14/06/2024
If you hold stock, you need to do a Stocktake for EOFY!
What is a stocktake?
A count of all stock you have on hand, with the cost price of each item, multiplied by the total units. From this, you can tally it all up to give your business a total stock on hand figure.
Why? The stock you’re holding isn’t an expense yet—it’s an asset. By doing a stocktake, your accountant or bookkeeper can adjust the COGS (Cost of goods sold) account accurately, so you know exactly how much profit you have made for the year.
Don't forget to count ALL stock, including stock you have paid for but not yet received. As well as damaged stock and wastage which can be recorded separately.
If you have any questions, feel free to reach out to us!
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