware problem. You know when that could happen.

9. It is a good practice to run the "recompute inventory" process to make sure that all items were calculated correctly.  Computers are not perfect and intermittent hardware glitches may cause unseen errors.

10. Print and save an inventory evaluation report that accounting can use to reconcile accounting numbers in the General Ledger to ensure that the Inventory G/L balances remain in agreement. 

Tips:

Normally during the count process, no invoicing, receiving, inventory transfers, or inventory adjustments should take place in the location being counted as these operations will adjust the on hand inventory quantities and impact the accuracy of the count.  If these transaction are small then you could keep track of them and adjust the count accordingly.

Inactive items should be counted also.  It is still part of your inventory.  You should keep the item checked as "I sell" until you truly have no more to sell. 

Non-stock items are items which are not tracked in the system. Non-stock items should not normally have a quantity on hand in the system as the items should be sold prior to being received into inventory.  You may see a negative onhand quantity but a zero in the "available" field.  This is because the item is on order.

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