Item Reconciliation

Item or Inventory Reconciliation:

You reconcile inventory when you compare the inventory counts in your records to the actual amounts on the warehouse physically, Know exact reason for the differences between the two amounts, and make adjustments to your records to reflect this analysis.

Inventory record accuracy is needed to ensure that replacement items are ordered in a timely manner, that inventory is properly valued, and that parts are available for sale or production when needed.

An inventory reconciliation is also needed to ensure that the actual and recorded inventory amounts are the same at the end of the year so that there will be no issues when the inventory is audited.

Inventory reconciliation is not as simple as adjusting the book balance to match the physical count. There may be other reasons why there is a difference between the two numbers that cannot be corrected with such an adjustment. In particular, you should consider following any or all of these steps:

  1. Valuate the inventory physically with reports generated by the application
  2. Match the units of measurement
  3. Verify the SKU, Batch Number
  4. Examine scrap
  5. Investigate possible customer ownership(Invoice generated but not dispatched)
  6. Investigate possible supplier ownership(Goods received but no update in the application)
  7. Accept the variance if investigation fails and summon the person who is responsible.

Procedure for Reconciliation in Bizgaze

Go to Main Menu

Select the Item reconciliation ICON/Module

Item Reconciliation Form:

  1. Select LOB from the list of LOBs for your organization
  2. Reconciliation Date
  3. Reference No
  4. Portal (Select the Portal from list of Portals)

Click on Filter for generating the report

Click on Save for generating the report as shown below.

Following Fields are depicted in the report

  1. Item name
  2. Available Quantity
  3. Damaged Quantity
  4. Physically Available Quantity
  5. Physically Damaged Quantity
  6. Missed Quantity
  7. Missed Damaged Quantity

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