Mastering Inventory Accuracy with Empress Stock Reconciliation

Guides & Tutorials
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Introduction

Welcome to the Stock Reconciliation guide for Empress. This feature is designed to ensure that your physical stock levels align with your book stock levels, helping to maintain accuracy in your inventory management. It’s a critical tool for businesses, facilitating the preparation of accurate financial statements and supporting effective stock control.

What is Stock Reconciliation?

Stock Reconciliation is a process that compares the physical count of your inventory items with the count recorded in your books. This allows you to promptly identify and rectify any discrepancies, ensuring that your inventory records are always accurate.

How to Use Stock Reconciliation in Empress

In Empress, the Stock Reconciliation feature can be used for posting opening stock and reconciling book and actual stock. Let’s walk through both processes:

Posting Opening Stock

  1. Navigate to: Home > Stock > Tools > Stock Reconciliation.
  2. Click on New.
  3. Select the Purpose as ‘Opening Stock’. You can also edit the posting Date and Time.
  4. Fill in the Item Code, Warehouse, Quantity, and Valuation Rate. If an item has a Serial / Batch No, include it.
  5. For auto-generation of Serial No / Batch No, leave these fields blank.
  6. The Difference Account will be set as ‘Temporary Opening’.
  7. Click Save and Submit.

Reconciling Book and Physical Stock Count

  1. Navigate to: Home > Stock > Tools > Stock Reconciliation.
  2. Click on New.
  3. Select the Purpose as ‘Stock Reconciliation’. You can also edit the posting Date and Time.
  4. Set the Item Code, Warehouse, Quantity, and Valuation Rate as required.
  5. The Difference Account will be set to ‘Stock Adjustment’ by default.
  6. The default Cost Center will be ‘Main’, but you can change it if needed.
  7. Click Save and Submit.

Advanced Features of Stock Reconciliation

Uploading Data Through Spreadsheet

For large numbers of items, you can upload the details via a spreadsheet. This makes it easy to bulk update your inventory details:

  1. Open a new Stock Reconciliation and click on the Download button to download the template in CSV format.
  2. Fill in your data according to the template. Note that the CSV format is case-sensitive and the headers must not be edited.
  3. Upload the completed CSV file by clicking the ‘Upload’ button.
  4. Review your data, then click Save and Submit.
  5. Check the Stock Ledger Report to see your updated stock balance.

Getting Stock Balance and Valuation as of a Specific Date and Time

By clicking on the Items button, you can import the stock balance and valuation as of a specific date and time from a selected Warehouse. The Quantity and Valuation Rate can be updated as needed.

Using a Barcode Scanner to Scan Physical Inventory

If your items have configured barcodes, you can use a barcode scanner to reconcile physical quantities:

  1. Set the default warehouse.
  2. Enable “Scan Mode”. This disables fetching existing quantity and lets you add quantities by incrementally scanning items.
  3. Click on “Scan Barcode” field and use your barcode scanner to send input. The Reconciliation items table will update as you scan items.

Summary

The Stock Reconciliation feature in Empress is a powerful tool for businesses, helping to ensure accuracy in your inventory management. With this feature, you can comfortably manage your stock levels, keep accurate financial records, and streamline your business operations. For additional assistance, please refer to the Empress user guide or reach out to the support team.