Inventory status in Rackbeat

The annual inventory status in Rackbeat helps you verify the accuracy and value of the inventory. Accessible through 'Reporting' and 'Counting', allows in-depth filtering and export for efficient inventory adjustments.

An annual stocktake is crucial to ensure the accuracy of inventory records and the valuation of the inventory.

The purpose of Stocktaking

Stocktaking helps to control and adjust inventory by comparing the actual quantity of goods on hand with the recorded amounts. This identifies any discrepancies.

If you notice a difference, you should generally be able to explain why there is such a difference in your inventory compared to your recorded inventory.

Recording Throughout the Year

Accurate inventory tracking throughout the year is essential. This includes recording all movements such as gifts, returns, and complaints to ensure that the inventory matches at year-end.

Accessing the checking Report

To conduct a check:

1. Navigate to 'Reporting': Select 'Checking'.

2. Report Settings: Here you can filter based on items, item groups, date, and location. You can also choose to include or exclude specific items based on your needs.

Filtering Options:

  • Item: From and to.
  • Item Group: From and to.
  • Date: To.
  • Location: Select location.
  • Additional Filter Settings: Hide empty items, show per location, exclude non-transactional items (i.e., items that have not had any movements within the last 3, 6, 12, and 24 months), etc. 

Export and Adjust

After creating the report, you can export the data to an Excel or csv sheet, where you can make adjustments.

These adjustments should then be updated in Rackbeat as an inventory adjustment.

If you're unsure how to create an inventory adjustment, simply follow our guide on inventory adjustments in Rackbeat. You can find it here: How to make an adjustments (inventory amount/cost price)