TWL Execution - Physical Inventory overview

The value of your inventory is the physical inventory quantity according to Product Warehouse Product Setup prices and costs. During the count process, each product or item warehouse location and the corresponding count are recorded by a warehouse employee.

Discrepancies are discovered during a physical inventory. Any discrepancies that are outstanding when the results of the physical inventory are communicated are cleared. The TWL quantity is used to update the system to the correct quantity. Theoretically, then, the inventory in the warehouse after the physical inventory equals the value stated in the General Ledger at that point in time.

A physical inventory is generally performed annually to verify and audit inventory and typically involves a complete warehouse shutdown. After you set a physical inventory in TWL and begin counting, you can check on the progress of the physical inventory count by accessing TWL Execution - Physical Inventory.

From the toolbar, you can access the reports of these inquiries:

• Uncounted Locations
• Uncounted Inventory
• Discrepancy Locations
• Discrepancy Inventory
• Discrepancy Zone Locations
• Not Active Locations

From the toolbar, you can access these reports specific to physical inventory:

• Physical Inventory Summary
• Physical Inventory Valuation
• Physical Inventory Variances
• Physical Transactions
• Physical Uncounted Inventory
• Physical Uncounted Locations