Stock Reconciliation is the process of counting and evaluating material/products, periodically and at year end in order to: Keep the actual physical stock count and book stock count in sync.
A. Creating a New Stock Reconciliation
3. On the Items section, click the “Add Row” to enter each item you need to update the balance. Need to specify the following information:
4. If there are multiple items, doing a file upload is a more efficient option. To generate the template file, click the "Download" button. A CSV file will be saved in your computer. Same as Adding Rows in the Item section, you need to enter the Item Code, Warehouse, Quantity and Valuation Rate. You can copy paste from reference document to this file but make sure that you are copying the correct information.
Note: Item Code and Warehouse should match with what was configured on ERP. If there is a mismatch, an error will appear when saving the Stock Recon document.
5. Click the "Upload" button and select the CSV file you edited to add the items in your Stock Recon.
6. Click on to "Save" the Stock Recon Document.
7. If there’s is no error, the Document will be saved as Draft. From here, you can click Submit to post the new balance.
Reminders:
- To perform an efficient Stock Recon, use the Stock Balance Report first to compare that your “Manual Count” matches with the balance. If there are differences with the manual count, a Stock Recon could be needed.
- When doing comparison between ERP Count and Manual Stock Count, make sure that you are using the Item Name / Code that are encoded in ERP. This way, unnecessary confusion with “typo”, name differences can be avoided.
- After successfully posting a Stock Recon, always generate a new Stock Balance Report and check if desired changes were applied.
- Make sure that items that will be zeroed or decreased in quantity is not used in an existing Material Issue transaction from a date after your Stock Recon posting date. If the item’s balance in your Stock Recon will be less than the Material Issue quantity, Stock Recon for that item will not be allowed. Unless, negative inventory is allowed in the organization.
Common Errors Encountered: