A stocktake is a physical count of your inventoried items and is necessary on a periodic basis, no matter how careful you are, the actual stock on hand may differ from the record in MoneyWorks accounting software.
The steps taken are:
Enter and post all stock related transactions in MoneyWorks.
Backup company file.
Click the start stocktake process button.
Print the stocktake list report from the reports menu for the physical stock count.
Enter the stock count into the count column.
Highlight all the items and click the finish stocktake button to finalise the stocktake.
Print the stock valuation report.
Lock up the financial period.
MoneyWorks create a snapshot of the current stock on hand once you clicked the start stocktake process button. Any stock related transaction posted after the start stocktake process will not affect the snapshot quantity, and the calculation of the quantity differences are between the quantity count and snapshot. It's important to hit the start stocktake button on or before the financial year-end to allow the accounting software to capture an accurate quantity on hand, although you may not enter the count quantity immediately.
MoneyWorks will prompt to record a stock journal once you have finished the stocktaking, it will debit/credit from the inventory asset to the stock adjustment account stated in the journal. Then, print a stock valuation report and lock the financial period after completing the stocktake.
Stocktaking is an important process, consult your MoneyWorks consultant if you have doubt.
Reference: page 348 of the MoneyWorks version 8 User Guide, Stocktaking
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