Inventory Reconciliation to Keep Accurate Track of Your Inventory Counts

Robert Marney
Last updated
April 5, 2024
Inventory Reconciliation | Current SCM software screenshot

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.

Screenshot of inventory reconcilation

Our Inventory Reconciliation feature offers an easy-to-follow reconciliation process:

  1. Navigate to the Location you would like to reconcile.
  2. Navigate to Inventory and then Reconciliation.
  3. Download the Reconciliation Template (this is an current inventory listing by Catalog Item)
  4. Complete the actual counts for all items, save the sheet.
  5. Assign and Adjustment Title and Identifier
  6. Select Create Records and follow the prompts.
  7. All done!

Thank you for reading, and happy reconciling!

Engaged in Complex Procurement?

Current SCM is the first of its kind – supply chain management software purpose-built to support the most complex procurement & materials management projects. With Materials Management and Vendor Document Requirements (VDR) uniquely integrated into the Order, Current SCM provides a unified, collaborative platform to streamline the end-to-end process of project-driven procurement & materials management.

If you engage in any of Direct Procurement, Technical Procurement, Project Procurement or Third Party Procurement, Current SCM will improve your procurement & materials management workflow. If you engage in all four, Current SCM will revolutionize the way you do business.

Contact the team at Current SCM today to learn more!