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Update Inventory

Action: UPDINV

This form is used to update the inventory QOH based on a physical count. . All users should be out of the system when an physical Update is applied. Automatic steps of the Update function

Sets a Flag in the Physical Count file and Inventory file that nothing has been counted yet.

Clears log entries of any prior physicals. (A Log entry is generated when a STYLE code is barcoded rather than the SKU/Barcode/UPC. When this occurs ProfitSystem will have to zero the Quantity on Hand for the SKUs of that style.). Also the OTHER size quantity on hand of all inventory items will be set to 0 (zero) by the update process. The OTHER size description is a ProfitSystem reserved size description and should not contain a quantity greater than 0.

Using the Physical count file, the system steps thru each item and attempts to locate the counted item within the Retail Inventory file. It first tests to see if the item is a Style code. When this is the case it updates the Quantity on Hand (QOH) of the first SKU in the file for that style, sets the Last Physical Date to the current day and then zeros the QOH for the remaining SKUs. Otherwise it locates the item via SKU, UPC or BARCODE number and if found updates (QOH) then sets the Last Physical Date to the current day.

Then it marks the item in the physical file to indicate if the item was found or NOT found in the Retail Inventory.

Note: An item could appear multiple times in a Physical count file. As a result, the first time an item is located in the Retail inventory file, it’s QOH is zeroed and the QOH goes up by the count in physical. Also, the current QOH (prior to physical) is copied to the VARIANCE field. This number will be used later to compute the actual Variance, i.e. what you counted vs what the computer system showed you originally had prior to the physical. The following times the same item is found in Retail Inv. during the same Physical, it’s QOH is added to by the count in the Physical count file.

Once all Physical count items are processed the system will: 1) the system will replace the QOH of SKUs NOT counted during the physical with a zero. This zeroing step is limited to the Category and sub-category entered 2) cycle thru the Inventory file once to compute the Variance between what was counted in the Physical to what the computer showed you having prior. The Variance number is computed then viewable form the Retail Inventory Size/Color/Width (SCW) screen or the View Store Statistics form when multi-store is installed.

ProfitSystem will next take a snapshot of the New Retail Inventory by copying certain information to a new file. The snapshot copies Style, Size, Color, Width, current date, current QOH (after physical count is applied). This can be used via built in Inventory Maint. utilities to recreate inventory quantity on hand from the last physical.

ProfitSystem will then adjust each item’s RECEIVE HISTORY to match the physical count. This history is adjusted based upon the retail inventory cost averaging selected in general set-up, i.e. LIFO or FIFO.

The system first zeros all QOH numbers for the Receive History for the item being processed. Once the transactions are zeroed the system will add quantity back to each transaction, up to the maximum that was received in that transaction based upon FIFO/LIFO. Once the maximum received in the transaction is reached it moves to the next History transaction until the QOH from the physical count is exhausted.

Note: Receive History is enterprise wide, not on a store by store basis. Also, QOH can be higher than the maximum received due to Retail Inventory added by an operator outside the Receive History module.

The last step is the LOGGING within the ProfitSystem(c) log file of SKUs (SCW) that were zeroed

Fields

Limit to category/sub-category...If you are choosing to zero the QOH for all items not counted, you can specify a category/sub-category and only items not counted in that category/sub-category will be zeroed.

Date of physical...This date uniquely identifies the physical. This date is used to select the physical to report on when running the Variance Report.

Export unknown SKU’s checkbox...If checked, ProfitSystem will create a text file listing all the SKU’s that were scanned but were unknown to ProfitSystem.

Buttons

Update button...Applies the quantity update from the physical count to the inventory data.

Cancel button...Returns to the previous form without making any changes.