Below are the proper steps for a store to perform when taking an inventory count. It is important that all steps be completed to ensure an accurate count and submission to the system.
- Print a Detailed Inventory Valuation Report (menu option 1-7-4-5). The purpose of this report is for the manager to visually review the inventory items looking for any costs that may be inaccurate.
- Print an Inventory Count Worksheet (menu option 1-7-4-1).
- Use the Inventory Count Worksheet and physically count the inventory in the store, marking down the counts for each item on the worksheet.
- Complete an Update Inventory (menu option 1-7-4-4). This will ensure if there were any adjustments, received inventory, etc., is updated so the system is current before entering in your count.
- Complete the Enter an Inventory Count (menu option 1-7-4-2). Go through this menu and enter the count for each item. After the “on hand” count of each item is entered, the computer will print a Variance Report if there are any items whose counts differ from what was entered and what the computer previously had as a quantity on hand. Any items that print on the Variance Report should be recounted and re-entered for accuracy. If your recount matches what you counted before, then proceed to step 6. If your recount of the items on the Variance Report is different, then proceed to and follow step (a) or (b) below. You can execute either step (a) or (b), but do not do both. Each of these two methods of adjusting quantities is acceptable.
- Go to Enter an Inventory Count (menu option 1-7-4-2) to re-enter the counts for only those items on the Variance Report that were recounted and where an error was discovered. Once the corrections have been entered, press the [Enter] key until you get through the entire count, and then proceed to step 6.
- Should you find only a few items with incorrect counts on the Variance Report, go to Adjust Inventory on Hand (menu option 1-7-4-3) and make those necessary adjustments manually to correct the counts. Then proceed to step 7. DO NOT DO STEP 6.
- Run an Automatic Inventory Adjustment (menu option 1-7-4-6) to adjust the count for only those inventory items listed on the Variance Report to the quantities entered and verified as correct.
- Use the Update Inventory (menu option 1-7-4-4) or close your store. During the closing process, LubeSoft automatically updates all inventory activity for the day.
