Completing Your First Stocktake
If this is your first time doing a stocktake, great! It's really easy - this article outlines the steps to take for your initial stocktake.
The final stage of setting up Cin7 is the stocktake. After completing a stocktake we will consider your Cin7 account to be 'live'.
After completing your stocktake, all stock movements - so all purchases, sales and transfers - must be put through Cin7 in order to maintain the accuracy of your stock levels.
Before completing your first stocktake, ask yourself a few important questions:
- Have you created all your branches in the system?
- Do all your products have costs?
- Are all staff trained and ready to use the system once a stocktake is complete?
- Have you tested all of your processes with Cin7 to make sure you're clear how things will work once live?
- Have you tested the stocktake process with a test stocktake?
Testing the stocktake process is really easy to do - and if you are familiar with how to process a stocktake, it will make life a lot easier when it comes to the big day.
The end result of a stocktake is to create an adjustment that increases your inventory and therefore your inventory value.
In order to create an adjustment for all your stock, you will use a tool called Stocktake Master. The Stocktake Master compiles the stock for one particular branch and creates an adjustment for the required stock.
Processing a Stocktake
There are three steps to using the stocktake master:
1 - Preparing a data export
- From the left navigation, select Stock, then Stocktake Master.
- When entering the Stocktake Master for the first time, you will be prompted to select a branch. The Stocktake Master looks at stock from one branch at a time.
- In Stage 1 you filter the products to be counted: make sure Update Mode is set to Stock Counts, and set Type to All.
In the bottom half of the page you will see a list of all your products to be counted.
2 - Exporting the data into a spreadsheet
- In Stage 2, select the fields you'd like to export into your spreadsheet. Only the required fields are exported by default.
- Click Export Data.
- Click Select Data to select all the data in the box.
- Either right-click on the data and select Copy or press Ctrl + C or Command + C to copy the data to the clipboard.
- In a spreadsheet, paste the data.
Once you have the data you can go about your stocktake, filling in the Count column. Remember that you are only filling in information for the selected branch; you can only stocktake one branch at a time.
3 - Importing the data back into the system
Once you have your counts in your spreadsheet, import the counts into the system.
- Copy the contents of the Spreadsheet, and paste that data into the box underneath Update Counts.
- Click Process Counts.
You will now proceed through a series of steps, that help you decide how to process the information you have accumulated.
- If you've missed any products, you will be alerted in the next screen. You can either download those products that are missing and add them to your spreadsheet, or continue without them.
- In the next screen you will be shown the variances between the current stock on hand in the system and the counts that you have just imported. Because you won't have any stock in the system, the variance should be exactly the same as what you counted.
- Click Continue with Adjusting these Variances to make the final adjustments.
These adjustments will increase the Stock on Hand in the system.
Balancing your Accounts
When you have completed your first stocktake, you must make sure the new stock on hand value balances with the stock on hand value in your accounts software like Xero or QuickBooks Online.
It is crucial that for your first stocktake you do not import the adjustments that are created into your accounting software.
Your accountant can best advise you how to balance your stock on hand value in your accounting software. Exactly how you do this will depend on a number of different factors.
It is also important that this step takes place as soon as possible after processing your stocktake.
To make sure the adjustments will not be imported, you will need to change the accounting status of each adjustment:
- From the left navigation, select Stock, then choose Adjustments.
- Hover over the cog icon, and click Admin.
- Set the QBO/Xero Status to Do Not Import.
- Click Save & Back to List.
- Repeat this process for each adjustment that you create.
Can I use a mobile or tablet to do a stocktake?
Yes - the Pick 'n' Pack app allows you to do a stocktake whilst on the move. For your first stocktake it may be easier to use a spreadsheet, but there is no reason you shouldn't use the Pick 'n' Pack instead; much of the process is the same. See Stocktaking using Pick 'n' Pack.