Give stock movements a record you can follow.
Organise item quantities, costs and adjustments in a stock workspace. Reconcile what the records say with what is actually on the shelf.
For Retailers, workshops and businesses holding stock.
Know what is there. Notice what has changed.
A small shop balances stock arriving, items sold and everyday adjustments. Keeping those movements together makes the next physical count easier to investigate.
Start with consistent item records
Use clear item names and units so purchases, sales and counts refer to the same thing. A box and an individual unit should not accidentally share the same quantity basis. TaxBot’s inventory tools help organise stock records; the quality of the count and cost inputs still determines whether the view is useful.
Explain each adjustment
Stock changes for more reasons than a sale. Purchases, returns, damage, private use and counting corrections may need distinct explanations. Keep supporting records and review unusual movements instead of changing a balance until it looks right. Consistent routines help a small shop and a larger workshop avoid the same reconciliation problems.
Prepare for period-end review
Compare physical counts with the recorded position and investigate differences. The public example multiplies units by an entered unit cost to explain an extended amount. Actual stock valuation may involve other methods or adjustments. Keep obsolete or damaged items identifiable and discuss the applicable valuation treatment rather than assuming the example is your final tax figure.
Before you begin
- Item names and units
- Opening quantities and cost evidence
- Purchase, sale and adjustment records
- A physical count for reconciliation
The public example is not a statutory stock valuation or cost-of-goods calculation. Counting methods and tax treatment require review.
Everyday examples
A local shop owner
Checks recorded quantities against a shelf count.
A home builder
Distinguishes materials held in stock from materials already used on a job.
A small manufacturer
Investigates damaged stock separately from ordinary sales.
Explore a stock line
Units × entered cost. No valuation method, write-down or sales margin is applied. Enable JavaScript to change the example figures.
Questions
Does the app know my physical stock count?
Only the records supplied to it. Reconcile the workspace with physical counts and supported movements.
Is this the value for my tax return?
Not necessarily. Applicable valuation methods and adjustments need a separate review.