Tips & Techniques: Snapshot before physical inventory

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Physical inventory is activity of physically checking the entire inventory and correcting system inventory. This is many times a statutory and audit requirement in inventory management.

Preferably the transaction entry is held till physical inventory process is completed. The business partners are informed well in advance for possible delays in some activities like responding and making payments etc.

This is long time taking activity and you want to taking the snap of onhand inventory before starting physical inventory. This helps you keep this snapshot as a reference to review while entering the corrections as a result of Physical Inventory.