What is the purpose of Stock Audit ?

Purpose :

Stock audit, also known as inventory audit, is a process of verifying and validating the physical stock of goods or materials held by a company or organization. It involves comparing the physical stock levels with the recorded inventory in the books of accounts to ensure accuracy and identify any discrepancies or irregularities.

The primary objective of a stock audit is to provide an accurate assessment of the company's inventory and to safeguard against theft, fraud, and mismanagement of stock. It helps in maintaining the integrity of financial statements and ensures that the reported inventory values reflect the true and fair position of the business. We can perform the stock audit using Stock update entry as explained below.

Benefits :

Use Stock Update screen to adjust the stock mismatch between the physical stocks and stock quantity in TruePOS. If in case you found any mismatch between stocks present in your store and the count in software, you can update the physical stock anytime. Stock update is also used to correct the negative stocks present in the software.

Note : Stock update entry is used only to reduce the stock and not increase the stock. If there is a need to increase the stock, it can be put as opening stock.

Click Inventory > Stock Update Entry.

Important:

• Stock Update is not applicable for the Serialized Items.

• Stock Update is not applicable for the item for which stock update approval is pending.

• Refer the Stock Update Detail report for the stock update status of the items.

• Stock Update is not applicable for the item for which Physical Qty is higher than the total Purchase Qty.

• Refer the Stock Update Detail by going to Reports --> Inventory --> Stock Analysis --> Stock Update Detail Report to check the stock update status against the items.

Stock update   Process :

1) Stock update entry (As per mentioned below steps) 

2) Stock Approval Process

3) Verify the stock status in Stock update detail report.

To update the physically available quantities of items in TruePOS  

1. Press ENTER in Code to select the items to change its on-hand quantity.   
   The Stock Update Entry screen displays the Stock (On-hand Quantity in TruePOS), Sell Price and the MRP of the item.

2.    Specify the physical on-hand quantity in Physical Qty. You can also enter your item wise remarks under the "REMARKS" column.

3. Press ENTER and repeat step 1 and 2 to enter the physical quantity of all the pending items.         

4. Press F6 or click Save.

5. Press F7 to view the previously done stock update entries.

6. Press F8 to print the stock update entry which is present in the screen.

7. Press F9 to clear the screen

8. Press F10 to close the screen

Stock Update Migration

Purpose :

1) To correct stock quantity and match the system stock and physical stock for more items in a single shot.

2) To Update the stock for all the batches in single shot. For Ex : If an items has 2 or more batches, stock can be updated for all the batches in one shot via migration.

Step 1: Go to Tools-> Master Migration

Select Master: Stock update

Step 2: Click on Load Config and enable the field to be added in sheet and Click on Save Config and Download the CSV. A sheet will be downloaded. Fill up the sheet with item code and Qty to be updated and other details and save the sheet.

Step 3: To upload the sheet, Click on Upload Sheet and select "Stock Update" then browse the file and click on Upload file

Step 4: Once uploaded will get message as successfully uploaded

Step 5: Go to Inventory -> Stock update entry. Select the Branch name for which you are updating and Press Ctrl+F2 Import SU and select the Stock Update No.

Step 6: After Loading the Stock Update click on Save

Step 7: You Will get message as Successfully updated Kindly approve the stock

Step 8 : Go to Inventory->Stock Update Approval. Click on F4 Pending Approval then click on F6 Approve.

To check in Reports:

Go to Reports->Inventory->Stock Analysis->Stock Update Details Report

In the Status column you can check whether stock has been Approved successfully or Not Approved

FAQs :

1) How to load the stock update imported via migration?

Answer - In the stock update entry screen, press Ctrl + F2 or click on Import SU button. The lov containing the stock update no and date will appear. The latest imported will added to the list below one another. Load the Stock update no and follow the above mentioned process to complete and save the stock update.

2) In what cases the stock update will fail? (or) Stock update approval is done, but stock has not been changed, why?

Answer - In two cases, the stock approval will fail and the stock will not be updated

* If any transactions has been done against the stock after putting the stock update entry and before doing stock update approval

* If the entered quantity is greater than purchased quantity

3) What will happen if you update stock in stock updation screen?

Answer - After stock updation and approval has been processed, the on hand stock quantity will be reduced or increased accordingly as per the updated physical quantity.

4) Until how much quantity can we edit the stock in stock update?

Answer - Stock update quantity can be entered up to purchased quantity. If entered beyond the purchased quantity, then stock update approval will fail, the status can be checked in stock update detail report.

5) Can Stock update and stock update approval done branch wise?

Answer - Yes, before loading the items, the branch need to be selected from the top right corner dropdown.

6) How to allow the stock update up to inward quantity?

Answer - From the business configuration, Enable the configuration "Allow stock update up to inward stock" in order to allow the stock update upto the inward (purchased) quantity.

7) Can I able to edit the stock entry which i made?

Answer - Kindly refer the link for the same " https://help.true-pos.com/Edit-Stock-update.html "

8) When I am trying to make the Stock update entry and I am unable to find the item in Stock Update entry? Why?

Answer - Kindly check the item product type and if it Serialised item then it cannot be seen in Stock update entry screen.

9) I have done the Stock update through Migration and it got uploaded successfully and When I am trying to Import the Stock update in Stock Update screen and it is showing No of Records Why ?

Answer - Kindly check any Pending approval is there in Stock update Approval Screen and also check  that  if the "Show batch No" and "Show Expiry Date" Configuration in "Business Configuration" is enabled and the both "Expiry" and "Batch No" fields has to be provide in Migration otherwise it will not show records.