New Inventory Count Sheet
It is wise to periodically count your physical inventory and update the inventory levels in OneUp. Use New Inventory Count Sheet in Inventory - [︙] button to enter your inventory levels into OneUp.
- It is recommended, to create an inventory count sheet BEFORE physical count and correction and to create a new one containing the updated inventory levels. This way, you will be able to easily reconcile with your accounting.
- Give a name to your inventory count, select a warehouse and proceed to page 2 of your count sheet
- The count sheet will auto-fill with the theoretical inventory and allow you to update it with the counted inventory
- Use View Inventory Count Sheets to see the list of created inventory count sheets
- Inventory increase will be posted into your balance sheet as a debit into the inventory account and as a credit into your P&L Cost of Goods sold (inventory increase)
- Inventory decrease will be posted into your P&L as a debit into Cost of Good sold (inventory shortage) and as a credit into your balance sheet, the corresponding inventory account
Physical Inventory Count
You are able to print an empty count sheet that contains all inventory managed products as well as the storage locations if you export the product list under "inventory count sheet (empty) in Inventory - [︙] button
Evaluate the value of your Inventory
Your total inventory value is available in the balance sheet or your the inventory accounts in your chart of account.
Also, you can generate an inventory count sheet by location and create a pdf that will show you the total inventory value on hand.
It is not possible to create inventory count sheets for a date in the past.
The inventory count sheet will always show the quantity and value as of the date and the very moment you generate this report.
You can always check your inventory value at a specific date in the balance sheet in Accounting - reports.
How to create an inventory count sheet
You create your inventory count sheet in Inventory - More - Inventory Count Sheet - New Inventory Count Sheet.
Give your sheet a name, so, you can identify later, why you created it.
Select the storage location that needs to be updated.
Proceed to page 2 (left side of the "cancel" button).
Correct "Counted Inventory" if you need a new quantity on hand in your storage location.
Correct "Adjusted WAP" should you need to update your product cost.