Physical Inventory 5.2x and 6.0x Checklist

1._____ Backup data files.

2._____ Run the Quantity Cross Verification function from the Periodic Processing menu to update the INQTxxx file.

3._____ Use the Physical Count Selection function to set up the batch or batches for the Physical Count. If you are ready to conduct the physical count right away, freeze quantities for the batch when you create it. If you are not conducting the physical count right away, use the Freeze Quantities Function on the Physical Inventory menu to freeze quantities right before you conduct the physical count.

4._____ Print tags and/or worksheets for the batches. Print tags before worksheets to include tag number on the worksheets.

5._____ Use the Freeze Quantities function - if you did not freeze quantities when you created the batch—before you conduct the physical count. (Print an Item Status Report for a record of the on hand quantities immediately before or after freezing quantities for a batch.)

6._____ Use the Batch List function at any point in the physical inventory process to determine what steps have been completed for a batch and as a record of batch set up selections.

7._____ Conduct the physical count.

8._____ Enter the physical count information. Use the Physical Counts Tag Entry function to enter the counts recorded on tags printed using the Print Physical Inventory Tags; use the Physical Counts Worksheets Entry function to enter the counts recorded on worksheets or preprinted tags.

9._____ Print the Physical Count List and verify physical counts. Use the Physical count Tag Entry or Physical Count Worksheet Entry function to edit the physical count if necessary.

10.____ Print and review the Variance Report for the batches as part of the audit trail.

11.____ Use the Physical Count Valuation Report to check the inventory value and item quantities based on the physical count information.

12.____ Backup data files.

13.____ Use the Update Perpetual Inventory function to update inventory quantities and value. Use the log produced as part of the audit trail.