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Physical inventory (PI) · PI-01

Physical inventory (PI) / full stocktake

Establish a controlled snapshot of physical stock and reconcile it to the system without double counting.

Download editable checklist

01 / prepare

Before you start

  • Define scope, cut-off time, count teams, map, sequence and approval thresholds.
  • Complete open receipts, picks and transfers or list them as in-transit exceptions.
  • Prepare numbered count sheets or scanners, hold tags and a controlled variance area.

02 / execute

Procedure

  1. 01

    Freeze and capture

    Record system snapshot and transaction cut-off; communicate what movements are permitted.

  2. 02

    Mark boundaries

    Number every aisle, bin, floor stack and off-site location in scope; identify empty locations too.

  3. 03

    First count

    Two-person teams count item, batch/serial, status and unit; mark each completed location once.

  4. 04

    Control exceptions

    Segregate damaged, unidentified, consigned and in-transit stock with a separate register.

  5. 05

    Recount differences

    Independent team recounts material variances without seeing expected balance where possible.

  6. 06

    Reconcile and approve

    Explain differences, approve corrections, release the freeze and retain signed final totals.

03 / exception control

Stop and escalate when

  • Unplanned movement after cut-off: log it and reconcile before accepting the count.
  • Missing location or unnumbered sheet: stop area closure.
  • Do not net unrelated gains and losses.

04 / verify

Ready-to-use checklist

Mark each item Pass, Fail or N/A in the downloaded CSV. Record evidence and assign a corrective action for every failure.

  • PI scope and cut-off approved
  • Open transactions resolved or listed
  • Every location uniquely assigned
  • First count signed and timestamped
  • Empty locations confirmed
  • Exception stock separately counted
  • Independent recount completed
  • Final variances approved and freeze released
Site / shift: ____________________Date: __________Checked by: ____________________Approved by: ____________________

05 / evidence

Keep these records

PI plan, system snapshot, numbered counts, movement log, exception register, recounts and approval summary.

Basis and further reading

  • Based on warehouse process controls and the site-specific approval workflow; adapt to your WMS, products and risk assessment.

This is a working template, not a certification or legal opinion. Local law, site risk assessment, manufacturer instructions and approved procedures take priority. For India-specific licences, start with the warehouse licences guide.