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SecurityTrax

Physical Inventory Count

Performing a physical inventory count allows you to do physical counts as part of your setup (initial inventory levels) and on an ongoing basis.  These counts ensure the system accurately represents the actual on hand counts of your Inventory Recipients

Typical usage includes monthly or bi-weekly physical counts, which can be completed by the recipient themselves using the self-service tools or administratively.  The system will automatically adjust the Inventory Ledger as needed to reflect discrepancies between what is reported by the Inventory Recipient and what the system calculated they should have.  The Inventory Ledger can be reviewed to identify unexpected additions or losses of Equipment Items.

Terms

View the complete list of terms used in inventory management.

+/-

The count (plus or minus) of the Equipment Item that the Inventory Recipient has on hand above or below their Base Level. 

Base Level

On an Inventory Template, the desired quantity of the equipment item that the recipient should have on hand.

Equipment Item

Represents the items that your company uses in the course of business operations. Note: In SecurityTrax, this list does not contain Equipment Kits, which are treated separately.

Equipment Kit

A collection of Equipment Items that are bundled together for ease of ordering. In SecurityTrax, kits are used only for the act of purchasing and are not usable in any other way. When a kit is assigned to an Inventory Recipient, it will be broken apart and the individual Equipment Items of the kit will be assigned.

Hide 0 Base

If toggled, all Equipment Items with a zero (0) Base Level will be hidden on the page.

Hide 0 On Hand

If toggled, all Equipment Items with a zero(0) on hand count for the Inventory Recipient will be hidden on the page.

Inventory Ledger

An all-inclusive record of transactions related to moving of equipment to, from, and within a company. All actions in the system are tracked and reportable to ensure you have a clear understanding of all inventory-related transactions.

Inventory Recipient

An entity that participates in your inventory system that can be assigned inventory items. In SecurityTrax, users and office locations can be designated as inventory recipients. 

Inventory Recipient Office Location

An Inventory Recipient that is an office location.

Inventory Recipient User

An Inventory Recipient that is a user.

My Inventory

The section of SecurityTrax that Inventory Recipient Users view and manage their own personal inventory-related information.

On Hand

The count of Equipment Items that the system believes an Inventory Recipient currently has in their possession.

On Order

The count of Equipment Items that have been ordered on a Purchase Order.

On Transfer

The count of Equipment Items that are in the process of being transferred (to or from) an Inventory Recipient.

Physical Inventory Count

Performing a physical inventory count allows you to do physical counts as part of your setup (initial inventory levels) and on an ongoing basis.  These counts ensure the system accurately represents the actual on hand counts of your Inventory Recipients

Preallocated

The count of of the Equipment Item that the Inventory Recipient is already scheduled to use.  The most common occurrence of this is a technician that has future appointments where the Equipment Item will be installed.

Usage

Performing a physical inventory count

While in Company Inventory, click on Physical Inventory in the left menu.

  1. Select the Inventory Recipient who you want to preform the Physical Inventory count on.  Inventory Recipient Users will appear in the dropdown above Inventory Recipient Office Locations.
    1. Note: while you can perform physical inventory counts here for all Inventory Recipients (users and office locations), in the case of Inventory Recipient Users they would typically do this on their own by visiting their My Inventory page.
  2. Click Submit.
  3. A list of all Equipment Items will appear allowing you to make adjustments as needed.
    1. Some helpful information will be displayed providing insight into the Inventory Recipients On Hand counts for the Equipment Item.  These include:
      1. On Order
      2. On Transfer
      3. Preallocated
      4. +/-
    2. Click the Checkbox if you want to record the current On Hand level for the Equipment Item.
    3. Enter the current On Hand count in the Quantity field.
  4. Click Review.
  5. A summary of the adjustments will be displayed for your review.
  6. Click Save.

At this time the necessary adjustments (if any) will be made to the Inventory Ledger to reconcile the difference between calculated On Hand counts and those entered by performing Physical Inventory.

Inventory Ledger impacts

On hand mismatches

When a count is recorded during Physical Inventory (either directly by a user in My Inventory or in Company Inventory administration) that does not match with known On Hand counts the Inventory Ledger will record the necessary adjustments.

If the count recorded is less than the known On Hand count, the Inventory Ledger will will be adjusted as follows:

  1. The Source will be the Inventory Recipient.
  2. The Target will be "Physical Inventory".
  3. The quantity will be the count of Equipment Items that were lost (reduced) from the Inventory Recipient.

If the count recorded is more than the known On Hand count, the Inventory Ledger will will be adjusted as follows:

  1. The Source will be "Physical Inventory".
  2. The Target will be the Inventory Recipient.
  3. The quantity will be the count of Equipment Items that were added (gained) by the Inventory Recipient.

Reviewing gained and lost equipment items

It is simple to view a summary of Equipment Items that have been gained or lost due to Physical Inventory Counts

While in Company Inventory, click on Inventory Ledger in the left menu.

  1. Open the Filters section
  2. If looking for gained Equipment Items:
    1. Select "Physical Inventory" in the Source Recipient field.
    2. Click Apply.
  3. If looking for lost Equipment Items:
    1. Select "Physical Inventory" in the Target Recipient field.
    2. Click Apply.

 

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