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A stocktake requires counting your products, and can be quite a large and time-intensive process. To make things easier it's typically recommended to perform this process at a time when there is minimal stock movements e.g. out of hours.
However sometimes this is not always an option, and the stocktake is required to be performed during trading hours. In these cases, we have a series of recommendations for you to follow, covered further below.
Important: As a minimum, you should ensure you're using the Variance
In this article:
Quite possibly the most important step of all, you should ensure you use the "Variance" Update Method when uploading your Stocktake, and not the Absolute method.
Important: Use the Variance Update Method when completing a Stocktake Upload Method.
The Available Quantity will be adjusted by the calculated difference calculated during the stocktake. If there is a 0 variance the product will not be adjusted.
The difference is calculated from what stock was expected (Stock on Hand) compared to what stock was counted (Your Count).
For example, if there were 2 products expected but only 1 was counted a stock adjustment will be processed for -1, to reduce the stock from 2 to 1.
|Absolute||Updates the Available quantity using the exact amount counted e.g. if the value was 5 the stock will be adjusted to equal 5.|
This is important later, because as you create sales the inventory levels in Retail Express will change. Uploading an "Absolute" number may result in your Inventory levels being incorrect.
As a way of simplifying the process of accounting for sales during a Stocktake it's recommended to break the Stocktake down into smaller groups of products, rather than counting the entire store in one process.
When you trade while doing Stocktake, you'll need to keep track of what products are sold so you can ensure the products are accounted for in your count (we'll explain how to do this further below). If you're counting a smaller group of products, there's less to keep track of (and much easier to process).
The Retail Express Stock Take feature has the ability to filter by Product Type and Supplier, and you can even filter down to a Product PLU using a Manufacturer SKU to limit to a single style only.
The most important thing is to track which products have been sold during the Stocktake so you can adjust your count as required.
Using the Product Sales Report
The easiest method for this is to use the Product Sales Report within Retail Express. Using this report you can filter on the Date/Time and Outlet to obtain a list of products that were sold during the time a stocktake was taking place.
- Navigate to Reports > Product Performance > Product Sales Report
- Enter the Date From and Date To values based on the time frame the Stocktake was being processed
- Use the Refine Search section to filter your products
Tip: Breaking down the stocktake into smaller groups (as covered earlier in this article) will make it easier to identify these times and reduce the amount of adjustments that may need to be entered
- Select the Outlet the Stocktake was completed for
- Click Search
- To export the file click the Excel button in the top righthand corner
The results of this report will be used in the next step.
Once you have a list of what stock was modified during the course of the stocktake you will need to determine the action you will take to correct your inventory.
- Modify the stocktake values before authorising/uploading the Stocktake
- Authorise/upload the stocktake as-is, and then re-perform a Stocktake for affected products only
In this scenario the staff have already counted an individual product during the stocktake.
- Product A has a inventory level in Retail Express of 5 Available, 1 allocated
- Stocktake staff are counting Available Only (i.e. Stocktake Method = Adjust Available)
- After the sale was processed the stock levels are 4 Available, 1 allocated
|Stocktake uploaded as-is with a count of 5||
The stock expected and the stock counted at the same time was 5, resulting in no variance.
No stock adjustment is required and will not take place.
As no adjustment takes place, the stock level will remain as 4 in Retail Express i.e. the current stock level after the sale.
No further action required.
|Stocktake amended with a count of 4||
If the count of 4 is entered, and there was 5 expected at the point of doing the stock take, a variance of -1 will be calculated.
When the Stocktake is entered the system will adjust the current stock level by -1. After the sale was created the current stock level is 4, so when the Stocktake is entered it will be reduced from 4 to 3.
Process another Stocktake to update the Stocktake to the correct level of 4.