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Using Cin7 in Your End-of-Year Stocktake

by Simon Eskow
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Many companies face the end of their financial year in March. The process can be grueling and tedious. Your end-of-year stocktake doesn’t have to be.

Your end-of-year stocktake is how you reconcile your inventory with your accounting software. It is fundamental to gaining an accurate picture of your company’s profitability.

Your end-of-year stocktake will take time and effort, but you can make it go faster if you prepare in advance and follow a few best practices.

We produced this webinar to give our customers an approach to using Cin7 with year-end stocktakes. Get it done quickly and painlessly and gain more time for all the other tasks required to close out the current year and start the New Year fresh.

End-of-Year Stocktake Best Practices

Cin7 makes it easy to review your end-of-year inventory data before exporting it to your accounting software. Follow these best practices during 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 truly finished

Check your POS transactions. Make sure you closed your registers on a daily basis through 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 any time by reviewing sales in the Register module.