Inventory Reconciling is a one way of maintaining and checking accurately on hand balance of inventory. Its helps to management to know how much the available balance of inventory time to time because it can help project the sales. Another is to know what product or item are the fast moving and non moving, from this they can evaluate what the product do more to sell, or what product they maximize to sell.
Inventory Reconciliation is important not only for projecting but also to maintaining, specially the physical of inventory, from that we can check the product or inventory from damages, expiry date and etc. For the result of this checking we can now eliminate the cause, why does has damage?
The inventory count conduct monthly inventory or annually and depend to company when they want.The good Inventory reconciling is done by comparing the physical count against to ending balance from inventory database. How is it?
First, generate the ending balance of inventory from inventory database, or the print copy of ending inventory from the inventory database, and it is serve a count list at the warehouse when counting or inventory sheet, it show like this..
No. Item Name Ending Balance per Qty Actual Count per Qty Discrepancy
1 CokeReg. 1.5L 500
2 CokeZer. 1.5L 6003 CokeLtg 1.5L 150
4 CokeReg. 1.0L 1500
5 CokeZer. 1.0L 2000
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When done the physical count, the inventory sheet shows like this..
No. Item Name Ending Balance per Qty Actual Count per Qty Discrepancy
1 CokeReg. 1.5L 500 500 0
2 CokeZer. 1.5L 600 600 0
3 CokeLtg 1.5L 150 150 0
4 CokeReg. 1.0L 1500 1500 0
5 CokeZer. 1.0L 2000 2000 0
By then, The inventory database versus actual count is no discrepancy. Means, no problem about warehouse and the posting of purchase nor sell to database.
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