Help With Stock Count Figures
This year I have been requested to align the accounting year/date with the tax year/date.
My problem is that I have always carried out my yearly stock count on 1st August, the day I started my small business.
How do I now calculate a starting stock figure for the 6th April?.
I sell on several platforms and I don't use any inventory software.
Any help appreciated. TIA
0 replies
Seller_mS10UjVYuuGor
You could spend the next week or two of your life going back over every order you've done on every platform since 6th April. Adding those up for each product then deducting all deliveries received since then. Oh and remove any new products you've introduced since then from the equation and eventually you'll have a figure form 6th April, less of course anything broken in house or sent out as a replacement that was not entered as an order on any platform. Don't forget to add back any returns. Have fun.
Or you can do your next stocktake on the 1st day of next tax year to align from then (if you agree too) and offer an guestimate for 6th April just gone if really required.
Anyway who's asking? I assume it'll be a bookkeeper/accountant trying to align things for their purpose rather than HMRC? The year end date you choose for your company does not have to line up with the tax year.
