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title: "End of Financial Year Stock Take Procedure"
canonical: "https://kb.myframeworks.com.au/space/PROSTIXV48DOC/31102879/End%20of%20Financial%20Year%20Stock%20Take%20Procedure"
format: markdown
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This is a possible procedure that you can use for EOFY stocktake, based on the freeze method.  The goal of counting stock for EOFY is to have accurate stock for the end of financial year. It doesn't necessarily mean that the stock has to all be counted as at that date, it just has to be accurate as that date. What this means is that in the days leading up to the end of financial year you can count stock one group at a time, complete the count and move onto the next one. It  is  in fact easier to not receipt or sell stock within that group while you're counting. Should you do so you must ensure you have a good method of recording this, particularly if it's receipted/sold prior to being counted.  Because there's then very little trading between the start of the overall count and EOY the stock will be accurate and an EOFY stock valuation will be 99.9% accurate.  The process for each group would go something like this whether for PDA count or Notebook:  Freeze the stock for a Group and stop trading in that group. Count the group on a single stock card – marking on the stock itself or on a map of the floor that the stock has been counted. Optional - start trading in the group again but keep track of sales and receipts made. The reason for this is that you may find that you've made an error and need to recount some products. You'd therefore need to know what the quantities are to adjust a recount. Print Post-Count Card listing to double check the count that was entered. Make any count corrections. Print the Stock Take Variation report – Apply Nil Counts = 'no'. Print the Stock Take Variation report – Apply Nil Counts = 'yes' (this will show you which products thought they had stock but have none).  Verify that any variations are within tolerance and investigate any that aren't. Make any further count corrections. Update Inventory for that group and card – count for group complete. A sample calendar to get an EOFY valuation would be: