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Entering a Stocktake after EOY date, and new year invoices already entered.

Mitch2

We would usually do a count and enter a stockate for the 31 March, but due to the lockdown only essential employees have been at our worksite, so no stocktake completed as yet.

Because we are still providing parts, I have already started entering in the invoices/jobcards for April. We will hopefully get a stockate done by the end of this month (April) but how do we count it?

When I do the actual count,

- do I need to take into consideration the parts that have been added for April? and take them off the count?

- Or, do I count the actual number on the day we count?

My problem is, if I do count the actual number on the day (which will be in April), change the date back to 31 March and THEN tick End of Year on the stocktake, will that cancel out the items for April that have already been entered? and mess up my numbers again?

Hope I'm explaining this OK??

Example:

At the 31 March we should have had (3) SFmats in stock, (1) was used on a job in April, (4) more were charged to us and entered on April. On the EOY would I review the stock used since 31 March and count 3? or would I count 6?

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Accepted answers

Steven_M

Hi @Mitch2

Physical inventory counts are completed based on the actual stock you do have on hand at the time.

If you are in a situation where you are counting stock for the end of a period but you have sold those items you are would need to count the stock then work out what you have sold and purchased before adding or removing these items back into the count. For example, say I counted 10 items but I have sold 2 since the date I wanted the count for I would need to inflate my count number to 12 (10 in stock plus the 2 I have sold). Or with your SFmats example, it would a count of 3, as you had 3 in stock on that date.

All comments

TDTS

Hi,

I have been told that if i do an EOY stocktake and enter the adjustments after i have started trading.

(i.e. after 1st July when i have entered sales and purchases into the system) MYOB doesnt actually allow an accurate EOY stock figure even though the stock adjustment is dated 30/6.

Is this correct? If so what is the use of a stock recording system that cant record EOY at EOY date

Mitch2

Thanks Steven, as what I had thought. Just wanted clarification of the invoices and quatities added after the date so they wouldnt be affected.

I can also ways complete individual item ajustments afterwards if I have missed anything, or numbers are a little out.

Thanks again

Steven_M

Hi @Mitch2

Physical inventory counts are completed based on the actual stock you do have on hand at the time.

Mitch2

Thanks for your reply, but your answer makes no sense, is there info missing...??

Austin205

Note that you don't need to close your financial year at any particular ... your company file after the last month of your current financial year. ... In AccountRight v19 the function was called Start a New Financial Year, but closing a year is ... 4, Enter end-of-yearadjustments ... Profit & Loss Date Range Reports.