Unit 3 Inventory And Auditing Report

Unit 3 - Inventory and Auditing Procedures

This unit aims for the learner to:
● Know and realize the inventory and auditing procedures;

Why Check on Goods?

In business, the goods are the prime reason for generating revenue and it is important to have a consistent report on the products’ statuses and audit. These procedures in inventory and auditing will make you more knowledgeable on the program as these are being applied there.

Expectations
This unit expects that the learner will be able to:
● Determine the standards for inventory;
● Draw the procedure of inventory;
● Identify the auditing procedures;
● Assess the advantages of having a digitized system for accounting to process inventory and audit;

SECTION 1: THE INVENTORY PROCESS

This

How to Input Stock Opening and Closing?

1. Click “Modules” at the upper portion of the screen.
2. Go at the bottom portion and search for the “Wizards”.
3. Choose “Opening/Closing Stock”.
4. Provided the needed information especially the right date for posting.
5. Then, input the reference.
6. For closing stock for a month like January, provide the details.
7. Type the balance sheet nominal code (e.g. 1001) and the profit and loss numeric code (e.g. 5201).
8. Add the number of closing goods to the prior number of the closing goods.
9. Type the number of the goods and the storage code.
10. Choose the correct type of goods.
11. Provide more information when needed. After, click the “Next” button.
12. The system will require entering the discounted price also.
13. Next, provide the sale of the unit. (per item or per five or groups)
14. Type the identifier for tax which is T1 at most times.
15. Type the division number. Then, select “Next”.
16. Type the sales information by initially inputting the manufacturer’s account number.
17. Second, type the sales number identifier.
18. Determine the “Reorder Level” and “Reorder Quantity”

It is necessary to be done regularly as the statuses of the items are altering fast. Some items can be quickly damaged, lost or expired.

Inventory check is simply tallying the goods and to know the condition of the items, to see if there are shortage in the supply and to requests reordering of items.

Inventory Check

1. Click on “Products” and select the needed goods.
2. Click “Stock Take”.
3. Select “Enter Manually” and provide the item code from the list that appeared.
4. The features of the particular item will be displayed automatically.
5. Enter the date the inventory happened in order to keep it documented and to check if there were errors.
6. The code of transaction should reveal “STK TAKE” but this can be changed once configured.
7. In the “Actual” portion, type the existing number of those specific goods.
8. After the “Cost Price” will appear right away.
9. The existing value of the item will be displayed at the “In Stock” portion.
10. The difference between the “Actual” and “In Stock” will be displayed at the “Adjustment” area.
11. Click “Close” for the inventory check to appear.

The inventory details can be manually entered and can also be uploaded using a