Inventory counts can be validated to verify inventory count accuracy. Users can do this by comparing inventory count totals to GL account balances.
How to Validate an Inventory Count - Video
Validate an Inventory Count
To validate an inventory count, follow these steps:
Click steps to expand for additional information and images.
1) Open an in progress inventory count or reach the point in which your inventory count is ready for review. Then, click Review to navigate to the inventory review screen.
2) Once in review mode, click the menu icon to open the context menu.
3) From the dropdown, click Print to open the print options.
4) Select Print Count Review.
This will open a count review in a new tab.
5) In a separate tab, click My Reports from the left navigation menu.
This will open R365’s My Reports in a new tab.
6) Use the search function to search for the Balance Sheet.
7) Click Customize to open the report parameters.
8) Adjust the following parameters:
Filter By - Location
Filter - Location that corresponds with the inventory count being validated
As Of - Date that corresponds with the inventory count being validated
Detail Level - Detail
Rounding - No Rounding
Show Unapproved - Yes
This is important to reflect counts that are still in progress and have not been approved.
9) Once the parameters have been set, click Run.
This will open the Balance Sheet report in a new tab.
10) On the report, locate the Inventory section.
Balance sheets will vary in formatting by organization, so users may need to scroll or use the search function to locate the Inventory section.
11) Compare the values on the balance sheet to the values on the count review and ensure that everything matches.
Multiple Counts in the Same Day
If multiple counts are conducted in the same day, then this process must be repeated for each count.
The example below compares the Alcohol Inventory to the LBW (liquor beer wine) count.
12) Once all discrepancies have been addressed, users can finish reviewing the inventory count as needed and approve the count.
Discrepancies should be addressed on the inventory count before approving the count.
