The inventory reconciliation process is where the warehouse reconciles the physical inventory with what's in Komet's Inventory Summary section.
How does the process work?
The process starts by selecting the "Reset Inventory" option within the Shipping > Inventory tab, by clicking on the "Actions" button and selecting "Reset Inventory". When this action is performed all the "Physical Inventory" scanned status is cleared from all the inventory boxes in the Shipping > Inventory screen.
The system also offers the option of clearing rack positions (rack numbers or locations). However, this option is not recommended for companies that handle inventory count of 1000 items or more. This option is recommended when the warehouse is condensed and boxes are moved from one rack to another while performing the inventory count.
After reseting the "Physical Inventory" status in the system, the physical scanning takes place by using the Inventory option, number "3", from the scanner. Boxes already invoiced with a current or future date but not marked as shipped warehouse (SW) must be scanned, keeping in mind that this process usually takes place at the end of the day.
Which products are marked as a discrepancy?
Once the process starts, the system will mark the box as Scanned (by placing a green checkmark on the "Physical Inventory" column) or place it as a Discrepancy on the Discrepancies Report, based on certain rules
Once the scanning process is completed, the Discrepancies Report can be run. The report will show two sections:
- Inventory Items: Shows the details of all the boxes that are in the system but were not physically scanned during the Physical Inventory Process.
- Physical Overage: Shows the details of all the boxes that were scanned physically but were not in Komet's inventory.
After running the report, ideally, there shouldn't be any discrepancies. However, if discrepancies are found, each case must be analyzed and treated separately. To learn more on how to deal with these, please see Discrepancies Report.
- The Inventory option can only be used when the inventory is being accounted for. If the company needs to update box locations, option 5 "Update Box Location" should be used instead.
- Please ensure the same box is not scanned more than once, this can cause problems when reconciling the inventory.
A Discrepancy or Physical Overage is the difference between all items recorded as inventory in the system but not appearing on the "Physical Inventory" column as scanned.