Physical Inventory Overview

How do I? | Basic Steps | Using a Physical Inventory Scanner

Basic

A physical inventory is the process of verifying or correcting the on-hand item quantities in your Point of Sale inventory by conducting a physical count.

It is recommended that a physical inventory be done after initially entering your inventory when first starting to use Point of Sale and periodically thereafter.

Conducting a physical inventory involves going through the store and recording the actual item quantities on hand. Counts can be recorded on a printed Store Count worksheet or scanned into the optional physical inventory scanner, and then transferred to Point of Sale.

The entire store does not have to be counted at the same time. You may find it easier to conduct your physical inventory by department, aisle, or some other discreet physical sections, entering counts and saving for one section of your store at a time. A physical inventory can be saved as you go and then inventory updated when you are done. Point of Sale provides several ways for you to review changes before updating inventory and alerts you if a new transaction has affected an item between when a count was entered and inventory updated.

You can review or reverse the last updated physical inventory.

(Pro) A physical inventory is for one store only. When a remote store updates a physical inventory, quantity adjustment memos are automatically created and sent to Headquarters during the next Store Exchange. Headquarters can create and update a physical inventory for itself or for any store.

Related Topics

Security rights for Physical Inventory

Update QuickBooks financial software after a physical inventory