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