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Access this window using one of the following methods:
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Select Inventory Management Physical Count menu > Physical Count Entry. In the Physical Count Entry window, click the Print button.
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Use Physical Count Variance Register to show the difference between the perpetual inventory balance that was frozen at the beginning of the physical count process with the count data entered in Physical Count Entry. Printing and updating this register is the final step in the physical count process.
The register prints the frozen on-hand quantities, the actual physical count entered in Physical Count Entry, and the difference between the two. A variance amount, based on the quantity over or short and the item’s costing method, is calculated for each item and is used to adjust the perpetual inventory during the update. You can enter a selection of item codes, bin locations, item descriptions, warehouses, inventory cycles, and product lines to print.
Note Only frozen items within the selection criteria are printed and updated. Frozen items not included within the selection criteria are not updated and remain frozen.
Review the Physical Count Variance Register for accuracy. If there are errors, return to Physical Count Entry, make the necessary changes, print the Physical Count Variance, and proceed with the update.
Warning Do not, under any circumstances, interrupt the update process.
During the update process, the following occurs:
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The quantity-on-hand fields in the Inventory Item Warehouse Detail file are updated to the physical count quantities.
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The average cost is recorded in inventory, and the item costing records for lot, serial, LIFO, and FIFO items are updated.
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The physical count detail is recorded in the Inventory Transaction file.
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Postings are made to the General Ledger Transaction file for future printing.
Postings from the Physical Count Variance Register are updated to the general ledger when you update the Daily Transaction Register. Depending on your security setup, either the Daily Transaction Register is automatically printed and updated after you update the Physical Count Variance Register, or you are prompted to print and update the Daily Transaction Register after updating the Physical Count Variance Register.
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