Rules for Physical Inventory Using a 3rd Party Service
- The store scanning rate must be above 98% for accurate inventory results.
- If there are non-posted credits, notify a supervisor ahead of time.
- Prepare book inventory: Make sure all merchandise invoices are accepted, check price changes, and buydowns. Check categories with sales posted to merchandise additions (Ingredient Method of Accounting - such as hot drinks, cold drinks, food service etc.). Make sure all sales are properly posted.
- Process all pending price change tickets.
- Try to avoid having physical inventory on the same day as a main wholesaler delivery. Schedule a physical inventory the day before when the store inventory will be at minimum.
- It is recommended to mark all shelves, racks, and other places in the store with the permanent code for quick reference in a physical inventory report. For example, first door in a walking cooler WD1, cash register counter CR1, back room cigarette storage BR1 and so on.
- Inventory will be adjusted in the middle of the shift in which the physical inventory took place. All merchandise delivered after the beginning of that shift must NOT be counted by auditor(s) and segregated from other store inventory.
- All merchandise must be easily accessible and stored in proper places.
- The manager should be present in the store during the physical inventory process.
- Make sure auditor(s) count ALL store merchandise including outside merchandise (such as propane, salt etc.), merchandise in the shed, phone cards, and gift cards.
- The auditor must be aware of each item category assignment.
