Inventory Reconciliation to Keep Accurate Track of Your Inventory Counts

April 13, 2023
Robert Marney
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!

Engaged in Complex Procurement?

Current SCM is a cloud-based software that streamlines the process of project-based procurement & materials management and drives collaboration among project stakeholders. The term “project” can be defined as a construction project or a manufacturing project, or it can simply represent the way a business organizes their procurement (e.g., by project, program, product, client, division, business unit, region).

Current SCM offers a unique platform to manage the end-to-end process of project-driven supply chain management, including support for the planning, procurement, and management of both materials and services. Current SCM includes a robust set of project-based toolsets, including Project Planning, Material Planning, Service Planning, Vendor Document Requirements Management, Requisition Management, Bid Management, Purchase Order Management, Service Order Management, Material & Document Tracking, Inspection Management, Vendor Invoice Matching, Project Inventory Management, Project Asset Management, and more!

And Current SCM excels in accommodating diverse project requirements with unrivaled flexibility & control, including project-specific User access & permissions, cost structures, business rules, approved vendors, workflows, terms, reports, and much, much more!

If you engage in any of Project Procurement, Technical Procurement, Direct Procurement, or Third Party Procurement, Current SCM will optimize 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!