Topic Doc: POS Inventory Posting
RecTrac 3.1
Table of Contents
Document Summary
The following is a step-by-step walk-through of how to maintain your Item Inventory by posting physical counts, orders, receiving, reductions, and transfers.
- Use Physical Counts after completing a physical inventory to update the system's item counts.
- Use Post Orders to track the items and quantities that are currently on order.
- Use one of the three Post Receivings methods when stocking your inventory. Posting Receivings reduces the Quantity on Order and increases the Quantity on Hand.
- Use the Post Receivings - Individual Item method to post your receivings on an item-by-item basis without referencing Invoices or POs.
- Use the Post Receivings - Invoice Balancing method to start with the Invoice Amount, manually select the items shown on the invoice and while the system tallies them up. You cannot post the new inventory until the sums match.
- Use the Post Receivings - PO Match method to start with a PO Number, have the system list the items, quantities, and per unit prices ordered for that PO. Post everything when it matches your shipping invoice.
- Use Post Reduction to decrease inventory at cost for items that have reduced or been damaged. For Example: Spoilage of fresh foods requires periodic inventory reductions.
- Use Post Transfers to decrease inventory at cost for items that have been transferred to another department. For Example: Transferring cases of soda between your park concession stands to match demand.
License – Maintenance Agreement
The Inventory Posting Interface is free. Use of the interface requires a Vermont Systems license and annual maintenance agreement for RecTrac and the component modules discussed in this document. Prior to implementing any process outlined in this document, please contact the Vermont Systems Sales department at 1-877-883-8757 to verify that you are authorized to use the modules discussed in this document and if not, to obtain a quote and/or approval.
Setup Steps
This document will walk you through the basic steps required to post inventory counts, orders, receivings, reductions, and transfers into RecTrac. If you have additional questions about inventory management after reading this document, please contact Vermont Systems Customer Service by phone at 887-883-8757 or generate a Support Case through the Customer portal of the Vermont Systems web site using your Customer ID and password.
Before You Begin
This document is written with the following assumptions. If any of the items listed is NOT true, contact Vermont Systems Support prior to continuing.
- Your organization is running RecTrac 3.1.04.00 or greater.
- The User ID with which you sign into RecTrac has the requisite permissions and ability to access the Inventory Posting procedure.
- You are familiar with RecTrac Inventory Management and your organization's inventory policies.
- The Inventory Items you plan to sell and use are already entered into the system.
- You understand RecTrac DataGrids and how to maneuver through them.
File Maintenance Setup
This document will guide you through the process of maintaining your Item Inventory by posting physical counts, orders, receiving, reductions, and transfers. Inventory Items should already be created within the system and ready for posting.
Note: All file paths and screen/tab locations in this document refer to file paths and screen/tab locations as they appear in the standard, default Vermont Systems Design. Your setup and Design may vary.
Post Physical Count
Posting the Physical Count allows you to update the Quantity On Hand for your Inventory Items based upon the actual counts from your physical inventory. To aid in this process, you should run the Inventory Physical Count Worksheet (Reporting menu • Inventory Reports • VSI - Inventory Physical Count Worksheet).
- In RecTrac, go to the Management Ribbon • POS Management • Inventory Posting.
- On the Inventory tab, you post all inventory changes to the location associated with your RecTrac user (i.e., your Location Profile to which your User ID is linked).
- Use the Warehouse tab to post inventory changes to the selected Warehouse Location.
- Expand the Drop-down list to select Physical Count.
Note: The options in this list are determined by selections made in the Inventory Posting Options field on the Permissions profile • Module Settings group.
Click Image to Enlarge
- Accept the Default Date (i.e., "Today's" Date) or click the Calendar icon to select an alternate date, if desired. The date entered in this field is your date on which Inventory will be posted.
- Do one of the following to select an Inventory Item:
- Double-click on the Inventory Item within the DataGrid.
- If you know the item number, enter it into the field beneath the DataGrid and then click the Quick Pick button.
- Scan the item's barcode, and then click the Quick Pick button.
- The Physical Count Post screen opens.
- Enter your physical count for this Inventory Item using one or multiple quantity fields. When multiple fields are used, the system converts everything to a single Unit Of Measure (UOM) and then adds them together when you exit this screen. For Example: You might purchase Pepsi by the Case. Each Case contains 36 Cans. Your physical inventory count worksheet might include a tally of 1 case (New Purchase Qty on Hand = 1) and 8 cans (New Sell Qty On Hand = 8) of Pepsi, and you might enter them using those two fields. Alternatively, you might enter this as 44 cans of Pepsi in either the New Sell Qty On Hand = 44 or the New Inventory Qty fields (i.e., when Inventory Qty is equal to cans) and you would get the same result.
- Accept the Post Date (i.e., the Default Date set on the Inventory Posting screen) or click the Calendar icon to select an alternate date, if desired. The date entered in this field is your date on which Inventory will be posted.
- Enter comments when necessary. For Example: During your physical count, you realize that there were two fewer cases of Pepsi and two more cases of Sprite than was noted in the system physical count. A comment such as the following might be helpful to explain this change: "Increased the count of Pepsi by 2 cases and decreased Sprite by 2 cases to correct a prior miscount."
- Click Process. The quantity entered will now be the Qty On Hand.
- You return to the Inventory Posting screen. Repeat steps 4-8 for each physical count update you would like to process.
- When finished, you click Report to print the Inventory Posting Journal.
Post Orders
Posting Orders will update the Quantity On Order for your Inventory Items. When you later post receivings, the system will reduce Quantity On Order and update Quantity On Hand by the same amount.
- In RecTrac, go to the Management Ribbon • POS Management • Inventory Posting.
- On the Inventory tab, you post all inventory changes to the location associated with your RecTrac user (i.e., your Location Profile to which your User ID is linked).
- Use the Warehouse tab to post inventory changes to the selected Warehouse Location.
- Expand the Drop-down list to select Post Orders.
Note: The options in this list are determined by selections made in the Inventory Posting Options field on the Permissions profile • Module Settings group.
Click Image to Enlarge
- Accept the Default Date ("Today's" Date) or click the Calendar icon to select an alternate date, if desired. The date entered in this field is your date on which Inventory will be posted.
- Enter the Purchase Order Number associated with this posting. Entering your Purchase Order Number gives you additional capabilities when receiving the order, see Post Receivings - PO Match.
- Click the Picklist icon to select the Vendor associated with this Purchase Order, if any. (Vendors are maintained in Vendor Management.)
- Do one of the following to select an Inventory Item:
- Double-click on the Inventory Item within the DataGrid.
- If you know the item number, enter it into the field beneath the DataGrid and then click the Quick Pick button.
- Scan the item's barcode, and then click the Quick Pick button.
- The Inventory Order Post screen opens.
- Typically, you enter the Purchase Order Qty when placing an order and refer to the and Purchase Unit Of Measure (UOM). For Example: You might purchase Pepsi by the case, each case contains 36 cans, and enter a Purchase Order Qty of 3 cases.If you enter Purchase Order Qty and Sell Order Qty, know that the system will convert everything to a single Unit Of Measure (UOM) and then add them together when you exit this screen.
- To assist you in placing this order, the system displays the: Qty On Hand, Reorder Point, Minimum and Maximum Order amounts, as well as the Best Order quantities.
Accept the Post Date (i.e., the Default Date set on the Inventory Posting screen) or click the Calendar icon to select an alternate date, if desired.
The date entered in this field is your date on which Inventory will be posted. Enter comments when necessary.
- Click Process.
Note: A warning displays when your order deviates from the Best Order, Maximum Order, and Minimum Order quantities. You can change your quantities on order or continue as is.
- The quantity entered will now be the Qty On Order for the item processed. You return to the Inventory Posting screen and the Item Count and Approx Cost will update accordingly. Repeat steps 6-10 for each Inventory Item you would like to place on order.
- When finished, you click Report to print the Inventory Posting Journal.
Post Receivings - Individual Item
Use Post Receivings to stock your inventory and the Individual Item method to post your receivings on an item-by-item basis. Posting receivings reduces the Qty on Order by the quantity received and increases the Qty on Hand by the same amount.
- In RecTrac, go to the Management Ribbon • POS Management • Inventory Posting.
- On the Inventory tab, you post all inventory changes to the location associated with your RecTrac user (i.e., your Location Profile to which your User ID is linked).
- Use the Warehouse tab to post inventory changes to the selected Warehouse Location.
- Expand the Drop-down list to select Post Receivings - Individual Item.
Note: The options in this list are determined by selections made in the Inventory Posting Options field on the Permissions profile • Module Settings group.
Click Image to Enlarge
- Accept the Default Date (i.e., "Today's" Date) or click the Calendar icon to select an alternate date, if desired. The date entered in this field is your date on which Inventory will be posted.
- Click the Picklist icon to select the Vendor associated with this Purchase Order, if any. (Vendors are maintained in Vendor Management.)
- Do one of the following to select an Inventory Item:
- Double-click on the Inventory Item within the DataGrid.
- If you know the item number, enter it into the field beneath the DataGrid and then click the Quick Pick button.
- Scan the item's barcode, and then click the Quick Pick button.
- The Inventory Receivings Post screen opens.
- Enter the quantity and unit cost of the Inventory Item received, and refer to the Last Purchase Order Unit of Measure (UOM) shown on the screen.
- Choose between the Purchase Qty Received field OR the Sell Qty Received field but do NOT use both. Important as the system will add these values together when you exit this screen.
- Enter the unit cost into the field that corresponds with your above choice: New Purchase Unit Cost or New Sell Unit Cost.
Note: Entering both a quantity and new unit cost for each item ensures that a new Average Cost can be calculated. Without accurate Average Cost calculations, your cost valuation reports and your markup and margin pricing will be incorrect. The formula for average cost is as follows: (current QUANTITY on hand x current average cost) + (new QUANTITY x new cost) divided by (current QUANTITY on hand + new QUANTITY).
- Accept the Post Date (i.e., the Default Date set on the Inventory Posting screen) or click the Calendar icon to select an alternate date, if desired. The date entered in this field is your date on which Inventory will be posted.
- Optional. Enter the Manufacturer's Suggest Retail Price (MSRP) for this item.
- Click the Picklist icon to select the Payment Code associated with the inventory you are posting.
- Payment Codes are maintained in Payment Code Management.
- Enter comments when necessary. For Example: Ordered two cases of soft pretzels and received one.
- Click Process. The quantity entered will be subtracted from Qty On Order and added to the Qty On Hand for the item processed.
- You return to the Inventory Posting screen and the Item Count and Approx Cost will update accordingly. Repeat steps 5-11 for each Inventory Item you have received.
- When finished, you click Report to print the Inventory Posting Journal.
Post Receivings - Invoice Balancing
With the Invoice Balancing method, you start with the total Invoice Amount. You then add each item received's unit cost and quantity until the sums match it. You can only post the new inventory once the sum of items received matches the total Invoice Amount. The Qty on Order will be reduced and the Qty On Hand will be increased by the same amount for all items received within this PO.
- In RecTrac, go to the Management Ribbon • POS Management • Inventory Posting.
- On the Inventory tab, you post all inventory changes to the location associated with your RecTrac user (i.e., your Location Profile to which your User ID is linked).
- Use the Warehouse tab to post inventory changes to the selected Warehouse Location.
- Expand the Drop-down list to select Post Receivings - Invoice Balance. The Posting DataGrid is now empty.
Note: The options in this list are determined by selections made in the Inventory Posting Options field on the Permissions profile • Module Settings group.
Click Image to Enlarge
- Begin by entering the invoice details and then you MUST click Process Invoice.
- Uncommon, click the Picklist to select the Warehouse Location from which you are receiving this Inventory Item.
- Accept the Post Date (i.e., the Default Date set on the Inventory Posting screen) or click the Calendar icon to select an alternate date, if desired. The date entered in this field is your date on which Inventory will be posted.
- Enter the Invoice Number, Invoice Amount, Shipping Cost, and any Discount applied.
- Click the Picklist icon to select the Payment Code associated with this Purchase Order.
- Vendors are maintained in Payment Code Management.
Click the Picklist icon to select the Vendor associated with this Purchase Order, if any. (Vendors are maintained in Vendor Management.)
- Click Process Invoice.
- Next, you add Inventory Items to the Posting Items DataGrid.
- Click the Picklist to select the Inventory Code that you would like to add to this Invoice. Afterward, click Add item to add it to the Posting Items DataGrid.
Note: Alternatively, enter the Inventory Code in the field beneath the grid and then click Quick Pick.
- The Inventory Receivings Post screen opens.
- Enter the quantity and unit cost of the Inventory Item received, and refer to the Last Purchase Order Unit of Measure (UOM) shown on the screen.
- Choose between the Purchase Qty Received field OR the Sell Qty Received field but do NOT use both. Important as the system will add these values together when you exit this screen.
- Enter the unit cost into the field that corresponds with your above choice: New Purchase Unit Cost or New Sell Unit Cost.
- Optional. Enter the Manufacturer's Suggest Retail Price (MSRP) for this item.
- Enter comments when necessary. For Example: Ordered two cases of soft pretzels and received one.
- Click the Process button.
- You will return to the Inventory Posting screen, the Inventory Item processed now displays within the Posting Items DataGrid, and the figures update for Invoice Amount Processed and Invoice Amount Left.
- Repeat steps 6-10 until the until the Invoice Amount Left is zero.
- Click Process Invoice.
Post Receivings - PO Match
The Purchase Order (PO) Match method makes it easy to compare the shipping invoice against your original PO and post the receivings to inventory. Begin by looking up a specific PO and then the system lists all of the Inventory Items associated with that PO along with your Original Order Qty, Costs, and the Qty Received includes the amount ordered. If everything looks correct, simply click Post PO Number to post everything to your Inventory. For partial fulfillments, update the individual items and quantities as necessary and then post to inventory. The Qty on Order will be reduced and the Qty On Hand will be increased by the same amount for all items received within this PO.
- In RecTrac, go to the Management Ribbon • POS Management • Inventory Posting.
- On the Inventory tab, you post all inventory changes to the location associated with your RecTrac user (i.e., your Location Profile to which your User ID is linked).
- Use the Warehouse tab to post inventory changes to the selected Warehouse Location.
- Expand the Drop-down list to select Post Receivings - PO Match.
Note: The options in this list are determined by selections made in the Inventory Posting Options field on the Permissions profile • Module Settings group.
Click Image to Enlarge
- The DataGrid is now empty. You MUST enter the PO details and then click Process POto display the Inventory Items associated with this PO within the DataGrid.
- Accept the Default Date (i.e., "Today's" Date) or click the Calendar icon to select an alternate date, if desired. The date entered in this field is your date on which Inventory will be posted.
- Enter the PO details including the PO Number, Invoice Number, Shipping Cost, and any Discount.
- Click the Picklist icon to select the Payment Code associated with this Purchase Order.
- Vendors are maintained in Payment Code Management.
Click the Picklist icon to select the Vendor associated with this Purchase Order, if any. Vendors are maintained in Vendor Management.
- Click Process PO and then the DataGrid loads the items ordered.
- Do one of the following to select an Inventory Item and modify it as need.
- Double-click on the Inventory Item within the DataGrid.
- If you know the item number, enter it into the field beneath the DataGrid and then click the Quick Pick button.
- Scan the item's barcode, and then click the Quick Pick button.
- Enter the quantity and unit cost of the Inventory Item received, and refer to the Last Purchase Order Unit of Measure (UOM) shown on the screen.
- Choose between the Purchase Qty Received field OR the Sell Qty Received field but do NOT use both. Important as the system will add these values together when you exit this screen.
- Enter the unit cost into the field that corresponds with your above choice: New Purchase Unit Cost or New Sell Unit Cost.
Note: Entering both a quantity and new unit cost for each item ensures that a new Average Cost can be calculated. Without accurate Average Cost calculations, your cost valuation reports and your markup and margin pricing will be incorrect. The formula for average cost is as follows: (current QUANTITY on hand x current average cost) + (new QUANTITY x new cost) divided by (current QUANTITY on hand + new QUANTITY).
- Accept the Transfer Date (i.e., the Default Date set on the Inventory Posting screen) or click the Calendar icon to select an alternate date, if desired. The date entered in this field is your date on which Inventory will be posted.
- Optional. Enter the Manufacturer's Suggest Retail Price (MSRP) for this item.
- Enter comments when necessary. For Example: Ordered two cases of soft pretzels and received one.
- Click Process. The quantity entered will be subtracted from Qty On Order and added to the Qty On Hand for the item processed.
- You return to the Inventory Posting screen. Repeat steps 3-10 for each Inventory Item you have received for this PO.
- When the order appears as it should, click Post PO Number. The purchase order qty will be reduced by the number received. You will be returned to the PO Order/Invoice/Vendor Update screen.
- Repeat steps 3-12 for each PO that needs to be posted.
Post Reduction
Use Post Reductions to decrease inventory at cost for items that have reduced or been damaged. For Example: Spoilage of fresh foods and item breakage will require inventory reductions.
- In RecTrac, go to the Management Ribbon • POS Management • Inventory Posting.
- On the Inventory tab, you post all inventory changes to the location associated with your RecTrac user (i.e., your Location Profile to which your User ID is linked).
- Use the Warehouse tab to post inventory changes to the selected Warehouse Location.
- Expand the Drop-down list to select Post Reductions.
Note: The options in this list are determined by selections made in the Inventory Posting Options field on the Permissions profile • Module Settings group.
Click Image to Enlarge
- Accept the Default Date ("Today's" Date) or click the Calendar icon to select an alternate date, if desired. The date entered in this field is your date on which Inventory will be posted.
- Do one of the following to select an Inventory Item:
- Double-click on the Inventory Item within the DataGrid.
- If you know the item number, enter it into the field beneath the DataGrid and then click the Quick Pick button.
- Scan the item's barcode, and then click the Quick Pick button.
- The Inventory Reductions Post screen opens.
- Enter the quantity of the Inventory Item reduced, and refer to the Unit of Measure (UOM) shown on the screen.
- Choose between the Sell Qty Received field and the Purchase Qty Reduced field but do NOT use both. Important as the system will add these values together when you exit this screen.
- Enter the unit cost into the field that corresponds with your above choice: New Purchase Unit Cost or New Sell Unit Cost.
Note: Entering both a quantity and new unit cost for each item ensures that a new Average Cost can be calculated. Without accurate Average Cost calculations, your cost valuation reports and your markup and margin pricing will be incorrect. The formula for average cost is as follows: (current QUANTITY on hand x current average cost) + (new QUANTITY x new cost) divided by (current QUANTITY on hand + new QUANTITY).
- Accept the Reduction Date (i.e., the Default Date set on the Inventory Posting screen) or click the Calendar icon to select an alternate date, if desired. The date entered in this field is your date on which Inventory will be posted.
- Select Create GL Entries when required to update accounting's General Ledger with this inventory loss. Depending on your set up, the GL code might specify who (department or unit) is charged, otherwise specifying a Cost Center will.
- Click the Picklist to select the GL Code used for billing the inventory reduction "at cost".
- GL Codes are maintained through GL Code Management
- Optional, click the Picklist to select the Reduction Cost Center which is the department or unit that will be billed for the loss "at cost." Cost Centers are used if the selected GL Code does not specify who (department or unit) is charged for the inventory loss.
- Cost Center Codes are maintained through Cost Center Management.
- Expand the Drop-down list to select the value to Use, such as the Average Cost or Last Cost, when calculating offsets.
- Click the Picklist icon to select the Payment Code associated with this reduction you are posting.
- Payment Codes are maintained in Payment Code Management.
- Accept the default entry for User Name (i.e., yours) or click the Pick List icon to select an alternate user, if desired. This is the User Name associated with this reduction transaction.
- Read-only text displays the Cash Drawer associated with the selected User Name. The Cash Drawer to associate this inventory reduction.
- Enter any comments that you want to print on the Posting Journal for the reduced item.
- Click Process. The quantity entered will be subtracted from Qty On Hand for the item processed.
- You return to the Inventory Posting screen. Repeat steps 4-9 for each Inventory Item you are reducing.
- When finished, you click Report to print the Inventory Posting Journal.
Post Transfers
Use Post Transfers to decrease inventory at cost for items that have been transferred to another department. For Example: Soft Pretzel inventory is low at pools, overstocked at gymnasiums, and you're transferring two cases between departments to match demand.
- In RecTrac, go to the Management Ribbon • POS Management • Inventory Posting.
- On the Inventory tab, you post all inventory changes to the location associated with your RecTrac user (i.e., your Location Profile to which your User ID is linked).
- Use the Warehouse tab to post inventory changes to the selected Warehouse Location.
- Expand the Drop-down list to select Post Transfers.
Note: The options in this list are determined by selections made in the Inventory Posting Options field on the Permissions profile • Module Settings group.
Click Image to Enlarge
- Accept the Default Date (i.e., "Today's" Date) or click the Calendar icon to select an alternate date, if desired. The date entered in this field is your date on which Inventory will be posted.
- Do one of the following to select an Inventory Item:
- Double-click on the Inventory Item within the DataGrid.
- If you know the item number, enter it into the field beneath the DataGrid and then click the Quick Pick button.
- Scan the item's barcode, and then click the Quick Pick button.
- The Inventory Transfers Post screen opens.
- Accept the default Transfer Date (i.e., Default Date set on the Inventory Posting screen) or click the Calendar icon to select an alternate date, if desired. The date entered in this field is your date on which Inventory will be posted.
- Enter the quantity of the Inventory Item transferred, and refer to the Unit of Measure (UOM) shown on the screen.
- Choose between the Sell Transfer Qty field and the Purchase Transfer Qty field but do NOT use both. Important as the system will add these values together when you exit this screen.
- Select where the item is transferred to.
- Click the Picklist to select the Inventory Code to use for the location that you are transferring this inventory. For Example: Location 1 uses 001-PRETZEL for their Soft Pretzel item number, while Location 2 (that has run out of pretzels) uses 002-PRETZEL for their soft pretzel item number. In this case you would select 002-PRETZEL for the 'To' Inventory Item field.
- Select Create GL Entries? when required to update accounting's General Ledger during inventory transfers. Depending on your set up, the 'From' and 'To' GL codes might specify who (a department or unit), otherwise specifying a Cost Center will.
- Optional, click the Picklist to select the Cost Center that is sending the inventory. Cost Centers are used if the selected GL Code does not specify who (department or unit) is charged for the inventory transfer.
- Cost Center Codes are maintained through Cost Center Management.
- Click the Picklist to select the GL Code to use for the location sending this inventory.GL Codes are maintained through GL Code Management
- Expand the Drop-down list to select the value to Use for this transfer (i.e., the Average Cost or Last Cost). |Click the Picklist icon to select the Payment Code associated with this inventory transfer you are posting. Payment Codes are maintained in Payment Code Management.
- Accept the User Name (i.e., yours) or click the Pick List icon to select an alternate user, if desired. This is the User Name associated with this transfer transaction.
- Read-only text displays the Cash Drawer associated with the selected user.
- Enter any comments that you want to print on the Posting Journal for the transferred item.
- Click Process. The quantity entered will be subtracted from Qty On Hand for the item processed.
- You return to the Inventory Posting screen. Repeat steps 4-10 for each Inventory Item you have received.
- When finished, you click Report to print the Inventory Posting Journal.