Record Your Stock Value After a Stock Take
If you count your stock from time to time instead of tracking every movement in your accounts, record the value of your stock on hand after each stock take. Officaid uses these values to work out your Cost of sales in the Profit & Loss and the Inventories on your Balance Sheet.
Before You Start
Book your stock purchases as expenses or bills in a Cost of sales category (for example Cost of sales - purchases). While none is booked, the page shows a reminder with a link to Categories, because the stock change would otherwise stand alone in Cost of sales.
Adding a Stock Take
- 1 Go to Sales → Items and open the Stock valuations tab.
- 2 Click Add Stock Take.
- 3 Choose the Date of the stock take.
- 4 Enter the Stock value (SGD): the value of everything in stock on that day, in your company's currency.
- 5 Choose the Valuation method: First in, first out (FIFO), Weighted average cost or Other.
- 6 Add Notes if you like, and click Save.
The list shows each stock take with its Date, Stock Value, the Change from the one before ("First stock take" for the first), the Valuation Method and your Notes.
How It Shows in Your Reports
- Profit & Loss: a Cost of sales section shows Opening inventory, your purchases and Less: closing inventory. A line under it says which stock take the closing value comes from.
- Balance Sheet: the stock value appears under Inventories.
- Trial Balance: you see Inventories and Change in inventory.
Changing or Deleting a Stock Take
Use Edit or Delete on the stock take's row. When you delete one, Officaid asks you to confirm, and the reports then use the stock take before it.
Frequently Asked Questions
The tab shows to users with access to Finance.
Your first stock take has no earlier value to compare with, so all of it counts as a change in stock. Add a stock take with the opening value, dated the day before the period starts.
What's Next?
- Profit & Loss Statement to see your cost of sales
- Managing Stock Movements to track item quantities