To take an inventory cycle count of on-hand items, you first have to create a cycle count template and add your ingredients and recipes to that template. To learn how to do that, check out this article (How do I create a cycle count template).
From the "Cycle Counts" page, click the "+" to create a new cycle count. Select the location you would like to take the cycle count for and the cycle count template that you would like to use. Once these are selected, click "Create."
You may now take a cycle count using your new template! The next step is to input your on-hand values for each item and select the appropriate cost unit. Click "Submit" to finalize the cycle count quantities.
Note, that once a cycle count is submitted, it cannot be modified or re-opened.