Annual Stock Take

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gavin@neils
Posts: 3
Joined: Sat 18 Apr, 2020 6:27 am
Location: Filey
Organisation: Neil's Gallery
Interests: Framing

Annual Stock Take

Post by gavin@neils »

Good morning everyone

We are just coming up to the end of our first year in business, and so we are undertaking our annual stocktake.

We are a small gallery, so the stocktake is for tax purposes rather than keeping track of stock, so I'm wondering, will I need to count consumables or just mouldings, mountboard, glass etc?

Thanks

Gavin
JonathanB
Posts: 164
Joined: Thu 19 Mar, 2015 8:43 pm
Location: Romsey
Organisation: Dovetail Framing
Interests: Travel, music and gardening

Re: Annual Stock Take

Post by JonathanB »

Gavin - my accountant asks me to count everything, including consumables, wrapping, tape and anything else used in the business. Don’t get too hung up on counting every last screw. I just estimate what’s left to the nearest 10% and leave it at that. I found it a bit of a pain at first but once you’ve done it a few times it doesn’t take long. Just one of the less enjoyable bits of running a business.
Jonathan Birch GCF (APF)
misterdiy
Posts: 885
Joined: Sun 13 Jun, 2010 9:15 pm
Location: Isle of Wight
Organisation: Decormount
Interests: Picture framing, mount-cutting, photoshop et al
Location: Isle of Wight
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Re: Annual Stock Take

Post by misterdiy »

We used to do ours on a spreadsheet like JonathanB says. Its a pain the first year but subsequent years are much easier. I too worked on a percentage of fittings and then just applied the cost price to that percentage. It never took more than half a day to do the lot. Mountboards I just counted the number of full sheets and then used the normal board rate rather than cheap stuff or conservation board. Mouldings were just a count of the number of lengths and use an average price
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