End-of-Year Inventory Audit Overview

Updated 1 day ago

Inventory audits are key to maintaining accurate inventory counts at your venue. Therefore, POSaBIT suggests that inventory is audited a minimum of once every quarter, and is often required at the end of the year. In order to help you perform these audits, POSaBIT provides several different auditing methods to choose the one that works best for your venue.

Currently, POSaBIT offers several different audit methods including:

1. Recommended Method: Manual entry via spreadsheet or portal
2. Other Options:

• How to Perform an Inventory Audit using a Scanner Connected to Your Device
• How to Perform an Inventory Audit using a Scanner With Internal Memory
• PocketPOS mobile Audit App

Manual Entry via Spreadsheet or Portal

This audit method is the most basic audit process that POSaBIT offers. When performing this audit, you will first need to create a new audit within the POSaBIT portal in order to generate a list of products that will be audited. Once created, you will manually perform counts of each product within the list and enter the counted quantities either on the POSaBIT-generated spreadsheet or directly within the POSaBIT portal. For more information on performing a manual entry audit see below:

Below, we'll walk through the steps to do an inventory audit in the POSaBIT portal, from start to finish:

1. Login to the POSaBIT web portal.
2. Select "Audits" from the Inventory drop-down at the top of the page.
3. Press the green "+ New Audit" button found in the top right-hand corner of the page.
   
4. In the Select Audit Type pop-up, select “New Criteria Based Audit”.
   
5. In the Details section, enter a Name for the audit and select the Auditor (the employee who is going to be performing the audit). Turn on Blind audit if the auditor should not see current quantities, and Require approval if the audit should be approved before it is completed.
6. Next, use the Product Filters section (Product Types, Suppliers, Brands, Strains, or View Additional Filters) to narrow down the list of products you'd like to audit, then click "Save".
   
   If you would like to audit ALL inventory, select “Save” without adding any filters.
   
7. You will now see a list of all products that apply to the filters you selected. The Items Audited card at the top of the audit shows how many products will be audited (Ex. 0 / 25).
   

1. Once you have the list of products that you would like to audit press the green "Start Audit" button to freeze the products inventory and begin the audit.
2. After you press "Start Audit" you have two methods you can use to enter in the counted quantity for each product. You can either enter the quantities directly into the audit table on the audit page, or you can download an inventory audit Excel sheet and manually enter the quantities using that document.
3. The user can now start performing the audit. To do so, count the quantity of inventory you have for each product in the list and enter the counted quantity into the field labeled "Counted Qty".
   
4. Once you have entered the counted quantity into the correct field, press the save icon to save that quantity and mark the product as counted.

1. If the quantity found in the "Current Qty" and "Counted Qty" DO NOT match, upon saving you will be prompted with the adjustment pop-up. On the adjustment pop-up, you can edit the "Counted Quantity", give a reason for the adjustment, as well as enter any notes that are applicable to the adjustment.
2. Repeat steps #10 -> #12 until all products in the audit have been counted.
3. After you have entered a counted quantity for each product as well as entered an adjustment reason for all quantities that don't match, press the green "Complete" button to finalize the audit.
4. Once the "Complete" button has been pressed, POSaBIT will automatically unfreeze the inventory of all products as well as adjust the inventory of the products to match the "Counted Qty". Each product's adjustment is shown in the Adj Qty column of the audit.

A log of adjustments can be found under Inventory > Inv Transaction Activity from the main navigation menu.

Export and Import Audit

In addition to being able to perform the audit directly in the POSaBIT portal, users can also choose to use an Excel export/import to enter the counted quantities for each product and complete the audit. Below are the required steps needed to perform an audit using the "Export & Import Tool".

1. Once you have created and started an audit (steps 1 -> 9 above), locate and press the "Download" button on the audit page.
   
2. Open up the Excel file. The column labeled Counted Qty will be the column where you will enter the values of the actual inventory on hand that is counted.

1. Once all of the products on the file have been counted and entered into the spreadsheet, save the Excel file.
2. To upload your audit results, return to the audit you had created and press the button labeled "Choose File" found within the box labeled "Export & Import Audit Results (Optional)".
3. After selecting the audit Excel file from your computer, press the button labeled "Import" to import the counted quantities into the audit table.
4. Once you press Import, POSaBIT will automatically populate the audit table within the portal with the counted quantities on the Excel sheet.
5. Confirm that the quantities match what you entered on the Excel document then press the green "Complete" button to finalize the audit.
6. Note: Upon importing the Excel sheet, POSaBIT will only show quantities that do not match, if a counted quantity matches the current quantity the counted quantity will remain blank.
7. Once the "Complete" button has been pressed, POSaBIT will automatically unfreeze the inventory of all products as well as adjust the inventory of the products to match the "Counted Qty".
8. After completing the audit, you can click the "Download" button to get a downloaded version of the completed audit.

FAQ’s

Below we have included some FAQs relating to Audits:

1. How to make changes to an Audit Pending Approval?
   • Go to the audit pending approval that you'd like to edit, make any changes necessary, and click the save icon under the Total Audited column.
2. How do I deny an audit that is pending approval?
   • You can deny an audit that is pending approval by clicking the Red Cancel button on the top right. This will deny and cancel the audit.
     
3. How can I clean up the audits page?
   
   • Use the filters at the top of the Audits page. The Status filter lets you view only audits that are Pending, Processing, Completed, or Pending Approval. You can also filter by Created After, Name, or Auditor, then click Search.
     
4. Can I audit products even if they are “Inactive”?
   
   • Yes - you will still be able to audit products that are “Inactive.”
     

For additional assistance please reach out to POSaBIT support @ 1 (855) POSaBIT OR SUPPORT@POSaBIT.COM

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