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Spot checking inventory

Spot checking helps determine the accuracy of your inventory. You can perform spot checks on inventory to make sure transactions are being properly recorded in QuickBooks.

Choosing items for spot checks

There are multiple ways to select items for spot checks:

  • Select items that may have an inaccurate quantity on hand.

  • Select items where the accuracy of the quantity on hand is most important.

  • Select random items.

Sample process for spot checking inventory

This is an example you can use for setting up a process for spot checking inventory.

To spot check inventory

  1. Each week, make a list of 5 to 6 part numbers to be counted.

  2. Conduct a physical inventory count and compare it to the quantity on hand. If there is a discrepancy, perform the following investigations before making an adjustment:

    1. Look at the item in QuickBooks to ensure nothing has changed since printing the Inventory Count Sheet. Go to the Lists menu, choose Item List, and then select the item you are having a problem with. From the Reports menu at the bottom of the screen, select Quick Report. In the Date field, select This Month. Review the report to make sure nothing has happened since starting the count.

    2. Double check that you counted the correct item.

    3. Count the item again. Determine whether it is stored in more than one location.

    4. Ensure that adjustments for damaged goods and goods returned to vendor were completed before the count.

  3. If you find a discrepancy that can not be resolved, do not make an immediate adjustment. Add the item to the next spot check and see if it has corrected itself. If the item is consistently off, make an adjustment after the third week.

    Note: You should not make the adjustment immediately, because it is possible for counts to be inaccurate and to be corrected within a short period of time. For example, items may get placed in the wrong area and later found.

See also

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