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Recording stocktakes

A stocktake is a physical count of all of your inventory items. It makes sure your records are accurate and correct. A stocktake lets you work out the value of your trading stock at the end of financial year for business or tax purposes.

You should do a stocktake by the close of business at the end of the financial year. You may also do stocktakes at other times, depending on your business practices and the inventory method you use.

Before you begin

  • Tick

    enter all of your sales and purchases for June

  • Tick

    check that the total value of all on-hand inventory matches the current balance of the inventory asset account – see Checking your records.

If you're an AccountRight browser user, you can use the stocktake features in AccountRight desktop to record a stocktake.

Run the Stock on hand report to show the on-hand quantities recorded in MYOB Business. Then compare them to a count of your physical stock. If these are different, you can enter an inventory adjustment to update MYOB Business with the correct on-hand quantities.

Let's take a look: