Phase 3 focuses on the setup of Inventory Templates and the taking, reviewing, and approving of Inventory Counts. In a periodic inventory system, performing accurate Inventory Counts is crucial to obtaining accurate Cost of Goods Sold.
- Inventory Count Template built for all Locations
- Managers trained on how to perform inventory
- Admin team understands the first count beginning balance process
- Alignment with Accounting Processes, including creating the Fiscal versus Operational Calendar, when you should take counts, when all invoices should be approved for Item Costing, etc.
- Establish DWM Tasks for Inventory
- Timeline: 2-3 weeks
- Take at least test count
- Review the Actual vs Theoretical Analysis report
What is coming up in the next phase?
- Combined Fiscal and Operational Calendars
- Inventory Counts conducted on the R365 Red App
- Review and approve Inventory Counts