Your First Inventory
At this point you should have your product master lists completed in "Product Setup" and your locations setup in "Current Inventory". Now you need to decide how often you will be taking inventory, this is called an inventory period. You can take inventory as often as you like, the standard is one time a week, known as a Monday-Sunday inventory period. In this guide, we will use a once a week inventory period as an example.
Let's get your first inventory going.
Open up the file saved with your product setup data entered. Once open, you can save this file as new name (see saving inventory files) for the first inventory period. It is recommended to use the inventory period dates as the file name.
To start your first inventory period, you have to take your beginning on-hand inventory. This is the amount of product that you have in stock before the business open on the first day of the inventory period. You will count your beginning on-hand inventory Sunday night after close or Monday morning before open, when taking inventory weekly.
Your inventory counts are entered in "Current Inventory".
Other than products being setup, your inventory locations should be blank...
Now it's time to enter your on-hand inventory data into your inventory locations. Go to each one of your inventory locations and enter your on-hand inventory into each corresponding location. This includes all full bottles in any storage areas, and point counts or weights in inventory locations with open products. Remember, you can setup your inventory locations as needed to match your establishment (see inventory location setup).
When all of the on-hand product is entered into your inventory locations (this needs to be done for each main product category that you are using to tracking inventory) you can continue to the final steps of getting your first inventory period started.
If you go to "Usage Reports" and look at the usage data for you products at this point, things just don't make sense. All of your numbers are shown as negatives. You might go hmm... did I mess something up? No, the usage data should look like this right now.
So what's going on?
When you look at the usage data at this point: The on-hand inventory that you entered will be totaled up in the "Ending Inventory" column and all of your usage data will be a bunch of negative numbers that do not make sense because there isn't a starting inventory to compare against.
When you enter counts into inventory locations, you are always entering your ending inventory numbers (your on-hand inventory at the end of an inventory period), EXCEPT on your very first inventory.
OK, let's get this fixed...
We need to get those ending inventory numbers into the starting inventory column. To do this, go the control panel for one final step. On the control panel, click the "Create New Inventory" button. When the dialog box opens up, click "Yes".
When the process has completed, click "OK" on the completion dialog box and go ahead and enter your first inventory period start and end dates.
Now go back to "Usage Reports" and look at the usage data again. When you created a new inventory file, the ending inventory numbers were transferred to the starting column and all those crazy negative numbers are now positive. The "Bottles Used" column should be the same as the starting inventory column, because at this point you haven't entered your new ending inventory numbers yet. When you enter your new ending inventory data, these usage numbers will update. If you go take a look at your inventory locations, you will also see that all of your starting on-hand inventory numbers you previously entered are now gone.
Save this file. Do not change the file name - it should already be named for your first inventory period.
That's it. Your first inventory period file is setup and ready for your ending inventory numbers to be entered at the end of your first inventory period.
Completing your first inventory period:
When your first inventory period is over, it's time to take your second physical inventory (the ending inventory counts of your first inventory period).
Step 1: Open up the saved file you created for your first inventory.
Step 2: Take and enter your ending inventory numbers into inventory locations.
Step 3: Make any adjustments that you need to (see making adjustments).
Step 4: Enter any purchases that you received during the inventory period (see entering purchases).
Step 5: Enter register sales in profit and loss reports (see profit and loss reports).
Step 6: Check your usage reports (see usage reports).
Step 7: Save the file after making any changes, keeping the same file name.
Step 8: To start your next inventory period, you will create a new file again (see create a new inventory).Have a question? Contact us