Take a first physical inventory count

Your first physical inventory adjustment creates inventory quantities and the initial value of your inventory assets. When you create Shop Inventory records, TMT has information about parts and supplier prices, but it doesn’t know how much the parts currently in your Parts Room cost because you didn’t use TMT to purchase those parts. To set the value of the parts you already have, you must provide cost and quantity information during the initial inventory process.

  1. After creating all of your Shop Inventory part records, but before you do your actual count, open a full inventory and print the count sheets using the type of sort that you will use when you actually perform the physical count. For information on creating an inventory and printing count sheets, see Take a physical inventory count.

  2. Delete the open inventory you just created. This is a special step for your first inventory. Trimble does not recommend leaving inventories open for a long time, and you will need time to complete Step 3.

  3. Research your part costs. Using the count sheets you just printed, write the unit costs for each part in the blank provided in the Quantity column. You will use this sheet when entering the part counts to provide cost information.

    Note: This is not how you normally use count sheets in a physical inventory. This is just a convenience for you when making your first inventory count.

  4. When you are ready to perform the actual count, make sure the Track Inventory checkbox in the Shop Master record is selected.

  5. Open a new full inventory and print the count sheets.

  6. Count the parts and enter the actual counts in the Quantity column of the new count sheets.

  7. On the Physical Inventory page, select your open inventory and select the Counts tab. The parts listed appear in the same order as on your count sheets.

  8. For each part, enter the value in the Actual Count column and then the cost. As you enter the count for each part row, the program highlights the cell so that you know you’ve made a change. Whenever you enter an Actual Count value that is higher than the Current On Hand value, you can also enter the cost for the part’s quantity. Since this is your first inventory count, all Current On Hand quantities are zero. Enter the cost you wrote done in Step 3 in the Cost Each column.

  9. After providing counts and costs for all parts, select Save to save your changes.

  10. Once you have entered all the counts and saved your changes, select the Inventories tab. The inventories view opens.

  11. Select the row for the physical inventory you just finished.

  12. Select Close. The Enter Closing Date window opens.

  13. Enter the Closing Date.

  14. Select OK to close the inventory count. The program updates your inventory quantities and costs as you have entered them.