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Q10047 - HOWTO: Taking Physical Inventory in Service2000

Taking Physical Inventory in Service2000

 

Note:

  1. Taking physical inventory should be done after business hours to ensure the most accurate inventory count.
  2. All Cash Outs MUST be completed, exported from Service2000 and imported into Quickbooks prior to physical inventory.
  3. All Vendor invoices MUST be entered into Service2000 and Quickbooks prior to physical inventory.
  4. Inventory on open Service Orders for vehicles that have not had their parts pulled off of the shelf will need to be counted as part of you inventory counts. This information can be found in the Parts on Open Orders Report.

 

  1. Go to Reporting, Inventory, Inventory Value Report, Run Report, Click Print, Click Print icon
  2. Go to Configuration, Utilities, Obsolete Unused Inventory
  3. Choose number of months (e.g. 24 months), Click OK
  4. Go to Inventory Management, Tools, Take Physical Inventory
  5. 1. Store Before Quantity –Run Selected
  6.  2. Print Inventory Sheets –Run Selected, Choose Inventory Group or leave at default All, Choose Sort by Part # or Sort by Location, Click Print (Make sure page set up is Landscape orientation), (Location field must be utilized in the Inventory Management screen to work with Location Sort)
  7. Take Physical Inventory
  8. 3. Adjust Inventory From Sheets –Run Selected,  Choose Inventory Group or leave at default All, Choose Sort Method (Use same choices made for printing Inventory Sheets)
    Enter actual quantities from the physical inventory sheets (Screen will match sheets in layout)
    Click Close when completed
  9. 4. Store After Inventory Quantities –Run Selected, Click OK
  10. 5. Review Changes to Inventory –Run Selected, Click Print, Click Print icon, close window
  11. Go to Reporting, Inventory, Inventory on Open Invoices, Run Report, Click Print, Click Print icon.
  12. By adding the “Before and After Inventory Report” with the “Inventory on Open Invoices” report you will have the Inventory Value which needs to be confirmed and/or adjusted in QuickBooks.
  13. Go to QuickBooks, Chart of Accounts, Double Click the Inventory S2K account
  14. Hit Tab 3 times to DECREASE Inventory Value in QuickBooks,
    Hit Tab 4 times to INCREASE Inventory Value in QuickBooks
  15. Enter the difference between the account balance of this account and the Service2000 Inventory Value Report
  16. Hit Tab 2 or 3 times and locate the Inventory Control expense account, Hit Tab
  17. Enter Physical Inventory dates, etc for documentation, Click Record on lower right of screen
  18. Go to Reporting, Company & Financial, Balance Sheet Standard, Inventory Value should equal Service2000 Inventory Value Report.

 

Note: This process may cause excessive printing due to enormous number of non-stocking parts in system. This issue has been thoroughly addressed in ServiceShop. See Kbase 10086.

 

 

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Created on 12/20/2005.
Last Modified on 3/28/2011.
Last Modified by Fred Vibert.
Article has been viewed 6334 times.
Rated 4 out of 10 based on 6 votes.
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