Stock Control and Stocktake Procedure

A procedure for receiving, recording, storing and counting stock – goods-in checks, stock records, cycle counts and full stocktakes, shrinkage and write-offs, slow-moving stock, and year-end stock valuation for the accounts – with count sheets.

Editable Word document
5
10pages
Guidance notes included
aml consultancy solutions

Retail & e-commerce

Stock Control and Stocktake Procedure

About this document

What it’s for

Stock is often a retailer’s biggest asset, and losses from errors, damage and theft can wipe out profit. Good stock control means you know what you have, where it is and what it is worth. An accurate year-end stocktake is also needed for your accounts and tax return.

When to use it

  • Every time stock is delivered
  • For regular cycle counts and the year-end stocktake
  • When investigating stock losses or deciding what to discount or write off

What’s inside

The document is laid out in the sections below. Each one comes with a plain-English guidance note explaining what it does and what to change.

  1. Goods in
  2. Storage and security
  3. Stock records
  4. Cycle counts
  5. Full stocktake
  6. Shrinkage and write-offs
  7. Slow-moving and obsolete stock
  8. Valuation

How to complete it

  • Set your counting frequency and tolerances
  • Train staff on the goods-in and counting steps
  • Use the count sheets and keep the signed sheets for your accountant

Key points to check

  • Stock is valued at the lower of cost and net realisable value for accounts purposes
  • Do not count stock that has been sold but not collected, or include stock you do not own (for example sale-or-return goods)

Our templates are professionally structured starting points for UK businesses, not legal advice. For anything complex, unusual or high-value, have your final version checked by a solicitor.

Included in the pack

Retail & e-commerce

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Editable Microsoft Word files

Guidance notes in every document

Written for UK businesses

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