Important Steps to do End of Year Inventory Counts

It is your favorite time of year, time to complete year-end inventory! It doesn’t matter if you are using a physical calendar year or a fiscal calendar year, iPoint will help you make sure inventory counts are accurate in both iPoint and QuickBooks!

InventoryLet’s take a look at the process.

Step 1. Make sure your staged items in iPoint are accurate with your staged items in real life.

The best way to do this is to run the Item Stock Summary Report (Dashboard > Reports > Sales Orders > Item Stock Summary). Once you’ve run that report go into Options and on the right-hand side under Show uncheck Ordered, Delivered, and No Action. Leave Staged check and click Close and Filter. You will be left with a report that only shows items that are staged on sales orders, sorted by sales order. Now compare this report with what you actually have in the staging section of your warehouse and make adjustments as necessary.

Step 2. Do a full inventory count of your warehouse(s) and adjust iPoint so it’s accurate.

The best report to do this on is the Stock Levels by Location report (Dashboard > Inventory > Inventory Reports > Stock Levels By Location). Here you will want to run the report for each of the locations your are inventorying. For each location compare the report with what you have. If you need to make an adjustment, you can do it right on the report by clicking on the quantity available and the entering how many you want to adjust by.

Step 3. Push your inventory totals to QuickBooks

If you aren’t tracking your inventory totals in QB you can ignore this step, congrats you are done with your inventory you lucky son of a gun. For the rest of you scallywags, time to trudge on. Before we can push the inventory totals to QB, there are a few steps we need to do first.

  1. Create Invoices for all the delivered product. (If you do summary invoicing, this doesn’t matter. If you do RFP accounting, make sure your delivery invoices are up to date).
  2. Push all invoices to Quick Books. This is really important because when you push the invoice, QB counts that as a delivery and deducts from your stock levels. This gives you the most accurate numbers in QB before you have iPoint start making adjustments.
  3. Push all POs and item receipts to QB. Remember what I just said about invoices, the same reasoning here.

Ok, now that that stuffs out of the way, it’s time to update QB with your current stock levels. Make sure your QuickBooks is in SIngle-User Mode and go to Dashboard > Items > Options > Views > QB Sync List > Options > Advanced > Update QB Stock from iPoint (whew that’s a lot of directions!). Now you’ll see 3 more steps to follow. For the first one, enter in what account you’d like the adjustment to hit or click Use Item COGS to use the account already ties to each item. Next enter the class if you want (most people leave this blank if you don’t know what it is, just leave it blank). Then select the date you want the adjustment to occur on.

Now comes the exciting part, click Continue! You are in for a treat here. You get to watch as iPoint rolls through each and every one of your items and adjusts the inventory levels in QB. This thrilling process lasts about an hour for every 1000 items you have. You can still use your computer during this time, but iPoint will be locked up and you won’t be able to use it. And that’s it! If you’ve done all this you have now officially completed your year-end inventory.