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STOCK CONTROL RECORDSContents
Introduction3Why keep stock records?4Unit stock control6Value stock control8Recording9How to check for leakage27How to close the records29A practical exercise30ItCheck_outti32Complementary
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How to fill out stock control records
How to Fill Out Stock Control Records:
01
Begin by listing all the items in your inventory. This includes the name of the item, its description, and the quantity you currently have in stock.
02
For each item, record the date of when it was added to the inventory. This will help you keep track of when new stock comes in.
03
Include the unit cost and the total value of each item in your stock control record. This allows you to easily calculate the total value of your inventory.
04
Whenever an item is sold or used, make sure to deduct the quantity from the stock control record. This helps ensure accurate inventory levels.
05
Update the stock control records regularly. It is recommended to do this on a daily or weekly basis to keep track of any changes in stock levels and to prevent discrepancies.
06
It is also important to include a column for any notes or comments related to each item. This can be useful for documenting specific details such as damaged items or special considerations for certain products.
Who Needs Stock Control Records:
01
Businesses of all sizes, from small to large, can benefit from stock control records. It helps them keep track of their inventory levels and enables effective inventory management.
02
Manufacturing companies rely heavily on stock control records to ensure they have the necessary raw materials and components for production.
03
Retailers and wholesalers use stock control records to monitor the availability of products and plan for replenishments or reordering.
04
Service-based businesses that use inventory for their operations, such as catering companies or event planners, also need stock control records to manage their supplies.
05
Stock control records are crucial for financial reporting and auditing purposes. It provides an accurate reflection of the value of a company's inventory, which can impact its financial statements and overall financial health.
06
Individuals or households that keep track of their personal belongings or assets can also benefit from maintaining stock control records to manage and organize their possessions.
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What is stock control records?
Stock control records are documents used to track and manage inventory levels, purchases, and sales.
Who is required to file stock control records?
All businesses that handle inventory are required to keep and file stock control records.
How to fill out stock control records?
Stock control records can be filled out manually or using inventory management software, by recording all incoming and outgoing inventory transactions.
What is the purpose of stock control records?
The purpose of stock control records is to ensure accurate tracking of inventory levels, monitor stock movements, and identify discrepancies.
What information must be reported on stock control records?
Stock control records should include details such as item descriptions, quantities, dates of transactions, and locations.
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