Overview

This article outlines the steps to perform Stock Reconciliation in iVendNext.

1. What is Stock Reconciliation?

Stock Reconciliation is the process of comparing the physical stock count with the stock recorded in your system. It involves identifying and resolving discrepancies to ensure that your inventory records are accurate. Stock Reconciliation is typically performed periodically, such as at the end of the financial year, or when significant discrepancies are identified.

Key Objectives of Stock Reconciliation:

• Accuracy: Ensure that the physical stock count matches the book stock.

• Valuation: Accurately value the stock for financial reporting.

• Efficiency: Identify and resolve discrepancies to improve inventory management.

2. How to Perform Stock Reconciliation in iVendNext

iVendNext provides a straightforward process for performing Stock Reconciliation. Follow these steps to reconcile your stock:

Step 1: Navigate to the Stock Reconciliation Section

1. Go to Home > Stock > Tools > Stock Reconciliation.

2. Click on the Add Stock Reconciliation button to open the Stock Reconciliation Creation screen.

Step 2: Select the Purpose

1. Opening Stock: Use this option to post the opening stock at the beginning of the financial year.

2. Stock Reconciliation: Use this option to reconcile the physical stock count with the book stock.

Step 3: Fill in the Details

1. Select the Item: Choose the item for which you want to perform the reconciliation.

2. Select the Warehouse: Specify the warehouse where the stock is located.

3. Enter the Quantity: Enter the physical stock count.

4. Enter the Valuation Rate: Specify the valuation rate for the item.

5. Add Serial/Batch Numbers: If the item has serial or batch numbers, add them to the reconciliation.

Step 4: Save and Submit

1. Once all the details are filled in, click the Save button to create the Stock Reconciliation.

2. After reviewing the details, click Submit to finalize the reconciliation.

3. Managing Stock Reconciliation

Once a Stock Reconciliation is created, it can be managed effectively using iVendNext. Here’s how you can manage Stock Reconciliation:

3.1 Tracking Stock Reconciliation

iVendNext allows you to track the status of Stock Reconciliation, ensuring that you have a clear overview of all your reconciliation activities.

• Statuses: Stock Reconciliation can have different statuses, such as Draft, Submitted, or Completed.

• History: You can view the history of each Stock Reconciliation, including any changes or updates made.

3.2 Handling Discrepancies

If discrepancies are identified during the reconciliation process, iVendNext allows you to adjust the stock levels to match the physical count.

1. Open the Stock Reconciliation.

2. Enter the correct quantities and valuation rates.

3. Save and submit the Stock Reconciliation.

3.3 Automating Serial/Batch Number Generation

For items with serial or batch numbers, iVendNext can automatically generate new serial or batch numbers during the reconciliation process.

1. Open the Stock Reconciliation.

2. Leave the serial/batch number fields blank.

3. The system will automatically generate new serial/batch numbers based on the item master settings.

4. Key Features of Stock Reconciliation

4.1 Uploading Data Through Spreadsheet

If you have a large number of items, you can upload the stock reconciliation data via a spreadsheet.

1. Download Template: Click on the Download button to download the template in CSV format.

2. Enter Data: Enter the item codes, quantities, and valuation rates in the CSV template.

3. Upload Data: Upload the CSV file by clicking on the Upload button.

4. Review and Submit: Review the data and submit the Stock Reconciliation.

4.2 Using Barcode Scanner

If your items have barcodes, you can use a barcode scanner to perform the stock reconciliation.

1. Enable Scan Mode: Enable the Scan Mode in the Stock Reconciliation screen.

2. Scan Items: Use the barcode scanner to scan the items. The system will automatically update the quantities in the reconciliation table.

4.3 Getting Stock Balance and Valuation

iVendNext allows you to import the stock balance and valuation as of a specific date and time.

1. Open the Stock Reconciliation.

2. Click on the Items button to import the stock balance and valuation.

3. Update the quantities and valuation rates as needed.

4. Save and submit the Stock Reconciliation.