BEST PRACTICES IN STOCK TAKING, RECONCILIATION AND VALUATION

Name: BEST PRACTICES IN STOCK TAKING, RECONCILIATION AND VALUATION
SKU: 3590
Price: 165000.00 NGN
Availability: InStock

₦165,000.00

Content

Stock Reconciliation

Counting the Physical Products
Checking (and Re-Checking) your Records
Addressing the Missing Items
Misappropriating Stock (Discrepancies)
Stock Reconciliation Policy and Procedures

Inventory Valuation Methods

First In First Out (FIFO)
Last In First Out (LIFO)
Weighted Average Cost (WAC)

Stock Control and Warehouse Processes

Setting Order Levels
Stock Rotation and Adjustments
Meeting Customers’ Orders
Housekeeping

Stock Taking

Verification of Stock
Financial Information
Monitoring Stock Activities
Stock Documentation

Cycle Counting Methods

ABC Methods
Seasonal Methods
Arbitrary Methods

Cost Accounting Approaches

Standard Cost Accounting
Lean Accounting
Activity-Based Costing
Resource Consumption Accounting
Throughput Accounting
Marginal Costing/Cost-Volume Profit Analysis

Using Technology to Avoid Human Errors

Barcodes and Scanners
Counting App
POS/Retail Management System
Software for Tracking Inventory

FOR WHOM: Storekeepers, Warehouse Managers/Supervisors, Accountants, Auditors, Purchasing/Stores Officers, Heads of Departments, Directors and others who wish to enhance their current skills in stock reconciliation and valuation.

DATE: 22nd – 24th May, 2024

20th – 22nd November, 2024

Category: ACCOUNTING WORKSHOP

Description
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Objective

As a business owner, your inventory is in a constant state of flux. It’s virtually guaranteed that for the most part your latest inventory records don’t match your actual physical inventory with 100 percent accuracy. That is why you have to periodically take stock, reconcile and value your inventory records against physical stock. Doing so helps you identify the source of discrepancies improve your procedures and prevent loss due to theft. This workshop is designed to teach the best practices and process of matching your stock records with what you physically have in your store. Upon completion of this workshop, participants will be able to:

Provide accurate stock records of which products are performing well and which are not
Monitor real time stock levels-identify shrinkages, damage and theft
Review pricing strategies, keep up to date with your current purchase prices

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