This procedure allows you to complete end of period tasks in Inventory.
Complete all activities affecting Inventory.
Invoices, voids, adjustments, and credit memos.
Post all service tickets.
Post all inventory receipts.
Post all custody reports in and out.
Stop all of the above inventory activities.
Stop all equipment movement out. Any equipment coming in must be tagged and kept aside.
RUN the following reports:
Machine Custody Report (CN-4-8)
Physical Inventory Warehouse—Warehouse #1 (INV-4-2-13)
Physical Inventory—Warehouse #2-N (INV-4-2-14)
Run emergency service calls. Any parts taken on call must be logged out and not returned to inventory. If a part comes back, it must be tagged and kept aside.
Physically count all inventory items. Physical inventory is done systematically by location. After all locations are counted, the totals by item are accumulated. Note: Each technician’s trunk inventory is considered a warehouse.
Verify all units on custody (i.e., accessories, stands, and supplies on trial).
After all physical counts are taken, accumulate correct inventory totals and add or delete serial items with appropriate cost values.
Do On Hand Adjustments to reflect the true physical count of inventory. You can erase all quantities prior to doing this step. (INV-1-3)
Run Inventory Valuation Reports for Warehouse #1 and Warehouses 2-N or for Warehouses 1-N using last or average cost depending on how cost is recognized when inventory is sold. (INV-4-2-10,11, or 12)
Verify Inventory Valuation report page by page to eliminate obvious errors.
Once the corrected Inventory Valuation Report is finished, resume day-to-day operations.
Please call La Crosse Management Systems, Inc. if you have any questions. We appreciate your calls. (608) 784-8400.