How to Report Lost / Missing Inventory

Steps to Report Loss of Store Products that may have experienced shrinkage or theft

Reporting retail shrinkage is a crucial aspect of inventory management. When inventory goes missing or is unaccounted for, it can lead to financial losses and inaccuracies in tracking product availability. Here's a step-by-step process to report retail shrinkage in ImpulsePoint, along with an explanation of its importance:

1. Click the "Manage" icon on the left side of the screen.

2. Under the "Manage Inventory" section, select the "Report loss of inventory" link.

3. Choose "Hard Count" to initiate the process.

4. To locate the specific Store Product for which you want to report loss inventory, you have several options:

   • Utilize the search bar on the top right side of the screen.
   • Click the word "Filters" on the top left, which will reveal dropdown arrows for "Stock Level," "Vendor," "Category," and "Sub Category" fields.
   • You can further refine your search by using the dropdown arrow for the "Sort" option after you have applied filters.
   • Alternatively, you can manually scroll down the page to locate the Store Product.

5. Once you've identified the Store Product, you should enter the actual quantity you have in stock into the "In Stock" text field. This should represent the true quantity of the product you currently have on hand.

6. Don't forget to save your inventory changes by clicking the red "Save Inventory Changes" icon.

The importance of reporting retail shrinkage:

1. Financial Accuracy: Reporting shrinkage helps maintain financial accuracy by accounting for lost or missing inventory. This prevents discrepancies between your records and the actual quantity of products on your shelves.

2. Identifying Issues: Regularly reporting shrinkage allows you to identify trends or recurring issues related to lost inventory. This insight can help you take corrective measures, such as improving security or inventory control processes.

3. Loss Prevention: Reporting shrinkage plays a vital role in loss prevention. By promptly addressing inventory losses, you can reduce the financial impact and deter potential theft or mishandling.

4. Inventory Efficiency: Keeping your inventory levels accurate ensures that you have the right products on hand for customers. Inaccurate inventory can result in customer dissatisfaction and lost sales opportunities.

5. Improved Decision-Making: Accurate inventory data is essential for making informed decisions regarding restocking, reordering, and product management. Reporting shrinkage helps you make strategic choices based on reliable information.

In summary, reporting retail shrinkage is essential for maintaining financial accuracy, preventing losses, and ensuring efficient inventory management. Regularly monitoring and addressing inventory discrepancies is a fundamental practice in effective retail operations.