define the difference between cycle counting and physical
inventory?
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Answer Posted / vijay
Basic idea behind conducting Stock Count thru Cycle Count (CC)or Physical Inventory (PI) remains the same of streamlining your inventory. Now it is not mandatory to conduct the CC or PI yearly once or once in six months or 3 months so on and so forth, this is purely the decision of the business (client).
Conducting the stock count process remains same in CC or PI on a broader level.Both processes;
1.select the items for the count
2.system snapshot
3.printing report of system snapshot without item qty
4.entering physical stock qty
5.printing report for the qty variation between physical and system qty
6.recounting the item quantities in case of variation above tolerance level (optional)
7.approving the qty varaitions
8.posting the adjustment with appropriate transaction type and transaction account
Differences in CC and PI:
CC - It is stock count method where you select item or list of items which have to be counted.Now you can select the items either by manually selecting for each CC or by creating item groups using ABC analysis. By performing ABC Analysis you group the items and perform the CC for each group or collectively.You execute the CC programs and take the system snapshot as on date. Later you either manually enter the physical qty or import the physical qty using interface program.
PI - It is stock count method where you select items in an inventory org or subinventory/subinventories. Then you execute the generate tags program to create unique tag no. for each item in the list and subsequently take system snapshot. Then you manually enter the physical qty against each item and find the variance and finally pass the adjustment on approval.
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