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How to Make End-of-Financial-Year Stocktakes Easier

by Simon Eskow
The end of the financial year is just four weeks away for Australian companies. For any business with inventory, this means it’s time for your year-end stocktake. Prepping for taxes and wrapping up your financial year can be a chore, and your stocktake is no small part of the task. But your end-of-year stocktake doesn’t have to be a nightmare.

Your end-of-year stocktake is how you reconcile your inventory with your accounts. It is fundamental to attaining a true picture of your company’s profitability. Physically checking your stock against your records will take time. But you can make the process smoother with the right preparation.

Cin7 produced a webinar to help customers using Cin7 prepare for their end-of-year stocktake. While the advice is aimed at New Zealand and UK customers, who had their year-end stocktake back in March, the fundamentals remain the same.

End-of-Year Stocktake Best Practices

Cin7 makes it easy to review your year-end inventory data before exporting it to your accounting software. Follow these best practices for your next stocktake.

Review open purchase orders. Check for purchase orders that were dispatched at the line item but not dispatched completely. Enter the fully received date, the invoice date, and supplier invoice number for every verified completed order. This will flag the order for export to Xero.

Review open sales orders. Double-check available stock in Cin7 for sales orders that have been fully picked but not fully dispatched. Xero will only reflect accurate stock on hand and COGS for sales orders imported with an invoice number. Double-check all open sales orders and supply an invoice number for those orders you’ve actually completed.

Review production jobs. Open production jobs include both receipted-out components and unused components. But they won’t have a final product to balance your stock on hand. Avoid discrepancies in your accounting software by setting a job as complete only when the entire production job is finished.

Check your POS transactions. Make sure you close your registers on a daily basis throughout the year. Closing registers “batches” POS transactions by date. Cin7 will not export transactions to Xero unless they have been batched. You can close registers anytime by reviewing sales in the Register module.