Full Inventory Counts

Inventory-count_copy.png

Full Inventory counts are typically completed at the end of financial year in order to provide your accountant with an exact value of your inventory.

It includes every item in your store, including your storeroom and we recommend doing this outside of your usual trading hours.

Use the drop downs below to learn how to complete a Full Inventory count.



When to do a Full Inventory Count

Inventory-count-when.png

We recommend completing a Full Inventory Count at the end of your financial year as a minimum. Your account may also recommend that you complete a Full Inventory Count at the mid-financial-year point.

These are also beneficial to complete after very busy periods of trading, such as Christmas and Boxing Day, or Black Friday sales. It is also recommended to complete a Full Inventory Count when selling your business.

As Full Inventory Counts require you to count all items in your store, it is best practice to close your store during the count to ensure you get an accurate representation of your inventory levels.

Scheduling the count

With Vend inventory counts, you can schedule your counts in advance, allowing you to plan out the year and your team can see what they need to prepare and count.

To schedule a new count:

1. Navigate to Products ->  Inventory Count

2. Click the Add Inventory Count button.

3. Choose which outlet your inventory count is for.

4. Set the date and time for the inventory count (this will default to today's date, and can't be in the past).

5. Give your count a name (something that will tell you what you're counting or why).

6. Select Full Count.

7. Click the Save & Exit button at the top of the page. Your count will now be scheduled. You can also click Start Count to start counting immediately.

Preparing for the count

On the day before, or the day of, your inventory count, depending on how much you're counting, you'll need to prepare your inventory to be counted.

Each store will have a different process for this, but we recommend:

  • Checking your barcode scanners to make sure they are functioning.
  • Tidying all areas you'll be counting, including any items on hold.
  • Turning all labels barcode-side out for easy scanning.
  • Printing new labels for any products missing labels.
How to start an inventory count

  Important

A full inventory count should always be completed when your store is closed. This ensures that no items are counted twice, or sold after they have been counted.

When you're ready to start your count, you can either start a scheduled count or start a new count:

Starting a new count

1. Navigate to Products ->  Inventory Count.

2. Click Add Inventory Count.

3. Choose which outlet your inventory count is for.

4. Set the date and time for the inventory count (this will default to today's date)

5. Give your count a name (something that will tell you what you're counting or why).

6. Select Full Count.

7. Click the Start Count to start counting.

Starting a scheduled count

1. Navigate to Products ->  Inventory Count.

2. Find the count you want to start in your Due list.

3. Click the count name. The count settings page will open. You don't need to worry about updating the date and time if it's wrong — Vend will update it to today's date.

4. Click Start Count. The inventory count will commence.

You'll see a page with a list of all your items to be counted, as well as the expected count for those items. You don't need to count the items in the order they appear on the page.

Counting your items

Inventory-count-quick2.png

Once you've started the Inventory Count, there are multiple ways to record your items. Use one of the following methods:

Scanning barcodes with a barcode scanner

If the device you're using to perform the inventory count (Mac or PC, and iPad) has a barcode scanner set up, you can simply scan the items into the inventory count to record them.

With Quick-scan mode enabled, you can scan back-to-back barcodes to record one of each.

  Quick-Scan mode

Quick-scan mode enables to you rapidly scan each item's barcode in your store to add it to your inventory count. Your scanned item will automatically be counted as soon as you scan the barcode.

If you'd prefer to use the barcode to look up the item SKU and then enter the final count number before submitting it, un-tick the Quick-scan mode box.

Alternatively you can scan the barcode once (with Quick-scan mode disabled), and then manually enter the count of each item.

Scanning barcodes using Vend's Scanner App

2017-08-11-scanner-app-logo-wide__1_.png

The Scanner App allows you to create and/or begin inventory counts and use the iOS devices in-built camera to scan barcodes in order to record items.

For more information on using the Scanner App, where to download it and how to perform an inventory count using the Scanner App, refer to the Scanner App guide here.

Manually recording and searching for items

You can perform the count manually, such as marking down the count for each item with pen and paper, and searching for the item in Vend then entering the amount*.

*Manually counting your items increases risk of error; ensure that the correct items are listed and preferably the SKU is recorded for each so that when entered, the amount is recorded against the correct items.

Once an item is counted

When an item is counted, it appears at the top of your counted list. It will have a tick next to it if you've reached the expected quantity. It will then appear in Your last counted items on the right hand side of your screen. The number of items in your uncounted tab will also be reduced.

Your count will automatically be saved - you can see the latest save time at top of the screen next to the Pause button.

Review and submit an inventory count

Complete.png

Once all your counts are submitted, you'll need to review your counted items.

When you open the review page, there are five tabs you can view:

  • Uncounted: This lists all items where the total counted is 0. This includes items with an expected count of 0.
  • Unmatched: This lists all items that had a count greater or less than the expected amount. This includes items where you expected a negative amount, and counted 0.
  • Matched: This lists all items you've counted where the total counted equals the expected amount.
  • Excluded: Any items you manually exclude from your count.
  • All.

Review the items in your count, especially the unmatched and uncounted items. If you have discrepancies, you can:

  • Tick the box next to an item, and choose to Exclude items from the count.

  • Tick the box next to an item, and choose Recount items. This will set the count for these items to zero, so you can count the items again.

  • Click Resume Count at the bottom of the page, and count the items again.

  Important

If you resume counting, the item will still show the quantity scanned so far. Use the Recount items option on the Review page to reset to zero. Alternatively, on the count page you can enter a negative quantity for that item in the quantity field to remove items, or to zero the inventory level for an item to start from scratch.


Trading while counting?

If you were trading while counting, you will need to make any final adjustments based on sales or returns made during your count period.

If you sell or return an item after you've counted it, that item will need to be adjusted. For a sale, you'll need to decrease the count quantity by one in your inventory count. For a return, you'll need to increase the quantity by one.

If you sell or return an item before you've counted it, these items will have the correct inventory value but a discrepency may appear on the review page (as the expected count would not have changed.)

  Note

Any sales made when conducting and inventory count will still be correctly recorded in your sales history.


Submitting the count

Once you've checked and confirmed your count, and are satisfied all items are accounted for, click Complete.

Remember, don't do this until ALL of your staff have completed and saved the counts on their devices.

If you have any uncounted items, we'll alert you, as the inventory count for these items will be set to 0 when you click submit.

Once you've clicked complete, we'll start processing your count. This can take several minutes to complete, especially if you've got lots of items.

Once it's complete, the results will be displayed on the page.

You'll have three tabs:

  • Unmatched
  • Matched
  • All

These will list your items, the expected amounts, the final counts, the change in units after your count, and any associated cost for that change (for example, if you're one unit short, it will tell you what that costs you).

Scrolling down to the bottom of the list will display your total changes in units and total changes in costs.

You'll see two figures for each of these - the total increases (for items where your count was higher than expected) and total decreases (for items where your count was lower than expected).


Export the data

Click the export buttons to get a copy of your results.

There are two options:

  • Generate CSV Report: This gives you a CSV file with a line for each product counted. You'll also have columns for expected and final count, change in cost, and total value of each product's inventory after count. This is typically used for importing into another system or for creating your own reports.
  • Generate PDF Report: This gives you a formatted PDF report, including the expected and final count, change in cost, and total value of each product's inventory after count for each product. You'll also have a summary with total changes for your whole count.
Abandon an inventory count

Abandon.png

Sometimes, you may need to stop doing an inventory count that you've started. This may be because you've run out of time to complete it, for example, as an inventory count should always be completed in a short time period.

This is called abandoning a count. To abandon an in-progress count:

  • Open the count on either the Edit Count or Review Count page.
  • Click the Abandon Count button.

Abandoned counts will appear on the 'Cancelled' tab of the inventory count home page.

Review historical inventory counts

You can view historical counts and export the results at any time.

Screen_Shot_2020-11-05_at_10.44.50_AM.png

To view:

  • Click the Completed tab on the inventory count home page
  • Click the count you wish to open.

  Important

Refer to our What is an inventory count and how do I complete one? guide for more information about Inventory Counts in Vend.

If you only want to count a portion of your items, you can instead perform a Partial Inventory Count which can be filtered by a number of metrics. For more on Partial Inventory Counts, refer to the Partial Inventory Counts guide.

Did this answer your question?
Have more questions? Contact us so that we can help you out.