REPORT MANUAL

CHAPTER 3 - INVENTORY MANAGEMENT

Monthly Physical Discrepancy Report

 

The Monthly Physical Discrepancy Report gives you the difference between the Ideal and the Actual. In order to have an accurate inventory, the Ideal and the Actual amounts should be very close to each other. If for some reason the discrepancy is large, you should make sure that Receiving, Spoilage, Mixture and the Employee’s Meals are entered correctly.

 

1. Item (Inventory Item Name).
2. ID (Used to identify the inventory item; this could be your corporate inventory ID number, or your supplier ID number).
3. Ideal (Amount that should be in the inventory based on the information calculated by the system; What you should have had in your inventory). 
4. Actual (Amount that you entered in your physical inventory).
5. Discrepancy (Ideal amount – Actual amount).
6. Unit (Unit of measure used to track the inventory item).
7. Value ($ amount of the discrepancy).

Note: The high discrepancies that are shown in this discrepancy report are a good example of the consequences that you may experience if you do not enter Mixture, Spoilage, and Employee Breaks.