A stock take is the verification by physically counting items to ensure the inventory in WorkGuru stock module match what is actually available. Stock takes can be conducted periodically, such as monthly, quarterly, or annually, or on a rolling basis, depending on the business's needs and inventory management practice
Usually, there are three types of stock takes:
- Initial stock take - Important to ensure the starting stock value in WorkGuru is aligned to your integrated accounting system.
- Partial stock take - Only a subset of product is counted, such as a location, supplier or category. Uncounted products stock on hand is NOT changed.
- Full stock take - ALL stock is counted, usually completed to match a financial period. Uncounted products stock on hand will be adjusted to 0.
A stock take is a comprehensive, periodic physical count of all inventory to ensure accuracy, while a stock adjustment is a specific, targeted correction to the inventory records for discrepancies or changes in stock levels. The stock take will automatically calculate the change in quantity to adjust the existing to the counted stock on hand.
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