Stock Takes in iVend Retail
Stock Take
Stock-taking or Inventory Counting is the physical verification of the quantities and condition of items held in inventory within a location or warehouse. This may be done to provide an audit of existing stock. It is also a source for stock discrepancy information.
By matching the actual inventory to the quantities saved in the database, retailers can make adjustments to existing inventory records, detect unusual or unacceptable discrepancies, and improve inventory management.
In iVend, the Inventory Counting feature allows the user to do physical counting of the inventory items. It also enables the user to reconcile the system inventory against the actual inventory in a store/warehouse.
Steps to Perform and Inventory Count in iVend
In the following section, we will see how to perform an Inventory Count in the iVend Management Console.
1. Log into the iVend Management Console and then go to: Business Transactions > Inventory Counting
2. Press [F3 New] on the Inventory Count Search window to create a new Inventory Count.
The Inventory Count Selection window appears.
3. Specify the From Product and To Product information and choose the [Next] button.
4. In the Inventory Count Setup, enter in the Inventory Count Id, Description and optional Comments.
In the Inventory Count Setup, the user can perform the certain actions using the following buttons:
[Auto Add Products]:
Clicking this button will add all the products for inventory count where the cycle count is due as defined in the Products Master Records’ Inventory View.
[Add Product]:
Clicking this button will add any particular product for the Inventory Count.
[Delete Product]:
Clicking this button will remove a selected product from the Inventory Count.
[Count Inventory]:
Clicking this button will initiate the counting process and will move the user to the Inventory Counting screen.
5. Select the [Count Inventory] button to initiate the counting process.
The Inventory Counting window appears as shown below:
6. In the Inventory Counting window, to view the current In-Store quantity, click the [Show InStore Quantity] button.
7. Enter the current actual quantity in the Counted Quantity column and to check the difference in the counted quantity to the In-Store quantity, select the [Show Difference] button.
8. Select the Reconcile checkbox to mark the item ready for reconciliation
9. Now click the [Reconcile Inventory] button to reconcile the inventory for records that have been selected as ready to Reconcile. Based on whether there is an increase in quantity or a decrease in quantity, the system will generate either a Goods Receipt or a Goods Issue document respectively in iVend. As per our example shown in the screen image above, the counted quantity is ‘12’ and the In Store Quantity is ‘10’. Therefore, the system will create and post a Goods Receipt document for a quantity of ‘2’.
Steps to Perform a Stock Take in the iVend Handheld
A user can perform a Stock Take on the iVend Handheld device. To perform the Stock Take, follow the steps below:
1. Log into the Handheld and go to: Start > Programs and click on the iVend Handheld icon. The Login window appears:
a. Enter the User Name and Password and choose [Login].
b. Once logged in successfully, select the relevant warehouse.
2. When you connect the Handheld device to the Enterprise server, a list of all store warehouses appears in the Select Whse window.
3. When you connect the Handheld device to a store server, only the store warehouse appears in the Select Whse window
4. Choose [Ok].
The Main Menu screen appears.
5. From the main menu, select Stock Take.
Enter the details for the count as explained in the following table:
6. Once all the data has been entered, choose the [Save] button.
7. Now go to the iVend Management Console to check the Stock Take counting transaction that has been generated from the Handheld device. Go to: Operations > Inventory Transactions > Inventory Counting.
8. Select the Inventory Count and press [F4 Edit].
9. Select the Reconcile checkbox for the items and then click the [Reconcile Inventory] button to reconcile the quantities.
Note: In the Handheld, if you want to continue the stock take after a break, then enter the same Reference number into the Count Ref. Text field and scan the remaining Items. When you add to this Stock Take on the Handheld and save your changes, the Inventory Count document will be updated with the new items and their quantities in the Management Console.
Inventory Counting Document Posting in SAP Business One.
In Inventory Counting, whenever there is an increase in quantity or a decrease in quantity the system will automatically create and post either a Goods Receipt or a Goods Issue respectively. If iVend is integrated with an ERP such as SAP Business One, then the Goods Receipt and Goods Issue documents created by the variances being posted in the reconciliation of the Stock Take, will also create entries through the integration to the ERP as follows:
Goods Receipt – If the counted quantity is increased during the Inventory Counting.Goods Issue – If the counted quantity is decreased during the Inventory Counting.As per our example that we showed earlier in this article, the counted quantity was ‘12’ and In Store Quantity was ‘10’ Therefore, the system created and posted a Goods Receipt document for a quantity of ‘2’– Refer to the following screen image for an example.
Here you see the unit price applied in the Goods Receipt document is for 100 USD. This is because the item used in the Inventory Counting had a valuation method of Moving Average and the current cost for the item is 100 USD as shown in the below screen image.
The price determination logic for an item used in the Goods Receipt document with different valuation methods is explained below:
Moving Average:
The price determination engine first selects the average cost calculated in SAP Business One. If the average cost is zero or not defined, then the system falls back to the base price defined in the product master in iVend.
Standard Cost:
The price determination engine first selects the standard cost defined in SAP Business One. If the standard cost is zero or not defined, then the system falls back to the base price defined in the product master in iVend.
FIFO:
The price determination engine always selects the base price defined in the product master in iVend.
If the base price is not defined in the product master in iVend then the price is set as zero.
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