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Stock Take Module
No matter how good is the Inventory control system, most companies lost their inventory because of shoplifting, unreported damaged goods and deterioration.
Sometimes, mistakes are made in receiving and shipping of goods. Wrong items or wrong quantities are accepted or delivered. In short, the handling of products, and the bookkeeping for inventory transactions are subject to mistakes. These errors cannot be determined without a physical verification of inventory actually on hand at a certain date.
Stock taking is not only an audit requirement but also an essential process for all organizations. It is a process to ensure the company stock are physically counted and inspected at a particular point in time.
Depending on the type of business, stock taking process can be conducted annually, quarterly, monthly or even daily. For those high value items, you may want to count them daily, others may be on a fixed interval.
Usually, stock taking is carried out over the week-end or holiday to avoid interruption to the company activities. The faster the stock take process is completed, the better it is for the company to resume the operation.
This stock taking has been designed to allow you to conduct the stock take as and when is required. It is also designed to enable you to adjust your inventory data in the fastest possible way.
InfoStock not only automatically adjust the inventory on hand, but also generate stock adjustment transactions for detailed movement tracking. The G/L entries are created based on the adjustment to reflect the correct inventory cost in the balance sheet.
MAIN FUNCTION
In addition to the inventory control function, this stock taking module is to assist users in checking the physical stock periodically and to adjust whatever discrepancy that may arise over a period of time.
The functions are as follow:
- to generate stock take data for counting or adjustment purposes
- to print a stock take list periodically for counting purpose.
- to use the printout to carry out the stock counting process.
- to input the physical count quantity and compare with the computer records so as to provide the discrepancy report.
- to update the variance automatically to bring the stock to its correct status.
- to adjust negative quantity on hand automatically
- to adjust amount to 0 automatically when quantity on hand is 0
- to post to G/L the adjustment automatically if G/L module is installed.