Physical Inventory

We recommend conducting a physical inventory once a month, depending on the size of your business, your inventory and the overall quantity of product you sell. Busy people make mistakes or forget to enter data, plus there’s always Shrinkage (shoplifting/internal theft). When your records become inaccurate, they can only be reconciled by counting the products on the shelf and comparing physical numbers to those in the system. The physical inventory is simply a backup check—sort of a “reset” button so you don’t miss profitable retail sales.


Conduct the physical inventory...

1.     Manage> Inventory> Mass Update
2.     The Mass Update is a listing of all products you carry, both retail and professional. The products are listed by brand for your convenience since that’s most likely the way your shelves are arranged.
3.     Click Print Physical Inventory. You’ll get a printout of your entire inventory with a space to enter the quantity on hand.
4.     Count the products on the shelf and write in the actual quantities on hand in the Actual column of the printout.
5.     Do the same for professional/back room products.

Then enter the data…
6.     Go back to the Mass Inventory Update screen. In the On-Hand column, change any quantities that are incorrect when compared to the actual correct numbers you’ve written in when conducting the physical inventory. Highlight the incorrect number and enter the new number.
7.     Complete all pages and click Save Changes.
 

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