INV-Physical Inventory process in R12

INV-Physical Inventory process in R12:

Physical Inventory Process Overview:

Physical Inventory is a periodic reconciliation of system on-hand balances with physical counts in

inventory. Performed to verify the accuracy of system on-hand quantities, for the entire

organization or for particular sub inventories within an organization. 

Physical Inventory is a process designed to count all the inventory of all items at one time. Adjustments are then reviewed and posted to the general ledger. Performed to ensure accuracy for tax, audit, and effective planning purposes.

The primary purpose is to verify the financial value of the inventory for financial auditors and

to verify the item detail for planners.

Physical Inventory – performed periodically (also known as Periodic (annual) Inventory)

Cycle Counting – performed every period (ABC Analysis is a method of Cycle Counting)

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