For people who work in accounting department, retailer industry, warehouse, supermarket or store, Physical Inventory Count Sheet is a very special and familiar term for them. For others, this term might be strange and confusing. What is the definition of physical inventory actually? Physical inventory is the actual count of storing goods in the warehouse compared to computers count list. Retailers or suppliers need to know the accurate count number of stock in the warehouse by adjusting it with computer data counted. It is required to count all inventory physically more than just depend on computer file sheet.
The idea of physical inventory is to compare physical count in the warehouse stock and computer data recorded. It is very crucial to ensure that warehouse count is being entered and posted in the computer. Re-check and make sure that both data are equal and exact. Now as accounting staff, you have to know more about how to prepare physical inventory in proper procedures. Here are some tips on the preparation. First thing is check the receipt. Make sure that all items received in the warehouse are entered into the computer and have been posted. Second, check picked orders that has been filled and shipped in Physical Inventory Count Sheet and in the computer are the same.
Then, post all adjustment without any left information, including invoice and rest of the stock. If all data have been synchronized in computer and warehouse count sheet, now this job is considered complete. To make this tiresome job easier, you could use some supporting utility. Like software program or Physical Inventory Count Sheet template, as you can download below with Microsoft Word format.