How to Enter Physical Inventory in QuickBooks?

How to Enter Physical inventory in QuickBooks

Physical Inventory indicates the process of verifying or correcting the in-hand components in your Point of Sale inventory by performing a physical count. Physical Inventory is suggested to be done regularly at the initial stage after entering inventory when the user starts using the POS software. Later on it can be done periodically. Though you can do everything manually, but here we will figure out, how to enter physical inventory in QuickBooks.

Note:

  • Choose Save & Continue whenever you want to pause in your physical inventory within QuickBooks. When saved you can exit and return to finish. Select continue Physical Inventory from the Inventory menu to continue the process again.
  • In case the transactions are bothering the quantity of the counted earlier components occurs during a physical inventory, the items are marked with a flag on the Physical Inventory window to notify you. You need to count the items once again.
  • In can you have mentioned the counts and wish to cancel them and restart, Select Clear Counts and Restart.
  • In case the system encounters power off or crashes during a physical inventory, Point of Sale absorbs the counts entered and automatically recovers the counts.
  • In case of requirement you can choose Print Tags from the Print menu to create new tags for the components as counting.

Steps on How to Enter Physical inventory in QuickBooks

  1. Open QuickBooks Point of Sale for Desktop -> Go to Inventory -> Start Physical Inventory (In case you are using the Multi-Store edition, you will be notified to select the store you are recording the counts for).
  2. Physically count the quantity of items in hand via both the methods: Print a Store Count Worksheet and take it with you through the store recording counts. From the I Want to menu select run a Report -> PI Worksheet. You can also modify the report as per requirement to display and group your items.
  3. Make use of the QuickBooks-approved physical inventory scanner (optional) to walk through your store scanning item bar codes and entering counts. As the physical inventory scanner is portable, you can easily move around your store and scan many items in one session. (Physical inventory scanner available separately)
  4. Transfer your counts to QuickBooks Point of Sale for Desktop by:
    • Using the Add Counts by Hand option: It is considered to be the quickest manual way to enter counts, even if the product is counted at several places in the store on different worksheets.
    • Enter counts directly in the Counted column: It is an easy way of input of a small number of products that are grouped together, but involves plenty of time in case the products are left behind scattered in your store. Filtering the list on this window helps to make entry of counts faster.
    • Upload Counts from portable scanner
      • Implement the scanner into the cradle and ensure to turn on the adapter is plugged into a USB port on your workstation.
      • In case the POS Physical Inventory window is not open -> Now you would need to choose “start physical inventory”. This you can find from the inventory tab.
      • From the I Want To menu -> select Add Counts from Scanner.
      • Perform according to the instructions to upload the scans from the scanner unit.
      • Once the upload is finished, you are notified to clear the scanner memory. You perform or wait until you are done reviewing and saving the scans.
      • The moment you close the upload window, the scans crop up for your review on the Get Scans window. The scans are not added to the Physical Inventory tab until and unless you selected to save.
  1. Review your counts and the totals summary displayed on screen and, in case applicable, select the Set all items not counted to zero. This will assure you that that your count for physical inventory will start from 0.
  2. Finally choose to save your settings and this will save your preferences.

For further queries and doubts contact QuickBooks customer support via phone, email or live chat option. Also you can contact reliable QB support agencies like AskForAccounting that assures quick and quality support for all QuickBooks processes and problems through the expert QuickBooks support team. Call to the toll free number +1-800-865-4183 and garner excellent QB support services.


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