Overview of Physical Inventory

Use the physical inventory feature to ensure that the assets in your asset book physically exist and are in use in your business.

You record the existence, location, employee assignment, and number of units for each asset of your company. You can record physical inventory details for your assets manually or by using a barcode scanner. After recording the physical inventory information, compare it with the information in the asset book and reconcile discrepancies, if any.

For example, if a computer is located in room 549 according to your asset book, but is actually in room 346, you must either:

• Change the record to reflect the correct location of the computer.

• Move the computer to room 549.

Check the In physical inventory check box when adding an asset if your company policy requires you to record physical inventory for assets. Only assets with the In physical inventory check box checked are considered for the physical inventory comparison.

Upload the information collected during the physical verification of assets to the Physical Inventory interface table using the Manage Physical Inventory spreadsheet. Each entry must be in a status of New and must contain a unique identifier, which can be any of the following:

• Asset number

• Tag number

• Serial number

You can compare the following asset attributes:

Field	Rule
Location	Required
Number of Units	Required
Employee Number	Optional. If entered, it is compared.
Employee Name	Optional. If entered, it is compared.

You can include additional optional information to help you keep track of the assets you're comparing, such as a description of each asset.