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Introduction of Physical Inventory or Physical Stock Taking process.

Physical inventory refers to the stock of the items physically available in the store. In other words, it is a process of physically counting the inventory, i.e. taking the actual count of the stock manually. This is usually done in the financial year-end, but can be done on a periodic basis also. Physical inventory helps to verify if the stock in the system is matching with the physical stock in hand and user can know the discrepancies between the system stock and the physical stock. If there is a mismatch between the two, the user can adjust and update the inventory with the right one to maintain a proper inventory from then. There are certain businesses where people do not maintain a proper inventory. In such cases, physical inventory is a great tool to adjust the stock entries correctly and follow with the right inventory. #gofrugal #retail #gofrugalerp #physicalstock #physicalinventory #physicalstocktaking