Physical Inventory in SAP is a process in which the stock quantities of an enterprise are actually checked and counted and checked for accuracy by comparing them with the records in the SAP system. This process is carried out to ensure that the records in the system reflect the current situation and to identify inventory differences and make the necessary arrangements.
Objectives of the Physical Inventory Process:
- Ensuring the Consistency of Inventory Data: Checking whether the stock information in the SAP system and the actual stock quantities are compatible.
- Determination of Differences: Revealing deviations such as stock surplus or deficiency.
- Updating Records: Processing the detected inventory differences into the SAP system.
- Ensuring Legal and Financial Compliance: Making accurate inventory information available in financial reports and audit processes.
The following procedure can be used in the creation and processing of the physical inventory document.
Step 1)
Execute transaction MI01.
Enter the document date and the date scheduled for the count.
Enter the Production Location/Warehouse location/Special stock indicator.
If you want to enable Shipment Blocking (if there is a possibility that someone will ship while the physical inventory is in progress, enable this - material level), Freeze ledger inventory (if this option is enabled, the current ledger inventory balance will be saved in the physical inventory document), and if you want to include materials marked with a delete mark in the inventory document, tick that box as well and press ENTER.
Step 2)
Enter the material number(s) you want to include in this physical inventory document. Save the transaction data.
You will be notified of the newly created physical inventory document number.
Step 3)
Optional step.
Execute MI02 to make changes to the document (if necessary).
Double-click the material number if you want to check whether the count has already been done.
If you need to delete the document, you can set the delete indicator.
At item level you can see that our material has not yet been counted.
Step 4)
Optional step.
At the header level, you can edit the data entered during the creation of the physical inventory document.
You have now completed creating (and modifying) the physical inventory document. You can view the document
Counting the Physical Inventory Document
In the following topic, I will show you how you can enter the results of the count into the physical inventory document.
The process is quite easy, but it needs to be executed correctly, because the error in entering the count will later cause stock balances to be bad. Therefore, there is a great need for both the counting process and the entry process to be correct.
Step 1)
Execute transaction code MI04.
Enter the physical document number and fiscal year.
Enter the count date if different from the recommended date.
Enter the variance percentage. This means that if you have 100 units in stock before the physical inventory process and you enter 107 units as the count result, you will be informed with a warning message about the difference between the previous stock quantity and the counted quantity.
Press the ENTER key.
Step 2)
Enter the quantity counted for this material.
Press the ENTER button.
If you receive the warning message and you think that there may be an error in the counting process, you can recount the product and correct the results (check operation code MI05 (change) and MI11 (recount) if necessary).
Sending Differences
After possibly recounting for the problematic materials and re-entering the quantity information, you can post the differences using the MI07 process.
Step 1)
Execute transaction MI07.
Enter your physical inventory and fiscal year.
Enter the registration date. Goods recording will be done according to this date. Some companies use 31.12. As the last day of the fiscal year for the annual physical inventory.
You can use the threshold value to enter the maximum allowable difference in local currency. Leave this field blank if you do not want a limit. For this to work, the standard or variable price of materials must be maintained.ENTER
Step 2)
You can see the amount of difference. This means that we have found 0 units in the system than previously stated. Here you can also access the stock difference value.
Step 3)
Optional.
If there is a difference in the count, we can see this difference on the MIGO screens and enter it into stocks. For example, if there are x units more, we can take action as seen on the screens.
The movement type used for the difference record of goods receipt from physical inventory is 701.
Again, we can access the accounting document from MIGO. (This is the screen of a different example with stock difference)
Step 4)
We can view the counting differences report with transaction code MI24.
See the table below for reference to the standard movement types used for physical inventory.
701 - Goods Entry for unlimited stock
702 - Goods Out for unlimited stock
703 - Goods Receipt for quality control stock
704 - Goods Out for quality control stock
707 - Goods Receipt for blocked stock
708 - Goods Out for blocked stock
Transaction Codes Used in SAP Physical Inventory Process
Transaction Code Description
MI01 Creating a physical inventory document
MI04 Entering count results
MI07 Recording count differences
MI20 Listing count differences
MI23 View the physical inventory document
MI24 Census differences report
MB51 Monitoring material movements after counting
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