Inventory Counts Flashcards
How to backup Spire data: Process & location.
How to include custom reports in the backup.
1) Server
2) Workstation
1) Click on the tray icon on the server.
2) C:\program files (x86)\Spire\server\spiretray.exe
Double click on the company. Set up a snapshot, which will save in C:\Programdata\Spire\Snapshots.
Choose the complete contents of C:\Programdata\Spire to include __ __.
- Must be stored to an external device or in the cloud
How to restore Spire data from the server: Process & location.
What happens to custom reports and where are they stored?
Click on the tray icon on the server.
Add an existing company.
Import the C:\Programdata\Spire\Snapshots file.
Set up the snapshot intervals.
If the data restored is given a different name than original then the custom reports will not be available. The custom reports are stored in the folder C:\Programdata\Spire\Reports\DatabaseName, where Database name is the one assigned in the Spire Tray.
Inventory Accounts that need to balance
Reasons Inventory may be out of balance
General Ledger vs. value of inventory in the Inventory Module (cost x quantity).
#1 Inventory GL account is not a control account #2 'Post to Accounts Payable' - Is not turned on #3 Inventory 'Default Adjustment Account' set incorrectly #4 Automatic Posting is off #5 Allowing inventory to go negative #6 Non Stocked or Non Physical items #7 Incorrect GL accounts set for sales departments
Reason Inventory may be out of balance: Inventory GL account is not a control account
This means that a user could post an entry directly to the General Ledger account bypassing normal sub-ledger modules for receiving and relieving inventory.
Check any postings to the inventory General Ledger accounts that did not come from the sources:
Inventory Receipt Inventory Count Purchase Order MFG Order Entry
Reason Inventory may be out of balance: Post to Accounts Payable’ - Is not turned on
“Company Setting->Purchase Orders->Post to Accounts Payable”
When a purchase order is received it will not post a General Ledger entry to the inventory asset account set in inventory sales departments. Spire will then rely on the user to post an entry through accounts payable to complete the transaction, and recognize the receipt of inventory value. By turning “Post to Accounts Payable” off the user is accepting that purchase orders will manage quantities, but that Accounts Payable will directly manage inventory value. This requires a well documented system and procedure in order to make sure that everything remains in balance.
Reason Inventory may be out of balance: Inventory ‘Default Adjustment Account’ set incorrectly
The inventory variance account is sometimes mistakenly set with the same inventory account. If this is done, then the amount posted for inventory variance will go to the inventory General Ledger account resulting in no entry being posted. In most cases users should set this account as a cost of goods account (expense). Some companies like to use an asset account and then manually write off the inventory value at year end. Check this setting in “Company Settings -> Inventory -> Default Adjustment Account.”
Reason Inventory may be out of balance: Automatic Posting is off
The user can redirect amounts that should go to inventory elsewhere, and postings that should have gone elsewhere, to inventory. This is especially difficult to trace if the posting was done from a module that does normally affect inventory. When properly setup, Spire manages these inventory accounts and there should be few, if any, occasions where these postings need to be modified.
Reason Inventory may be out of balance: Allowing inventory to go negative
If an item is sold into a negative quantity position it uses the cost from that item as it is at that time. When replenishment stock is received at a different cost the purchase receipt will make an adjustment to cost of goods to correct this. Users sometimes override this posting as they do not remember why it is being done, or misunderstand the purpose of this transaction.
Reason Inventory may be out of balance: Non Stocked or Non Physical items
If non-stock or non-physical items are received and they post to the inventory General Ledger account, they are not included in an inventory stock status as inventory quantities did not get received. If it is necessary to include non-stocked or non-physical items on a purchase order it is important to account for this when posting Accounts Payable entries (they are not catered for through the normal purchase order receive process).
Reason Inventory may be out of balance: Incorrect GL accounts set for sales departments
Some sales departments may be used for non stock or non physical items that will post the receipt to cost of goods, or an expense account. Be sure not to use these departments for stocked inventory.
Which report should balance with the GL for inventory?
Stock Status Report
The term to stop inventory adjustments for a count & how to do it.
keep inventory static, choose Freeze Inventory / Freeze All or Freeze Selected (batch)
What is the correct term for the inventory item vs. the category it is apart of?
Part Number vs. Product Code (group), IE: 4455DHD24 vs. EQUIP
Inventory Count Header buttons:
Post vs. Post and review
Open Inventory
Count Number
Trans No
Depending on user setting, post the batch or post batch and review/edit journal entry
Opens the selected item in inventory edit
Batch Number
Transaction number, if the batch is posted
Inventory Count Detail Columns:
Inventory Warehouse location Serialized Expected Qty Stock Qty UOM
Warehouse/part number being counted
Warehouse or bin location
Will have a check mark if the item is serialized or lot numbered - may need to be manually counted to confirm SN & lot #s. If item serial number doesn’t show up, it needs to first be received by inventory adjustments.
What item shows as expected on hand balance by unit of measure
Stock quantity counts after unit of measure conversion
Unit of measure - can be changed, IE: cases vs. items
