The procedures to update your stock records to match your stock take count.
Prepare clearance for Stock take
Prepare for Stock Take - print sheets
Introduction
When using the Lentune Stock module, these procedures allow you to prepare for a Stock take, and then update your Stock records to match the physical stock count after you have completed an annual stock take. This ensures that the stock quantities in your system are up to date, and should be a part of your regular stock maintenance procedures to help you keep your stock records up to date, whether you run an annual stock take for your end of year accounting or rolling stock takes throughout the year.
The reports on the Stock menu, such as the Stock Valuation Report, and some of the reports on your Payables menu, such as the Purchase Order Pending Credit Report and Purchase Order Outstanding Report can provide information to help you to keep you stock records up to date on a regular basis.
Pre-Stock take clearance
To prepare for your Stock take:
- Start at Stock > Stock take management.
- Select a Branch if you run the Stock take for multiple Branches, and run the process separately per Branch.
- Click New Stock Take.
On the Create New Stock Take screen:
- Enter the Date for the stock take.
- Enter a Description. You will need to come back later to add the actual stock count. Using a description relating to this stock take, e.g. the Branch and date, makes it easier to find the correct record.
- Select the Branch for this Stock take.
- Select the Start bin location and End bin locations that you wish to process. This allows you to prepare and run your stock take for a selected area of your stock room.
- Click Confirm.
This takes you to the next screen to the Create tab.
- Go to the Actions section in the middle column.
- Click Prepare Clearance for Stock take. (We will come back to Prepare for Stock take after this process has been done.)
This takes you to the Pre-Stock take Clearance screen, where there are four options:
- Year-Old Uninvoiced Purchase Orders.
- Un-completed Stock Transfers.
- Missing Bin Location Stock.
- Stock Bin Location Summary.
Refresh before you continue
First, click the Refresh button before taking any of the actions in the pre-stocktake clearance. This will run a check and update the count for items in each of the four categories below.
The number of items in each category is shown, and as you change tabs, the items that are in each section will be displayed in the lower part of the screen.
Prepare Clearance for Stock take
After you have clicked Prepare Clearance for Stock take (as above), you will be taken to the next screen to go through the four options in the preparation process.
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Year-old Uninvoiced Purchase Orders.
Here you can delete Purchase Orders that are older than one year and that have not been invoiced. This process also deletes old Delivery Notes that have not been processed.
However, it is advisable to check why you have such old POs that have not been invoiced, and ensure that they have been followed up to ensure that it is safe and correct to delete them.
Any Payable invoices and credits that have already been approved will not be affected.
Any unfinished credit requests that may have arisen from goods returned but not yet refunded, will NOT be deleted, and you should complete or delete these Purchase Orders.
- Click the tab Year-old Uninvoiced Purchase Orders. This will display all old uninvoiced POs. Please check these before you proceed.
- Click Delete Year-old Uninvoiced Purchase Orders.
On the Confirm window:
The warning message tells you that this process will delete Delivery Notes, advise of any uncompleted credits that need attention, and adjust the On-Hand Quantity.
- Click Yes to confirm and proceed.
2. Un-completed Stock Transfers.
This deletes Stock Transfers that have not been completed. We recommend that you check regularly throughout the year that stock transfers between branches have been completed correctly. This helps to ensure that your records are correct for the stock that has been sold by a branch has been correctly accounted for as having been paid for by that branch. Otherwise, your net sales figures for that branch can be skewed by not accounting for the purchase price.
This process will delete Old Pending Stock Transfers, and adjust the On-Hand Quantity of line items under Stock Control to bring it into line with the Accounting Quantity.
In-Transit Stock Transfers cannot be deleted.
- Click the tab Un-completed Stock Transfers.
- Click Delete pending transfer stock transfers.
In the Confirm window, click Yes.
3. Missing Bin Location Stock.
This adjusts the count to zero for any stock items that are missing a bin location. Items can appear on this list if they have not been correctly assigned to a bin location when they are received in. Check to ensure that it is correct to remove these stock items from the list, or if they should be added to a Bin Location. Proceeding with this step will update both the On-Hand Quantity and the Accounting Quantity.
- Click the tab Missing Bin Location Stock. The On-Hand quantity of each item is displayed. If it is safe to proceed, then:
- Click Adjust missing bin stock location to zero.
In the Confirm window, click Yes.
4. Stock Bin Location Summary.
- Click the tab Stock Bin Location Summary.
This has two options:- Adjusts negative stock to zero, and,
- Removes inactive stock from bins.
- Click Negative Stock.
Negative stock numbers could be caused by incoming stock not being correctly received in, then a sale made, or by inter-branch transfers not being completed, so that a sale is recorded but the purchase of that item was not recorded. When you are ready to proceed:
- Click Adjust negative stock to zero.
In the Confirm window, click Yes.
Then:
- Click Inactive Stock.
Inactive stock is defined as stock items for a branch where there is nothing on hand, where stock is not new, or the last sale was more than 6 months ago. When you are effectively managing your stock using the Stock Life Cycle Codes and Stock Dates, you would not expect a large number of stock items to appear here.
When you are ready to proceed:
- Click Remove all inactive stock items from bins.
In the Confirm window, click Yes.
When you have completed these processes:
- Click Close.
Prepare for Stock Take - Print Sheets
When you click Close from the Pre Stock Take Clearance screen, you are taken back to the previous screen.
Here you can print the actual Stock take sheets that can be used to record the physical stock count.
- Click Prepare for Stock take.
Now you can print the sheets to be used for the physical stock take. You can select to print separate pages for each bin, and you can also select a blind stock take, where the expected quantities are not printed.
In the Actions section:
- Click Page break on bin location if required.
- Click Blind stock take if required.
- Click Print sheets.
- Click Save and Close.
Update the count of stock items
After the physical count of Stock items at the Branch has been done, you can update the stock numbers in your system, and you can export reports to show any variations.
- Return to Stock > Stock take management.
- Select your Stock take from the list.
- Go to the Results tab.
- Edit any lines as necessary to enter the counted number of items in the Actual column.
The system will automatically show a tick in the Entered column beside the Actual column to show that the number has been manually adjusted, otherwise that column will be blank.
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TIP: In the Add extra stock details fields:
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Exports, Reports and Actions
To finish off the process, you can now export or print reports to show Variance Details, Not entered and Valuation details.
| Note: If you want to export this information, you must do it before you Post the Stock Adjustments. |
- Go to the Actions tab.
- Click Print or Export Variance details.
- Click Print or Export not entered exceptions.
- Click Print or Export valuation details. This export will also how you the Supplier code and description for Stock items.
These processes will print the reports to screen or create excel reports that you can download.
Next, you can post the stock adjustments.
- Click Post stock adjustments.
This will update the stock counts in the system.
- Click Save and Close.
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TIP: The Reset stock take option on the Actions tab will reset the count of any stock items that you have manually updated in the stock take so that the numbers will be set back to the previous count. |
View Adjustments from a previous Stock Take
If you want to view check adjustments that have been made on a previous Stock Take, you can export a spreadsheet of this information.
- Start at Stock > Stock Adjustments on the Exports menu.
- Select the Branch and dates you require.
- In Adjustment Type, select Stock Take, and click Create report.
This will download a spreadsheet with the adjustments from that stock take.
When searching Stock > Bin locations the search results will show the last date that a stocktake was performed. If you click the title 'Last stock take' in the grid, you can sort by date and work out which bins have not recently had a stocktake done. You can also export the bin locations and sort them to create a stocktake to-do list. If you need to move items within the bins, this can be found under Stock > Bin location management.
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Need more help? We’re here! We hope our article was helpful! If you need more info or want to connect, drop us an email at support@lentune.com. Thank you. We love to hear from you! |