9.8 Stocktake

Stocktaking is the process of checking and counting stocks, as well as recording the sales results. Physical stock takes should be done periodically to verify the accuracy of stock records, as well as to confirm the value of stock shown on the balance sheet (it should match with the physical stock value).

 

The value of the stock should tally with records from the POS systems and financial sheets. Should there be any discrepancies, ensure you investigate and recount. Common reasons for discrepancies are damaged or returned items that were not properly recorded.