End of the Year Physical Inventory
- December 7, 2016
It’s getting close to the most wonderful time of the year! With Thanksgiving, Black Friday, Small Business Saturday, Cyber Monday, etc. there will be tons of deals going on! However, as you finish up the end of the year, don’t let your end of the year physical inventory slip your mind. Starting the new year out on the right foot with clean, on-hand inventory numbers can be almost as important as getting those final holiday sales off of the shelf. Having accurate on-hand inventory numbers will help with accurate ordering and precise accounting. Your financial advisor, accountant, and wallet will thank you! If you consider your inventory as piles of money sitting on your shelves, you’d want to make sure you can account for every dime!
In order to perform a physical inventory, you’ll need to determine your method of counting. Options include, by hand on pen and paper, scanning items with a laptop and the scanner from your register, or using a portable data reader (you can find that here: www.shop-rics.com). Once you’ve determined your method of counting, you can begin entering that information into RICS under the Physical Inventory section. The physical inventory process in RICS helps you account for potential missed items. RICS has a View Physical Counts report, Items Not Counted report, Enter Zero Counts section, and a Variance report. These reports will help ensure you’ve captured and counted all of the products in your organization.
For more details on the entire process, you can visit our RICS Knowledge Base.
If you need assistance during this process, RICS support is available 9 am – 9 pm EST, 7 days a week. View the message center on your RICS back office for the Holiday schedule.