Stock taking system

Stock taking

Stock-taking as part of the inventory valuation is the process of determining the actual quantity of inventory on hand at a particular date, usually the end of an accounting period, and their physical existence. Stock-taking, therefore, helps to check the quantitative accuracy of the inventory records maintained by the business. The value of inventory is established basing on the quantity given by the inventory record. However, sometimes physical counts may differ with the inventory records, in this case, the business has to investigate the reason for the difference and adjusts the books of accounts accordingly.

An example of a stock taking sheet is provided as a specimen in figure

Stock-taking sheet

Sheet No: ____________ Date: ___________

Performed by: ______________ Department: _______________

Inventory No.	Item Description	Purchase Price (TZS)	Quantity	Location
_________	_________	_________	_________	_________
_________	_________	_________	_________	_________

Signature:

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Reviewed by:

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