We are excited to announce the release of our new feature - Inventory Reconciliation, designed to help businesses keep accurate track of their inventory counts. With this new feature, users can quickly reconcile inventory to ensure the accuracy of physical counts versus the system's records.
Businesses need to regularly reconcile inventory amounts to ensure accuracy in financial reporting, inventory records, and to prevent theft or loss. By comparing physical counts of inventory to the records in Current SCM, businesses can identify discrepancies and take corrective action, such as adjusting inventory records, investigating the cause of discrepancies, and implementing new inventory management practices.
The process is simple: export a current inventory listing in Microsoft Excel format, complete the count, and import the updated listing. The system will create either 'Destruction' or 'Discovery' inventory transactions for each item that was out of sync. All transactions will be wrapped into an Inventory Adjustment transaction for future reporting/auditing.
Our Inventory Reconciliation feature offers an easy-to-follow reconciliation process:
Thank you for reading, and happy reconciling!
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