Tutorial #QB4-9: Counting Physical Inventory
Intro: Usually companies perform a physical inventory count at least once a year - often on or immediately after the last day of the year. QuickBooks can provide you with some tools that will make this process go smoothly and efficiently.
Step 1: Produce Report
Produce the report that will help you with counting physical inventory by clicking on the Reports menu and choosing Inventory, Physical Inventory Worksheet. The Physical Inventory Worksheet will appear, listing all of your company's physical inventory items.
The report includes the name and description of each item, the preferred vendor, the quantity QuickBooks thinks you have on hand, and a space for the person performing the count to fill in the actual quantity on hand.
Step 2: Customize Report
You can choose what information you want to include in this report. For example, if you want to remove the column containing the quantity on hand, so the person counting inventory will be able to make a count without being influenced by how many items should be there, slide the diamond that appears to the right of the On Hand column heading over to the left, until you reach the diamond to the left of the heading. When you release your mouse pointer, the column will have disappeared.
Step 3: Request a Printed Report
You can't fill out the Physical Inventory Worksheet on-screen - you must print out a hard copy of the report. To do so, click the Print button at the top of the report screen. The Print Reports window will appear.
Step 4: Print the Report
When the Print Reports window appears, check the information in the window to make sure the correct printer has been selected. Verify the other information, such as the choice between Portrait and Landscape printing, and the number of copies you wish to print. Click the Print button when you are satisfied with the information that appears here.
Step 5: Close the Report
Click the "x" in the upper right corner of the report screen, or press the ESC key on your keyboard. The Physical Inventory Worksheet report will disappear from view.