Summary

The Physical Inventory process is used to track the location and condition of existing fixed assets. Users can update the condition assigned to a fixed asset and provide notes as to why that condition was updated. Mass assets are not included in the Physical Inventory process.

Step by Step

1     Open or create a new Physical Inventory batch.

• Open the Physical Inventory Batches window (FA> Physical Inventory). The Batches window will display all the open Physical Inventory batches.
• Select a batch and click DETAILS to open the selected batch.
• Select a batch and click the Delete button to delete the selected batch. Any uncommitted inventory updates in the batch will be deleted.
• Click the Create New Batch button to create a new batch. This will open the Create Batch window.
  • If there are open batches in the Physical Inventory process, you can create a new batch without affecting the open batches.
• The Batch Month and Batch Year fields default to the current date and are used for reference only. The batch month and batch year do not affect the transactions or journal entry date of the transactions in the batch.
• Click the Create New Batch button to create the new Physical Inventory batch.

2     Open the Batch Overview page. 

• The Batch Overview page provides a general overview of the selected batch.
• The left navigation menu displays all the steps in the Physical Inventory process.
• In the main section you'll see information about batch steps that are currently processing, next available batch steps, and the last completed batch step.
  • Batch steps that are currently processing will display a blue indicator bar to alert you that the step has not yet completed.
  • Once the preceding batch step is complete, the next available batch steps will be enabled and you can select the next step you would like to run.
    • While some batch steps are optional, any batch step that includes the Required tag   must be completed before the batch is allowed to proceed through to the Commit step.
• The Batch Outputs section on the right will display any reports or exports that have already been generated in the Physical Inventory process.

3     Open the Generate window (FA> Physical Inventory> Generate).

• The Locations field is used filter the fixed assets that will be included in the batch by the asset location.
  • Check the toggle next to each location you would like to include. Check the toggle in the field header to select or deselect all the locations below.
  • Assets are assigned to a location on the General tab of the Fixed Asset Maintenance screen.
  • If there is already an open Physical Inventory batch that includes the selected location, a validation error will be displayed and that location will need to be removed from the batch in order to proceed.
• Enter a Count Date for the physical inventory. This will default to today's date.
• Click the Submit button to generate the batch. You can also use the Schedule button next to the Submit button to schedule the batch to generate at a later time.

4     Edit the generated physical inventory.

• The Edit step is used to update the asset details.
• Use the Location drop-down menu to filter the assets displayed in the data grid by a single location.
• The Count Date will default to the date specified on the Generate step, but this date can be updated.
• The Counted toggle will be checked automatically when a condition is selected or notes are added for the asset.
  • If the Counted toggle is manually un-checked after updates to the Condition or Notes columns, a warning message will display when you attempt to save and those updates will not be saved.
• The Condition column is used to specify the asset's condition.
  • The Condition options are Good, Average, Poor, Damaged, or Missing.
  • This column will be blank for assets that have not been counted and will display the last specified condition for assets that have been counted.
• The Notes column is used to enter any optional notes regarding the counted asset.
  • If Damaged is selected in the Condition column, you will be required to complete the Notes column for the damaged asset before saving the inventory counts.
• Click the Submit button to complete the Edit step. At least one asset must be counted to continue to the next step.

5     Print the Physical Inventory Proof List.

• Open the Proof List screen (FA> Physical Inventory> Proof List).
• Use the Primary Sort and Secondary Sort fields to specify how the asset counts will be sorted in the generated report.
• Check the Include Notes toggle to include any notes attached to the asset.
• The Proof List will display the Asset, User, Location, Department, Count Date, Counted status, Condition, and any Notes that were added.
• Once the required report settings have been specified, click the Print button   to print your report.
• Click the options arrow on the right side of the Print button to see other print options.
  • Select PDF to print the report in the default Springbrook format.
  • Select Excel to export the report data to an Excel spreadsheet as unformatted data.
  • Select Excel (Formatted) to export the report data to an Excel spreadsheet that includes much of the Springbrook formatting found on the printed version of the report.
• Click the Schedule icon next to the Print button in order to schedule the report to generate at a later date and time.
  • Enter a Date and Time to generate the report and click SUBMIT.

6     Commit the Physical Inventory batch. 

• Open the Commit Physical Inventory screen (FA> Physical Inventory> Commit).
• Click the Continue button   or press ENTER to commit the batch.  
  • If you click the Cancel button, you can still commit the batch via the Commit button.
• Once the batch is committed, the Inventory Counts tab of the Fixed Asset Maintenance screen will display the updated asset data.