Approve and complete a stocktake

Find this screen

Open: Stock Control > Adjustments > Manage Stocktake.

How to

Complete the stocktake

Use this to check and approve your stocktake after you have counted your stock and entered the values.

Open: Stock Control > Adjustments > Manage Stocktake.

1. Select the stocktake list.

   Note: You can only approve stocktake lists with a status of Requires approval.

2. Select Approve & Complete.
3. Enter the Current stocktake date. This date is used to post the adjustment transactions to the Nominal Ledger.

4. The Variance Account will initially be set to your default nominal account for Stock Issues. You can select a different nominal account if required.

   Adjustments are posted to the Variance Account and the default stock nominal account for the stock item (for non traceable items only).

   • You can also enter a comment in the Narrative box.

   Note: The account and narrative are only displayed if you have set Integrate stock management with the nominal ledger in Stock Control Settings in the Sage 200 desktop.

5. Check the items in your stocktake list.

   • To quickly check items with differences in the expected and actual quantities, look for any items with Discrepancy set to Yes.
   • You can amend the Actual quantity, if required.
   • You can add or amend comments in the Narrative column, if required.

   • Traceable items are indicated with an icon in the Traceable column.

6. Once you've finished and want to approve the stocktake, select Complete Stocktake.

   • The status of the stocktake list will change to Complete.

   • Changes in the stock levels are recorded, and nominal transactions are posted for any adjustments.

     For more information, see Outcomes of completing a stocktake.

   • The stock records for traceable items are not updated, and no nominal transactions are posted.

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Useful info

Outcomes of completing a stocktake

• The stock records are updated with the new actual stock quantity.

  Note: If nothing has been entered in the actual quantity for a stock item, the item is not updated.

• If the stock level has increased, the additional stock is added using the:

  • Average cost price for items using the FIFO and Average costing methods.
  • Standard cost price for items using the Standard costing method.

• Changes in stock quantities are recorded in the stock item history with a Movement Type of Stocktake.

  You can see this by using Stock Item History.

• An adjustment is posted to the following two nominal accounts: the default stock nominal account for each stock item, and the stock Variance Account nominal account that you have specified.

  Note: The stock records for traceable items are not updated, and no nominal transactions are posted.

  The transaction date that is used is the Stocktake date when the count values were entered.

  The adjustment value is calculated using the:

  • Average cost price for items using the FIFO and Average costing methods.
  • Standard cost price for items using the Standard costing method.
• The status of the stocktake list will change to Complete.

Control who can complete the stocktake

You can control who can approve and complete the stocktake by setting user access to this feature. To do this, use User Access in the Sage 200 desktop.