Software: MoneyWorks accounting software
Stocktaking (or inventory checking) is a process of verifying the stock (inventory) physically. It’s a process to check the quantity and verify the condition of the stock you have on-hand.
Before doing the regular stocktaking in MoneyWorks, you should post all the stock related transactions and make a backup of your document (company file).
Select the Items list from the Show menu. Highlight the Stocktake function and click the Start Stocktake button to start the stocktaking process. MoneyWorks will create a “Snapshot” of your current stock quantity on hand, if there is any stock related transaction after the Start Stocktaking process has been activated, the snapshot quantity will not be affected.
You can print a Stocktake list report from the Reports menu to do a physical stocktake.
Once you have completed the physical stocktake, go back to the MoneyWorks’ stocktake window and enter the stock count into the Count column.
After you have entered the stock count, go to the Edit menu and select the “Select All” function to highlight all the items. Then, click the Finish Stocktake button to complete the stocktake process (Note: you may use “Commit Selected” function if you prefer to complete the stocktake partially). In the Commit Stocktake window, enter the stocktake date into the Date field and use the Stock Adjustment expense account for the Stock Adjustment A/C field.
Once stocktake has committed, a stock journal (create journal) will be automatically posted into the MoneyWorks document.
Print a stocktake report from the Report menu as a reference and use it as a supporting document for your audit.
The stocktake report will show a comparison (quantity and value) before and after the stocktaking.
Once the stocktake has been done, backup the document (company file) for future reference, and you may continue with your daily stock related transactions thereafter.