Tip of the Month – Top Stocktaking Tips



Annual stocktakes are one of the biggest and most important tasks a business can undertake and it can be quite daunting. Remembering some important steps can make the task a lot easier.  Remember that our StockMate device will speed up the stocktake process and when combined with rolling stocktakes, it can eliminate the need for an annual stocktake. Regardless of your stocktake method, the best thing you can do is start working out a stocktake plan now! Read through our support notes and the tips below and familiarise yourself with the process BEFORE you start.

Charge your StockMate and ensure that your stock file is up-to-date at least a couple of days before performing your stocktake. This will allow you time to contact support if needed. It’s not too late to purchase a StockMate device before the end of financial year
Ensure all stock receipts have been entered where items are to be counted
The optimal time to perform a stocktake is outside of trading hours – it is not possible to stocktake with 100% accuracy during trade
Remember to set your Stocktake Freeze Point, this takes a snap shot of the quantity on hand for all stock at this point in time.  The stocktake freeze point is the value the count is compared to when the generate stock adjustment batch is run to determine the adjustment quantity

Take note of committed Stock:

– Where stock is committed prior to being counted the committed quantity must be added onto the count
– Where stock is committed after being counted the committed quantity must be ignored
When processing an interim stocktake, items with a (positive or negative) quantity on hand, that are not counted will not be adjusted to zero.  These items can be manually entered through Enter Single Counts or Bulk Count Entry as a count of zero (0)
 Make use of the List of Items without count – this will be useful when stocktaking by supplier or product group
 Check the stocktake discrepancy report – it is advantageous to run your eyes over the stocktake discrepancy report to ensure counts are accurate, double checking high value items and items with a large discrepancy

KNOW your stocktake types!

– Interim Stocktake – will adjust only items counted
– Full Stocktake – will adjust all items. Items with a quantity on hand, but no count, will be adjusted automatically BACK TO ZERO
 ALWAYS take a full backup of your data before processing your stocktake!

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By Joanne Hendriksen

Joanne has been an Implementation Manager at Foresiight since February 2011. Joanne is experienced in many aspects of business, specialising in Pharmacy, Tool & Hardware Stores, Uniform and General trade.

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