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Stock Reconciliation

Stock Reconciliation is the systematic process of comparing physical inventory counts with the quantities recorded in the inventory management system. This process helps identify discrepancies caused by errors, theft, damage, or mismanagement and allows corrective actions to ensure inventory accuracy.

Why is Stock Reconciliation Important?​

Accurate inventory data is essential for effective supply chain management, financial reporting, and operational planning. Stock reconciliation helps maintain data integrity by detecting and resolving mismatches between physical stock and system records.

Key Features​

  • Physical Count Comparison: Match counted stock with system-recorded quantities.
  • Discrepancy Identification: Automatically highlight variances between physical and recorded stock.
  • Adjustment Recommendations: Suggest necessary stock adjustments to correct discrepancies.
  • Batch and Serial Level Tracking: Perform reconciliation at batch or serial number level for detailed accuracy.
  • Multi-location Support: Reconcile stock across multiple warehouses or storage locations.
  • Approval Workflow: Changes resulting from reconciliation can be routed for approval to maintain control.
  • Audit Trail: Logs all reconciliation activities, including who performed counts and adjustments.
  • Reporting: Generate comprehensive reports showing reconciliation status, discrepancies, and corrective actions.

Typical Workflow​

  1. Prepare for Reconciliation: Plan and schedule physical stock counts.
  2. Conduct Physical Count: Record actual stock quantities on site.
  3. Compare with System Records: Upload or input physical counts into the system for comparison.
  4. Identify Discrepancies: Review variances between physical and system stock.
  5. Adjust Inventory: Approve and post necessary adjustments to align system stock with reality.
  6. Report and Analyze: Use reports to monitor stock accuracy and improve inventory processes.

Access in PrismERP​

Navigate to Stock Reconciliation

Summary​

Stock Reconciliation is a vital control process that ensures your inventory data accurately reflects physical stock. PrismERP offers robust tools to simplify reconciliation, maintain audit trails, and enhance inventory management.