Everything You Need to Know About Stock Taking

Table of Content

Have you ever thought or wondered how a modern market or supermarket manages its inventory? Even though there are thousands of types of goods being traded. What if the stock runs out, is damaged, or even lost? Stock taking reports are the answer.

Then what is the stock taking report and what are the examples? Here's the explanation.

1. What is Stock Taking?

2. Why Should Stock Take?

3. Benefits of Organizing and Counting Stock Items

4. When is Stock Taken?

5. How to Do Stock Taking?

6. Take Advantage of Accounting Software for Safe Stocks

What is Stock Taking?

Stock taking is one form of inventory calculation activities in the warehouse before being sold. This activity is quite time-consuming, because you will check and calculate the goods in the warehouse directly. In addition, in carrying out calculations there should also be no mistakes or missed ones, because later it will affect the stock of goods being sold.

Now, with the development of technology, there is already a barcode. By using barcodes, the stock taking process (stock calculation) can be done more quickly and efficiently. In addition, by using barcodes, errors in recording and calculating goods can be minimized.

Why Should Stock Take?

Stock taking activities are carried out to find out for sure and correctly about the inventory of goods in the bookkeeping records and goods in the warehouse, whether the amount is the same or different. If more items are found than what is written on the stock list, then it can be re-checked whether there may be transactions that have not been recorded or errors in recording.

If there is a shortage, it can usually be done in two ways, namely by making an adjusting journal for the shortage of goods or the company can charge the stock officer to replace the shortage of goods.

Benefits of Organizing and Counting Goods Stock

Please note that in addition to knowing exactly the number of items in the warehouse, stock taking has other benefits, namely as follows:

Minimizing deviations from goods, whether it is a shortage or an excess.
It is possible not to proceed quickly if there are missing items or lack of goods, so that it does not happen that the stock of goods becomes empty.
Can be used as an analysis of previous years so that the company's development can be known.
Knowing exactly the inflow and outflow of goods with certainty.
Know the condition of the goods in the warehouse for sure.

When is Stock Taking Conducted?

The answer depends on the approved company policy. Each company has its own policy regarding the period of stock taking activities. Different types of businesses must also have different policies to determine when it is best to calculate this stock of goods.

Generally, the period for calculating stock is carried out in an annual period, quarterly (4 months), quarterly (3 months), and some even once a month. But most companies do calculations and check stock on a quarterly or quarterly basis, because this process takes a lot of time.

In addition, the officers also have to check in detail all the goods and their condition. However, with the company's barcode technology, it has made the stock taking process a little easier.

To reduce the risk of variance from stock, several companies carry out stock taking activities at the beginning of each month. The goal is that stock differences can be immediately identified and the roots of the calculation analysis can be found.

If the cause is the number of goods, then the time gap when taking stock of goods is also getting longer. You can do this activity between work days or when the company is not operating.

How to do Stock Taking?

Before seeing an example of a stock taking report, it's a good idea to know in advance the steps to do a stock take.

Here are the steps:

The first step is to stop the movement of goods into and out of the company, so that later during the calculation there will be no difference in excess or deficiency. The most effective stock taking is done during the holidays so that there are no incoming and outgoing transactions.
If there are more than one warehouse location, then more than one person must take the inventory of goods to maximize it.
Make sure all required documents are complete before taking stock.
Perform calculations carefully and thoroughly so that there are no data errors.
After the physical calculation results are known, the next step is to compare it with the recording in the book about the number of goods available in the warehouse.
Make a report taking stock of goods.
Reporting the results of the inventory taking report.

If you already know the steps, you can start practicing this method in order to get neat and accurate results from taking stock of goods. It can also avoid some errors that can occur at any time.

Take Advantage of Accounting Software for Safe Stock of Goods

The stock taking process is indeed a hassle and takes a lot of time. However, by using the Journal's online accounting software, you no longer need to bother monitoring and calculating inventory manually.

You can also make stocktaking reports one by one. Because, the Journal will give you convenience in the process of monitoring and calculating stock items to make reports accurately with real time data.

source: https://www.jurnal.id/