Stock take process - IQ | Stock | Utilities | Stock take

Overview:

Stock take is the process of counting all stock to obtain an accurate determination of stock levels which is needed to determine any variances and assist with control & management. There are 2 types of stock takes that can be done on IQ:

- Full - all items are counted - this is the preferred option

- Perpetual - only specific departments or locations counted

Objective:

The objective is to have an understanding how to deal with:

- theft

- slow moving stock

- damaged stock

- warehouse processes

PRACTICAL STOCK TAKE PROCEDURE:

- STOCK TAKE PREPARATIONS - Get everything ready an in place and in working order for the Stock Take. All the Stock Items should be neatly packed in their separate locations and every counter needs to know exactly what to count and where.

- BACK UP BEFORE STOCK TAKE - Ensure that all the IQ users have logged out of the IQ system, to ensure that all the tables will be backed up. It is essential that a full system backup of the company data is made before a Stock Take.

- START STOCK TAKE - Complete the setup for the Stock take and print the Stock Take lists, don’t print the onhand quantities on the count sheets. The Stock counters should count each item - no estimates should ever be allowed.

- CAPTURE DATA - Capture all the count sheets and ensure that all stock that should be counted is counted. 

- PRINT REPORTS -  Check the actual counted stock against the on-hand quantities in the IQ system. Sort out all discrepancies. Print final stock take reports, which can be filed.

- BACK UP - Once the user is satisfied that all the stock items which should be counted, has been counted and all discrepancies are sorted out, let every user log out of the IQ system. If required send a kill command to ensure that nobody try to log into the system during Stock Take Finalization.

- FINALISE STOCK TAKE - Once the user has ensured that every user is logged out of IQ, the backup has been made and all the reports were printed, the user can finalize the Stock Take.

- BACK UP - It is suggested that the user make a backup again, before any new transactions are processed.

Steps to follow:

- You first need to create stock sheets to be counted that can be printed or exported once processed

- Click on Stock>Reports>Stock Lists and either choose a filter under "Available Filters" or create a new by clicking on "Filter"

- Example of stock sheet below - create a filter to show zero totals under "On Hand" as per below screenshot

- Once sheet is counted it needs to be captured on IQ - click on Stock>Utilities>Stock take

Button Functionality (bottom icons)

SELECT VISIBLE FIELDS

The Select Visible Field option allows the user to select specific or additional fields to display on the Current Stock Take screen. To select an additional field, tick the box next to the field and click on Accept.

EXPORT

The Export option allows the user to export the information on the Stock Take screen in the following formats: .CSV (comma delimited), TXT, HTML, XML and XLS (Excel).

FILTER

The filter option enables the user to filter out specific or certain Stock Takes based on the information shown on the Stock Takes screen. 

SEARCH

The Search option allows the user to search for information within the Stock Takes screen and for any available field.

START NEW

The Start New option allows the user to start a new Stock Take.

CAPTURE DATA

The Capture Data allows the user to capture the counted quantities as per setup. 

FINALISE

The Finalize option allows the user to finalize an existing Stock Take. Before the finalization, the system will make a backup of all the Stock Take files. These files can be restored if something goes wrong while finalizing the Stock Take. NOTE: The restore option is only valid before any new transactions are processed.

CANCEL

The Cancel option allows the user to cancel an existing Stock Take. NOTE: If a Stock Take is cancelled, no corrections to the on-hand quantities will be made.

REPORTS

The Reports option allows the user to view and or print all the required reports for the currently selected Stock Take.

FLASH REPORT

The Flash Reports option allows the user to draw a quick flash report that has been setup specific to Stock Takes. This makes it easy if the user needs to see previous processed information quickly.

TERMINALS

The Terminals option displays which users are still logged in on the IQ system. A Message can be sent to inform users to log off or a kill command can be sent to kill a selected user. The kill command will stop any other users to log into the IQ system, while the Stock Take is being finalized. 

VIEW LOGS

The View Logs option allows the user to see all previous Stock Takes, the dates and the outcome of that selected stock take.

- Click on Start New and choose type of stock take to perform from "Stock Take Type" and click "OK"

Description of options available:

STOCK TAKE TYPE
The user can choose between a Complete Stock Take and a Department Stock Take. If Multiple Bin Locations have been enabled in Default Settings (1), the user will have a third option for Bin Location Stock Take

DEPARTMENT

If the user has selected to do a Department Stock take, the departments are listed, which can be selected from the drop-down menu next to the Department field

TRACK LAY-BYES (ONLY IF STOCK IS REMOVED FROM THE FLOOR)

Select the track lay-byes to keep track of all lay-byes. This will take the Lay-byes into account when comparing the variances in the Stock Take reports only. The on hand in the system will INCLUDE the Lay-byes. NOTE: If this option is enabled then the counted quantity will not have to include the quantity on lay-bye

TRACK WORK IN PROGRESS (ONLY IF STOCK IS REMOVED FROM THE FLOOR)

Select the track work in progress option to Track Work in Progress. This will take the job cards into account when comparing the variances in the Stock Take reports. The on hand in the system will INCLUDE the job cards. NOTE: If this option is enabled then the counted quantity will not have to include the quantity on job cards

TRACK DELIVERIES AND COLLECTIONS (ONLY FOR STOCK STILL ON FLOOR)

This option allows the user to keep track of the stock that has been sold, but which is still on the floor because it has not yet been delivered or collected. If this option is not enabled, the user will have bigger counted quantities that what is on hand

WRITE OFF ALL ITEMS NOT COUNTED (WARNING - USE DISCRETION)

This option allows the user to write off all stock items not counted

PLACE NOT COUNTED ITEMS ON HOLD (WARNING - USE DISCRETION)

This option allows the user to place not counted stock items on hold

HIDE ON HAND & AVAIL ON HAND COLUMNS

If this option is enabled, the on hand and available stock quantities will be hidden while the stock take is busy. This is a security measure

ENABLE VOLUMETRIC DETAIL

If Volumetric detail is used on items, this option allows the user to enter the volumetric detail during the stock take

COST PRICE THAT WILL BE USED TO CALCULATE STOCK GAIN/LOSS WHEN THE STOCK TAKE IS FINALIZED

The system defaults to Average Cost. With Supervisor Logon, the user can select either Average Cost, Latest Cost or Highest Cost

- Click "Capture Data" to either import data or capture manually and then complete field "Enter The Storage/Bin Location/Countsheet Number" - this refers to a sheet number that is used for counting the stock items in the shelves or storage area and then capturing the data. A bin location is used to enter the actual location of the stock items within the store or on the shelf.

- Once captured click "Save" and then repeat if there are different locations, sheets etc.

Description of options available:

SEARCH

The search option allows the user to search for specific information in the physical Stock Take list.

IMPORT A RANGE

Select the Import a Range option to import a range of stock items. Select the filter option to filter the stock items and then select Accept. This will import all the items selected via the filter into the Stock Take screen.

NOTE: If the user doesn’t use a filter to select specific information, all the stock items will be imported.

IMPORT ALL DATA FOR BIN

Select the Import all data for Bin, to import all the stock items for the selected Bin Location or Storage location (as entered in Stock > Maintenance) if the storage location is the same as the Count Sheet Number. NOTE: The import all data for bin option, will ask the user to confirm the selection before the items for that specific bin are imported into the Stock Take count screen.

IMPORT A DEPARTMENT

Select the Import a Department to import all the stock items within a certain Major Stock Department into the Stock Take count screen. NOTE: Select the relevant major department and select the ok button. This will import all the stock items belonging to the selected major department, into the Stock Take count.

DELETE RECORD

Select the Delete Record option to delete one single line.

IMPORT SCANNED DATA

Select import scanned data to import the scanned data from a text file. The file name must be stimport.txt and this file must be saved in the c:\IQEnterprise\Imports directory. The format of the file must be code, quantity. NOTE: Once the import file has been selected, the system will show a message displaying that the import was successful. Once this message is displayed, select the ‘OK’ option.

REPORT OPTIONS

Preview or print a list of the Stock Take items that have been captured on a sheet.

SAVE

Select the Save option to save the counted Stock Take information.

- If all counts are added into the system click on "Reports" and choose from reports available

 - NOTE: Print and save the reports for future reference - it is essential to remember to print the Stock Take reports before the Stock Take is finalized, as the Finalization clears all the Stock Take tables.

Before a Stock Take can be finalized, there are a few steps that need to be taken:

MAKE A BACKUP OF YOUR COMPANY DATA

It is essential that a FULL backup of the company data is made before the user finalizes a Stock Take. This backup can be restored if the Stock Take Finalization fails. This is done under Utilities>Backup Data>Local Backup

PRINTED ALL ONLINE STOCK TAKE REPORTS

It is very important to print all the necessary Stock Take reports. Once the Stock Take is finalized, these reports cannot be printed for that Stock Take that has been completed.

ALL USERS ARE LOGGED OUT OF IQ ENTERPRISE

If a user is busy in the module the system cannot update relevant stock items. Stock Take need exclusive access when processing the finalization of the Stock Take - click Utilities>Show Logged On Terminals

RUN STOCK SERIAL NUMBERS RECON REPORT

Make sure that all stock items with serial numbers in the stock that have a deficit must be corrected within the Stock, Stock Serial Number option.

CONFIRM THAT YOU WANT TO FINALISE AND ACCEPT STOCK TAKE

Once all the above options have been completed then proceed to finalize the Stock Take. Enter the confirmation code. Remember that the confirmation code is case sensitive. When ready select the OK option. This will finalize the Stock Take and update all the relevant stock items.

- Click "Finalise" and re-type code and click "OK"

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