Year End Preparation - How do I process a Stock Take/Count Inventory?

Stock taking, or inventory checking is the process of counting, weighing or otherwise calculating all items in stock and recording the results.

The main reasons for doing this are as follows:

• To ensure the accuracy of the stock records
• To verify the value of stock shown in the balance sheet by physical confirmation and value your stock in terms of cost and potential sales
• To detect wastage or pilfering at an early stage and put in place processes to reduce and or eliminate
• To reveal any weakness in the system for the supervision and control of stock. i.e. eliminate over- stocking and /or under-stocking

The size and number of surpluses and deficiencies revealed by stocktaking will give you a good measure of the efficiency of the store keeping, control and procedures in general.

• All open batches that affect inventory quantities i.e..... customer and supplier documents need to be updated to ensure that the quantities on these documents are included in the stock take.
• If there are any customer or supplier documents in an open batch you will need to check if the inventory was received and these documents must be updated to show the correct theoretical quantities.

CAUTION: Use caution when working with the below product functionality. Always create a backup of your data before proceeding with advanced solutions. If necessary, seek the assistance of a qualified Sage business partner, network administrator, or Sage customer support analyst.

1. Select Process > Count Inventory
2. You will receive a message to rebuild the batch quantities as shown below, select Yes
3. The Data Integrity Assistant will open with the option to Rebuild Batch Quantities only selected, select Process and then Finish once complete

Performing an Inventory Snapshot

The Snapshot takes a ‘picture’ of the quantities in Sage Partner/ Xpress; this is theoretical quantities.

TIP: If you make use of Multi Stores you will have the options to select ‘From Store’ and ‘To Store’

1. Select the range of items you are including in your Snapshot, You can select the following categories: Inventory Code, Inventory Category, Bin Number or Barcode.
2. Click the magnifying glass to select the item range you would like to include in the Snapshot.  If you wish to take a Snapshot of all your items, leave the From field blank and the To field filled with zzzzzzzz.
3. If you use Serial Numbers, you can choose whether to take a snapshot using Serial Number Items Only or Non-Serialised Items Only.
4. Make your selection and select Next, select Process to confirm the operation
5. Depending on your selection you will receive a message indicating the number of items included in the snapshot. If all your items have been selected the message will display All items have been Snapshot
6. Select Continue to proceed with the stock take

Follow the steps below to complete the stock take:

1. The first option is to Print a count sheet. This is usually printed to write down the quantities physically counted. Once you have counted your physical quantities you will need to enter these quantities into Sage Pastel Accounting
2. Enter the quantity for each item under the Quantity column
3. Press the Enter or Tab key to move to the next item, when completed, select to proceed
    NOTE: Items that show in red are either service items that cannot be counted or items that have not been included in the Snapshot. 
4. If you selected the option to Import a text file which contains the physical quantities on hand Please refer to the Sage Pastel Accounting Help File
1. Select Help > Pastel Help
2. Select the Index Tab > Type in Count Inventory
3. Double click on the Count Inventory heading. The Count Inventory Information will display on the right-hand pane. Select Importing quantities hyper link (Underlined and displayed in blue)
5. Once your quantities have been captured, select the option to Print a count variance report
6. The count variance report will show the difference/ variance between the theoretical and physical quantities per item as well as the unit and total costs.
7. Update any differences between theoretical and physical quantities, and clear the snapshot should be selected when the stock take has been completed
8. Select the period you wish to process the Stock Take/ Count Inventory
9. If this is your Year End Stock Take/Count Inventory select period 12 to ensure the stock take is completed in the last period of your financial year  
10. Select Next and Finish to complete the stock take

In the case the quantities counted on the stock take does not update please click here for information on running the stock fix