How Do You Properly Verify Store Inventory? Seeking Advice from Experienced Peers

I have been overseeing the stores for the past five years. I used to conduct the physical verification of stores annually, but I suspect that I may not be using the correct method. Therefore, I kindly request you to please send me detailed information on the correct method for physical verification of stores to my email address [Email Removed For Privacy Reasons].

Regards,
S.P. Singh

Physical Verification on Stores Every Year - Year-End 31st March

The following steps outline the process for conducting a physical verification:

1. First, declare a store holiday on 31st March.
2. Ensure no purchases or issues occur on that day.
3. Assemble a team of 5 to 6 members to assess the physical stock availability.
4. Count the stock manually, noting the part number and physical quantity on white paper.
5. On 31st March, run the system stock and store it in an Excel sheet.
6. Use the following system stock format in the Excel sheet: Part no, Part name, Sys qty.
7. Enter the physical stock data into the Excel sheet: Part no and Physical Qty.
8. Lastly, compare the two Excel sheets—Physical stock vs. System stock—using the VLOOKUP Excel formula to identify excess and shortage in stock.

All the best. If there is any clarification needed, write to my email address: [Email Removed For Privacy Reasons].

Regards,
Arul