One of the simple but powerful forms is the Material Transactions form. This window gives the auditors the ability to monitor the movement of an item from the moment it is received, used or sold to a customer. Auditors can determine the status of an item by just a mere click of a button. Discrepancies can be monitored easily. It can show any major discrepancy which can happen in any of the warehouses. This is especially helpful if your warehouse contains thousands of items. You can pinpoint items that are out of the standard and conduct your investigation as needed.
The example above shows the Product Oak Tree which moved from the “Default HQ Locator” to the “Default HQ Store Locator”. As can be seen, we reduced the inventory levels of the “Default HQ Locator” by 4 and moved it to Default Store Locator. The field Movement Quantity highlights the movement. We can also see that we receive the item from our supplier twice – one with a quantity of 15 and the other with a quantity of 10. Finally, we can see that we sold one item to our customer.
The beauty of the form is its ability to zoom to the actual record (right click on the field and select zoom). This makes it easier for auditors to trace the actual records used for the transactions. Any record discrepancy can trigger a response to determine any variances.
When you match the window with actual records and/or counts, this form can extensively be used to determine a “test of reasonableness” for inventory levels.