The Stock Reconciliation process helps users compare physical stock with the stock quantity recorded in the system. It is used to identify stock differences and update inventory records based on the verified physical quantity.
Stock Reconciliation Process
1. Select Warehouse
Select the warehouse where the stock reconciliation needs to be performed.
2. Review Stock
Review the items and their current system stock quantities for the selected warehouse. Verify the available quantities against the physical stock.
3. Enter Physical Quantity
Enter the actual physical quantity available for each item. The system compares the physical quantity with the existing system quantity.
4. Identify Variance
Review the difference between the system stock and the physical stock. Any shortage or excess quantity is identified as a stock variance.
5. Reconcile Stock
Review the reconciliation details and confirm the required stock adjustments. The inventory quantity is updated based on the reconciled physical stock.
6. Verify Updated Stock
After reconciliation, review the inventory balance to ensure that the stock quantity has been updated correctly.
Stock Reconciliation Details
The reconciliation provides information such as:
- Item – Item being reconciled.
- System Qty – Quantity currently recorded in the system.
- Physical Qty – Quantity physically available.
- Difference – Variance between system quantity and physical quantity.
- Warehouse – Warehouse where the stock is reconciled.