1.

When Do You Perform Physical Inventory And Explain The Steps Involved In It?

Answer»

Physical inventory can be PERFORMED, whenever there is a need to verify the accuracy of system on-hand quantities. This can be done for entire organization or can be CONFINED to a specific sub inventory.

Steps to perform physical inventory:

  • DEFINE physical inventory
  • Take a snapshot of system on-hand quantities
  • Generate physical inventory tags
  • Enter counts
  • Do physical inventory adjustments by approving or rejecting
  • Post adjustments
  • Purge physical inventory INFORMATION

Physical inventory can be performed, whenever there is a need to verify the accuracy of system on-hand quantities. This can be done for entire organization or can be confined to a specific sub inventory.

Steps to perform physical inventory:


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