Stocktakes

Ensure accurate inventory counts by performing regular stocktakes and updating stock levels.

Stocktakes are essential for verifying the physical stock on hand and reconciling it with the recorded inventory levels. This process ensures that your system reflects the correct quantities, helping to identify discrepancies and maintain inventory accuracy.

This guide will walk you through creating and completing a stocktake in the system.

Steps to Process a Stocktake

1. Go to:

   Stock > Stocktakes

   
   

2. Click:

   + New Stocktake

Add New Stocktake Details

• Location:

  Select the location where the stocktake is being conducted (e.g., Main Warehouse, Melbourne Store).

• Description:

  Add a short note about the stocktake (e.g., "Monthly Inventory Check" or "End-of-Quarter Stock Review").

Add Stock Items to Stocktake

• Use Scanner (Optional):

  Use a barcode scanner to quickly scan items during the stocktake process, with Auto Add to instantly add scanned items to the list.

• Enter Stock Item Details Manually by using Search Stock:

  • Stock Item: Start typing the stock name or SKU to search for items in your inventory (e.g., "Zevia Zero Calorie Root Beer - 210000000931").

    Qty: Enter the physical quantity of the stock item as counted during the stocktake.

    • Note: If you are reconciling a discrepancy, enter the correct quantity to adjust.

• Total:

  The system will show the total quantity entered for the all stock items.

Actions

• Edit Details: Update the location, description, or stock item quantities if needed.
• Delete Stocktake: Remove the stocktake record entirely if an error is made or it's no longer needed.
• Complete: Finalize the stocktake — stock levels are updated when you mark the stocktake as complete.
• Close Button: Leave the stocktake in progress — no stock levels will be updated until it's marked complete.

Optional Step: Check Quantity on Hand Report

After completing the stocktake, you can generate a Quantity on Hand Report to verify that the stocktake was recorded correctly. This report provides a summary of your stock levels, highlighting any variances between the system’s recorded quantities and the physical counts from the stocktake.

• Why check the report?
  • To ensure that all items were correctly updated.
  • To identify any discrepancies or variances between physical stock and recorded inventory.

The Quantity on Hand Report helps you catch any potential errors in stock counts before finalizing adjustments.

Notes

• You can add notes to provide additional context or updates related to the stocktake (e.g., "Items found in backroom storage.").
• If no notes are added, the system will display "There are no notes to display."

AKA for Stocktakes

Stocktakes are known by different terms in various systems or industries. Here are some common alternatives:

• Inventory Count
• Physical Inventory
• Stock Count
• Cycle Count
• Stock Audit
• Inventory Check
• End-of-Year Inventory
• Inventory Reconciliation

These terms all refer to the process of physically counting and verifying stock to ensure inventory levels match the recorded data in your system.

Why Perform Stocktakes?

• Ensures your inventory data is accurate and up-to-date.
• Helps identify discrepancies or shrinkage (e.g., theft, damage, or miscounts).
• Facilitates better inventory management and forecasting.
• Supports audits and financial reporting.