How to Produce Physical Inventory in QuickBooks?

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Produce Physical Inventory in QuickBooks
 

This article shows how you can produce a physical inventory in QuickBooks.

Physical inventory involves verification and correction of quantities of the on-hand items in the QB Point Of Sale (POS) inventory with a physical count. A physical inventory should be done after the inventory is entered when QuickBooks POS is used for the first time and at regular intervals after that.

NOTE:

  • The physical inventory can be paused any time by selecting Save and Continue. After saving, users can finish the physical inventory later.
  • If the quantity of items that were counted earlier is affected by transaction, the items will be highlighted in the window as an alert. These items must be recounted.

Users must firstly see if the Physical Inventory has been started. In some of the specific editions, the users will receive a prompt for selecting the store for which the counts are being entered.

To physically count the quantities of items on hand, one of the following methods or both ca be used:

Users can transfer their counts to QuickBooks POS via the following:

Using the Option of Counting Manually

This option is the fastest means to enter counts manually, even if the item has been counted at several places in the store in different worksheets. After entering an item identifier or UPC, followed by the count, users must press Enter after every entry. POS collates several entries and transfers the counts to the window related to the inventory.

Entering Counts in the Counted Column

This method is good for entering a few items or items that have been grouped together. The method could take time if the items are in different places in the store. The entry of counts can be made faster if the list is filtered or sorted in this window.

Uploading Counts from a Portable Scanner

  • The scanner must be placed in the cradle and the adapter must be plugged in a USB port in the computer. Then, the scanner must be turned on.
  • If the POS Physical Inventory window isn’t open, users must choose Start/Continue Physical Inventory in the Inventory menu.

Reviewing counts

  • Now users must review the counts and the summary of totals that are shown on the screen and then choose Set All Items Not Counted To Zero, if it’s applicable.
  • Then, users must choose Apply Changes To Inventory for updating the inventory on-hand quantities with the counted quantities.

For further information on the topic or assistance, please call the AccountingHub QuickBooks Technical Support Team at the QuickBooks toll-free helpline +1844-313-4856. The knowledgeable and trained QuickBooks experts in our team are always there to help you out in every way.

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