Physical Verification of Stocks Preface: Every company always wants that the computer / ERP must tell what the stock in stores is. The Finsys ERP has the facility to manage this. And this is a very quick and efficient way of managing one’s stocks.

How this is done 1. Enter the opening stock 2. Enter all incomings properly –

a. including Purchase, b. Customer Rejections c. Free Samples d. Receipt back from Job workers e. Receipt back from Production Line

i. Rejection ii. Return as such.

3. Enter all Out-goings properly. This must include

a. Sales, b. Issue to Job workers c. Issue to Production Line

d. Vendor Rejections e. Free Samples f. QA Dept consumption g. Prototype consumption for development h. Own unit transfers ( to own plants )

The software maintains all ledgers, automatically. And stock summary can be made automatically.

Next Topic : How to see that people are doing proper work in Stores Answer: Just check all the stores, systematically, by a continuous inventory taking. (That is, check 100 items by physical counting, every day, in a month of 25 working days, 2500 items can be checked…) And slowly, 100% items can be checked once a month / alternate month. So, if there is any mistake, it will be known in this checking, and will be rectified. Thus, if your team is doing a continuous audit of stores, … there will be a “regular practice” of monitoring the stocks”. Now the stocks will always be correct.

Next Topic: How to Do this checking. Print the Stock summary Steps: Just you Login into Finsys >> click on Inventory Management >>

You can see the Stock either Stock Summary or Stock MIS Reports.

If you Choose & double click on Stock Summary then system will ask to choose Print Format >> Select Format as per your need >>

Select the Time Period to see the reports Like From & To. And press submit button >>

Now select the Item Group and Sub Group and Press OK button

This is one format of the Stock Summary

Shows all items, group and Sub group wise, With opening, inward, outward and closing.

What next ? And now go to the stores. At the stores, he will get the stocks of any item (overall 20 items approx) to be physically counted.. And if there is a difference, it shall have to be justified by stores people.

How to put the actual Stock Qnty in the computer now

(How to adjust the differences in the ERP) == for future?

The process of Physical Verification of Stock is given below:

Steps: Just you Login into Finsys >> click on Inventory Management >>

Double Click on the icon Physical Verification of Stock button >>

Click on New button >>

System will select Data automatically >> select Group, Subgroup and Press Show Records button >>

Item will be displayed on the screen of Chosen Group & Subgroup >>

Click on Item code and Press Enter >> update Stock of those item in Physical Stock Column >> You put the stock that was actual in hand ( stores ). The deviation is the plus/minus as per mathematical substraction. After you are done, press Save.

You can also put the Physical by just click on Item Pop up , Select the Item from Item List >> Press and click on Show button if you Item name but not unknown from Group & Subgroup of those items.

Item will show on below grid >> Press Enter before Physical Stock column >> put Physical Stock (Actual Stock) in the column in Physical Stock.

Click on Save button

Now this voucher is printed

It shows both - - increases / reductions. Now the stores head and operator must sign these differences. Get it approved ( condoned ) from the Senior Management.

You can check the Stock from Stock Summary Report >> it has been duly updated