physical inventory document

7/27/2019 Physical Inventory Document

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SONA OKEGAWA PRECISION FORGING LTD

Physical InventoryInventory Accuracy

Chain-Sys India Ltd

11/7/2011

This Document will give the clear process steps and the report lists that all are required to perform a Physical

Inventry.


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For Client SONA OKEGAWA PRECISION FORGING LTD

Physical Inventory Document

Scope:

To reconcile system-maintained item on-hand balances with actual counts of inventory. Accurate system on-

hand quantities are essential for managing supply and demand, maintaining high service levels, and planning

production.

Steps Involved

1) Define a physical inventory,2) Generate physical inventory tags,3) Enter physical inventory information,4) Enter approval adjustment information.5) Physical Inventory Reports

1- Defining a Physical InventoryScope:

A physical inventory is identified by a unique name you assign. You use this name to identify any activity,

such as adjustments, pertaining to this physical inventory.

Navigation:

Inventory>Counting>Physical Inventory>Physical Inventories.

The above navigation will redirect you to the below shown screen.

Enter a unique physical inventory name. Select approval requirements for adjustments. From available list of Option

Always: Require approval of all physical inventory adjustments.

If out of tolerance: Hold for approval those counts that are outside the limits of thepositive and negative quantity variance or value tolerances.

Never: Allow any adjustment to post without approval.

As per Sona Business requirement, select the approval option as Always. Select the scope of the physical inventory. Determines whether the physical inventory is for all

subinventories or for one or more specific subinventories.


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Indicate whether to allow dynamic entry of tags. Determines whether you can dynamically enter tagsyou manually created. If you choose not to allow dynamic tag entry all tags must generated before

use.

Select Exclude Zero Balances to exclude items with zero quantity from the snapshot. Select Exclude Negative Balances to exclude items with a negative quantity from the snapshot. Save your work.

1(a)-Taking Snapshot of System On Hand Quantities

Scope:

Taking snapshot of all system on-hand quantities for your items. The snapshot saves all current item on-hand

quantities and costs. All tag counts you enter for this physical inventory are compared with these static quantities.

Note: Ensure that no transaction activity occurs in a particular location until after you have performed your

adjustments. And It is recommended to clear the Pending Transactions and Transactions Open Interface, before taking

a snapshot of inventory quantities.

Navigation:Inventory>Counting>Physical Inventory>Physical Inventories.

The Above navigation will direct you to the Physical Inventory summary window. There you query the Physical

Inventory Name by using the Query commands (F11 & Ctrl+F11).

--Navigate to the Tools Menu

--Select the function Perform Snapshot from the List.

--You will get the note of Concurrent submitted.


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--By requiring the physical inventory you can check the status block to confirm the Snapshot completion.

--In the Status block the Snapshot completed will show with the Tick mark.(see screen below)

2-Generating the Physical Inventory Tags

Scope:

Physical inventory tags are to record the physical counts of inventory items. Physical inventory tags represent

actual hard copy tags that to use to count inventory items.

Types of Tag:- Default Tag Blank Tag

Default Tag:

In default tags alphabetic characters in the tag number stay constant. Inventory then uses these tags

Numbers to generate a tag for every unique combination of item number, revision, subinventory, locator, lot, and

serial number for which the system has an on-hand quantity not equal to zero.

Blank Tag:

Inventory assigns tag numbers to blank tags, but does not include any item or location detail. You

specify this information when you enter your tag counts. You can generate as many blank tags as you want.

Note:- If you want to have some empty tags handy to record counts for stock-keeping units for which Inventory hasno on-hand quantity (and therefore does not generate default tags), you can generate blank tags. You can also


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exclusively use blank tags to perform a physical inventory. If you need to perform a complete wall-to-wall physical

inventory, you can go through your warehouse and attach blank tags to every item and/or location you see.

Navigation:

Inventory>counting>Physical Inventory>Tag Generation


Enter the name of the physical inventory. Select the type of tag to create. Indicate whether you want to show serial numbers on the physical inventory tags. (As Sona

Pune didnt tracking the Item in Lot wise you uncheck this)

Enter the starting tag number.Note: Tag numbers may be alphanumeric, but you can increment only the numeric portion. When entering a starting

tag number be sure that it contains the total number of possible digits that a tag can have. For example in the below

shown screen note down the total number of tags are shown as 105 so the starting tag number has to enter as 001

(not 1).

Enter the ending tag number. (Inventory calculates this value for you if you selected Defaulttags in the Tag Type field).

Choose the Generate button to create the tag numbers and information. You will get the note message for the concurrent submission.


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2(a)-Printing the Physical Inventory Tags

Navigate to View from the Menu Bar Select the function Requests Click on Submit a request Select single request Click on OK

Select the Concurrent name Physical Inventory Tags from list Select the Physical Inventory name in the Parameter field Where the field with yellow background are the mandatory ,with out giving the value to this fields

you cant submit the request.

Click on OK to proceed for submitting.


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You can view the report output by clicking on find button followed by View Output. The below screen shows the report Output. Usually the report output will open in the individual Browser window.

3-Physical Inventory Counts

Scope:

After recording your physical counts you must enter the quantity for each tag. You can query tags for easy

data entry.

Navigation:Inventory>Counting>Physical Inventory>Tag Counts



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Enter the physical inventory. Choose the Find button. Choose Yes or No to query all tags. If you choose No, you can either enter tag

numbers individually or use the Find feature on the Query menu to query a subset of tags.

OR

Enter tag numbers individually. You can enter existing tags individually. Use the Find feature on theQuery menu.

By clicking on Yes you will exposed to the below screen where you can enter the count quantitysIn the field named QTY.

The above step you can perform only if you generated the Default Tags ( as all the primary details are incorporate

with that).


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Note: The above screen is for Default Tags count as the Item and other informations are defaulted in theirs column.

For entering the count for blank tags and for dynamic Entries. Follow the below steps.

When you are querying the Physical inventory for which the Tags generated as Blank you will getthe screen which will only have the Tag numbers.

Enter the item associated with the tag. Enter the revision of the item. Enter the subinventory in which you counted the item. Enter the locator associated with the subinventory.

Enter the count quantity (number counted) for the tag. Enter the count unit of measure (UOM). Enter the name of the employee who counted the item (Counted By). Enter the lot number associated with the item. Save your work.


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Note:- The above screen only defaulted the Tag number as this inventory has been generated as blank tag.

3(a)- void or unvoid physicalInventory TagsScope:

You can void tags that you deliberately discarded during the physical inventory. Voiding tags allows you to

account for all tags; thus, any tag numbers that appear on the missing tag report are actually missing.

To void or unvoid individual physical inventory tags:

Follow the steps for displaying physical inventory tag information. Select the physical inventory tag you want to void. Check or uncheck the Void option. Save your work.

To void or unvoid all displayed physical inventory tags:

Follow the steps for displaying physical inventory tag information.

Choose the Void All or Unvoid All button.

4-Approving Physical Inventory Adjustments

Scope:

To view, reject, or approve physical inventory adjustments pending approval. The adjustments you can view

from this window are determined by the approval option you defined for your physical inventory.

Navigation:

Inventory>Counting>Physical Inventory>Approve adjustments



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Enter the name of the physical inventory. Enter the name of the employee approving the adjustments.

Before approving the Adjustment you can take a look on details on count by following the below steps.

Place cursor on the desired item for which you want to see the history Click on Open button Then you will redirect to the Approve Physical adjustment window.(see screen below)


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5-Processing Physical Inventory Adjustments

Scope:

After you finish entering all your tag counts and approving those adjustments that need approval, you can

submit the process that automatically posts your physical inventory adjustments.

Navigation:

Inventory>Counting>Physical Inventory>Physical Inventories

The above navigation will direct you to the Physical Inventory Summary Window.

--Here use Ctrl+F11 to query for all the existing physical inventorys.

--Place the Cursor on the Physical inventory for which we are going to do the adjustments

--Navigate to Tools Menu

--And select the Launch adjustments from the List.


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--By doing the abve the new dial box will open for entering the adjustment accounts .

--Enter the account details as in which account you are preferred to post the adjustments

--Click on the button Launch adjustments

--You will get the note message for the submission of concurrent.

6-Physical Inventory Reports

List Of Reports:

1) Physical Inventory Tag Listing2) Physical Inventory Counts Report3) Physical Inventory Missing Tag Listing4) Physical Inventory Adjustments Report5) Physical Inventory Accuracy Analysis6) Physical Inventory Summary Report


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1- Physical Inventory Tag ListingThis report lists all the default and blank tags that you generated and all the dynamic

tags that you entered. The report shows the tag number, item, revision, subinventory,

locator, lot, and serial number for each tag used in your physical inventory

2- Physical Inventory Counts ReportThis report shows information on the tags you enter for a physical inventory, including

the item, item controls, count location, count quantity, and count value.

3- Physical Inventory Missing Tag ListingThis report lists the tags that are missing from a user-specified range of tag numbers. Use this report before

initiating physical adjustments to verify that you have accounted for all tags generated by the system.

Otherwise, if you have not entered a count for a tag and approvals are not required, Oracle Inventory adjusts

your on-hand balances down to zero quantity.

4- Physical Inventory Adjustments ReportYou can run this report before processing your adjustments to get a preview of your

adjustment quantities and values. You can then determine whether you are ready to

process all final adjustments or whether you need to recount certain locations.

5- Physical Inventory Accuracy AnalysisIf you run this report after entering your tag counts, it shows the

actual count quantities and values, as well as the adjustment quantity, value and error

percentage for each count you entered. You can also use this report as a historical

accuracy analysis tool.

6- Physical Inventory Summary ReportThis report provides a summary of your physical inventory adjustments by

subinventory.

7- Physical Inventory Trend ReportThis report compares past physical inventories so that you can see whether record

accuracy has improved over time.

To Run all the above report navigate to View>Requests>Submit a request> and select the report name from the

available list (see the screen below)

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physical inventory document

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