Update Physical Inventory Results

(Physical Inventory Update)

Access

This program compares the frozen inventory data against the inventory data entered from the tags. After performing the comparison, the system updates the actual system inventory to reflect the changes from this comparison.  

Your inventory reflects changes made via the physical inventory process AFTER you run this routine.   

Important! It is strongly recommended that you complete this physical inventory update PRIOR to running End of Month (Generate Monthly Reports). If you do not complete the update first, the system does not allow you to back-date your EOM processing to the date you ran the Freeze Inventory and you are prevented from adding more products to the physical inventory count.  

The update process performs the following functions:

• adjusts quantities on-hand.

• adds pieces to As-Is A status of inventory. Most inventory is considered "regular" inventory. As-is inventory includes everything other than regular inventory, including floor samples, damaged and clearance items, etc. inventory.

• removes pieces from As-Is inventory.

• posts to General Ledger (for example, reducing available inventory, costing out as-is inventory, etc.)

• transfers merchandise between storage locations.

• adjusts serial numbers.

• reassigns sales order reservations.

Warehouse LocationEnter (or select from the drop-down list) the warehouse location for which to run the inventory update.  If you leave the field blank, you select all locations.

As Is Reason Code  

As Of DateEnter the “as of” date for this update, for example the date on which you froze the inventory.  You can backdate to the prior sales period provided the sales period is still open and the date you enter is not earlier than the freeze date.  

Following selection of the location, reason code, and date, click the Run button to perform the physical inventory update.  Immediately afterwards, run the Report Physical Inventory Update Audit Trail (Physical Update Audit Report) process to list the changes made to the inventory data and to list the GL postings created during the update.  

Once the Physical Inventory Update process is complete, you must "un-freeze" the inventory.  Use the Freeze Inventory (Physical Inventory Freeze) process and select the Perform Clear Only option.