Cover Image
close this bookBasic Accounting for Credit and Savings Schemes (Oxfam, 1996, 96 p.)
close this folderChapter 9: Stock
View the document(introduction...)
View the documentSecurity
View the documentRecord keeping
View the documentStock cards
View the documentStock received
View the documentStock issued
View the documentItems issued on credit
View the documentChecking the stock
View the documentThe value of the stock

Checking the stock

From time to time the management committee should check that amounts shown in the stock records agree to the stock actually held in the store.

The committee member(s) should count the stock item by item, record the quantity counted, and compare this total to the balance on the stock cards. Any differences should be investigated with the storekeeper. This procedure is called a stocktake.The stocktake could be recorded as follows:

Stock item counted

Quantity

Quantity per

Difference

Comments



stock card

(If any)


Ploughs

94

94


4 ploughs broken

Tins of bean seeds

49

50

1



Figure 62: Example of stocktake record

If the missing item cannot be found, the stock card should be adjusted to record the actual stock held:

Stock Card: tins of bean seeds

Date

Details Issued to/ received from

Movement

Cost Balance

Quantity Movement

Balance

2.11

Buy 60 tins

3,000

3,000

60

60

28.11

To Village X

(250)

2,750

(5)

55

28.11

To Village Y

(250)

2,500

(5)

50

30.11

Stock take

(50)1

2,450

(1)

49


write off





NOTE
1 Cost of 1 tin written-off: 2,500 . 50 = 50. This amount will appear as an expense in the Balance Sheet (see figure 65).

Figure 63: Stock card, showing stocktake write-off