Count stock

You may recall that you entered your opening stock quantities in the Count Stock window when you set up your company file.

You can also use the Count Stock window to make adjustments to item quantities during regular stock counts or any time you find discrepancies between the actual quantities of items on hand and your records of those quantities.

Each stock adjustment must be allocated to an account so your accounting records accurately reflect why your stock needed adjusting. For example, you may use an expense account—often called ‘Shrinkage/Spoilage’—to track loss or theft of items.

Before you record a stock count

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Make sure you record all built items before counting your stock. Otherwise, a missing stock item that was used to build another item will be accounted for as an expense, such as loss or shrinkage. For more information, see Count stock.

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Count the actual items in your stock. You can print the Stock Count Sheet report, which lists all your stock items, and manually record your actual items on this.

note : Stock-count filtering options

You can print the Stock Count Sheet either by clicking Print in the Count Stock window or, if you want to set filters, from the Index To Reports window.

To record a stock count

Go to the Stock Control command centre and click Count Stock.

If you have stock at multiple locations, filter the list as required.

Click Print to print the Stock Count Sheet.

Manually count your stock and note down the quantities on the Stock Count Sheet.

In the Count Stock window, enter the actual quantities of the stock items in the Counted column. If an item is held in multiple locations, enter the stock held at each location.

Any discrepancy between the counted quantity and the on-hand quantity appears in the Difference column.

Click Adjust Stock. If there are differences between on-hand and counted values, the Adjustment Information window appears.

You can specify a default adjustment account for tracking the adjustments you entered in the Count Stock window. This saves you having to enter an account on every line of the stock adjustment.

note : No default adjustment account needed

You don’t need to enter a default adjustment account. If it’s necessary for you to use different accounts to track the adjustments you made in step 5, you can enter those accounts at step 7 below.

Click Continue. The Adjust Stock window appears, displaying a line item for each adjustment you entered in the Count Stock window in step 1.

If you entered a default adjustment account in step 6, that account appears in the Account column for each line item.

If you didn’t enter a default adjustment account, enter an account against each item listed.

[Optional] Enter a reason for the adjustment in the Memo column (for example, Annual Stock Count 2007).

Click Record to update your stock.