Learn how to reconcile inventory discrepancies after an inventory count.

After you have performed a physical inventory count, there may be discrepancies between actual quantities on-hand and the quantities the software states there should be on-hand. The following procedure will guide you through reconciling these discrepancies.

1. On the Site Map screen, click Inventory Control > Reports > Item History.
2. Complete the Selections section of the Item History Report screen.
3. In the Transaction types to include section, select the transactions you want to include on the report. Leave clear those selections that you do not want to include on the report.
4. Click Preview or Print to view the report results. Every inventory transaction is recorded in the inventory history file. Transactions include receipts and credit returns, adjustments, and transfers among warehouses and sales. Based on you selections in steps 2 and 3, the Item History Report will detail these transactions enabling you to isolate any discrepancies between system records and the actual physical count.
5. One the Site Map screen, click Inventory Control > Data Entry > Physical Inventory.
6. Click the Reports button.
7. Select the Exception Listing and the Variance Report checkboxes (clear the Count Transaction Listing checkbox), and then click Preview or Print. The Physical Inventory Exception Listing reports all items for which there is no physical count entered. The Variance Report compares the computer total for each item with the physical count for each item and prints only those items that do not agree. All items that appear on the Exception Listing should be counted and entered while all of the items on the Variance Report should be corrected and verified.
8. On the Physical Inventory screen, click the Update button. Select Continue to update the physical counts in the software.
9. Select the Warehouse and Transaction types to include and click Preview or Print.
10. Once the report has run and you have reviewed it for accuracy, select Continue and click OK.
11. On the Inventory G/L Summary Update screen, select Continue to update the G/L summary information to the General Ledger.
12. One the Site Map screen, click Inventory Control > Data Entry > Physical Inventory.
13. Click the Clear Status button.
14. Select Yes, proceed with clearance to clear the physical inventory.