Inventory Counting in Qoyod
What is Inventory Counting?
Inventory counting is a process of comparing the actual quantities present in the warehouse with the quantities recorded in the system. If you find a difference between the two quantities, the system automatically adjusts the inventory balance to match reality and creates the appropriate accounting entry to record this difference.
Is the Inventory Counting Feature Available in Your Plan?
- New Plans: Available in the Professional and Advanced plans, not available in the Basic plan
- Old Plans (Discontinued): Available in Qoyod Plan, Premium, and Advanced plans, not available in Plus and Lite plans
How Do You Access the Inventory Counting Page?
From the sidebar menu, click on Products and Costs, then from the options at the top of the page, click on Inventory Counting. A list of all previous counting operations will appear.
What Information Appears in the Inventory Counting List?
For each inventory counting operation, the following information is displayed:
- Location: The warehouse where the counting operation was performed
- Revenue Accounts: The accounting account associated with excess quantities
- Expense Accounts: The accounting account associated with shortage quantities
- Date: The date the counting was performed
- Status: The current status of the counting operation
Inventory Counting Statuses
An inventory counting operation goes through one of the following statuses:
- Draft: The counting has been saved without approval, is still editable, and has not yet created any accounting effect
- Pending Approval: The counting was created by a user who does not have approval authority, and requires approval from another user who has this permission
- Completed: The counting has been approved and is final, and an accounting entry has been automatically created for it
Available Options for Each Counting Operation
A set of options appears next to each counting operation in the list, varying depending on the counting status:
- View: To review the complete details of the counting operation
- Download PDF: To download a copy of the count
- Edit: This option appears only if the counting status is Draft or Pending Approval
- Complete Operation: Appears if the counting status is Draft or Pending Approval, and clicking it approves the count directly
- Delete: To delete the counting operation and its consequences (deletion details are explained below)
How Do You Create a New Inventory Count?
Step One: At the top of the Inventory Counting page, click on Create Inventory Count.
Step Two: Fill in the Counting Data
- Location (Required): Choose the warehouse you want to count. You will not be able to add products until you select a location
- Date (Required): The date the counting was performed
- Description (Required): A required field to add an explanatory note
- Revenue Account for Excess Quantities (Required): The accounting account where any inventory increase will be recorded. It must be a revenue or equity account, at level three or higher of the account chart, and must not be subdivided. If it is subdivided, it will not appear and its subdivisions will appear instead
- Cost Account for Shortage Quantities (Required): The accounting account where any inventory shortage will be recorded. It must be an expense or equity account, at level three or higher of the account chart, and must not be subdivided. If it is subdivided, it will not appear and its subdivisions will appear instead
Step Three: Add Products and Fill in Quantities
In the products table, you will find the following columns for each product:
- Products: The name of the product to be counted
- Current Quantity: The quantity currently recorded in the system, appears automatically
- Actual Quantity: Enter here the quantity you actually counted in the warehouse
- Difference: The system calculates this automatically as the difference between the actual quantity and the current quantity:
- Positive Difference in Green: Means the actual quantity is greater than the recorded quantity, and this difference will be added to the inventory
- Negative Difference in Red: Means the actual quantity is less than the recorded quantity, and this difference will be deducted from the inventory
- Average Value: The average cost of the product that will be used to calculate the monetary value of the counting difference. The system will automatically use the current average cost of the product, and you cannot enter a different value
You can add more than one product by clicking Add More. You can also scan using barcode directly through the Scan by Barcode button at the top of the screen to speed up the counting process.
Step Four: You can upload attachments related to the counting from the Attachments section at the bottom of the screen.
Step Five: You can link the inventory counting to a specific project (cost center) through the Additional Information tab and select the project name.
Step Six: After filling in all the data, you have two options:
- Save as Draft: If you want to review the count or complete it later
- Save and Approve: To approve the count directly and create the automatic accounting entry
What Happens When the Count is Approved?
As soon as the inventory count is approved, the system automatically:
- Updates Inventory Quantities to match the actual quantities entered
- Creates an Automatic Accounting Entry that reflects the difference, as follows:
- If there is an increase in inventory: The system increases the inventory account balance against the revenue account or equity account
- If there is a shortage in inventory: The system decreases the inventory account balance against the expense account or equity account
You can view the accounting entry through Reports → Journal Entries.
Can the Inventory Count be Edited After Approval?
No, you cannot directly edit a counting operation after it has been approved. Editing is only available if the counting status is Draft or Pending Approval. If you need to correct an approved count, the only solution is to delete it and recreate it with the correct data.
Deleting Inventory Counting
What Happens When Deleting? When deleting an inventory counting operation, the following automatically occurs:
- The counting’s effect on inventory quantities is reversed and restored to what it was
- The automatic accounting entry associated with the count and its reference number are deleted
When Can’t You Delete? If deleting the count would result in making the inventory balance negative, the system will not allow the deletion and an error message will appear:
“Deleting this entry will cause the inventory to fall below zero”
To understand why this error occurred, click View next to the count and check the Difference column:
- Positive Difference in Green: Means this count added quantities to the inventory. When you delete it, these quantities will be deducted, so the current inventory balance at the location must be greater than or equal to at least this difference
- Negative Difference in Red: Means this count deducted quantities from the inventory. When you delete it, these quantities will be added back, and this does not cause any problem
Delete Permission: The delete button only appears for users who have the permission to delete inventory counts. You can control this permission through Settings → Users → Manage Roles → Edit next to the role → enable the Delete option next to Inventory Counting.
Importing Inventory Counting
You can import counting data from an Excel file instead of entering it manually, through the Import Inventory Counting button at the top of the counting list page.
Filter Options on the Inventory Counting Page
You can filter the list of counting operations by:
- Location: To display counts for a specific location only
- Revenue Accounts and Expense Accounts: To filter by accounting accounts
- Status: To display operations with a specific status (Draft, Completed, Pending Approval)
- Date: To specify a certain time period
- Additional Fields: If you have custom fields
