{"id":3590,"date":"2021-10-21T10:30:25","date_gmt":"2021-10-21T10:30:25","guid":{"rendered":"https:\/\/avantgardenigeria.com\/?post_type=product&#038;p=3590"},"modified":"2024-12-12T07:34:06","modified_gmt":"2024-12-12T07:34:06","slug":"best-practices-in-stock-taking-reconciliation-and-valuation","status":"publish","type":"product","link":"https:\/\/avantgardenigeria.com\/index.php\/product\/best-practices-in-stock-taking-reconciliation-and-valuation\/","title":{"rendered":"BEST PRACTICES IN STOCK TAKING, RECONCILIATION AND VALUATION"},"content":{"rendered":"<h3>Objective<\/h3>\n<p>As a business owner, your inventory is in a constant state of flux. It\u2019s virtually guaranteed that for the most part your latest inventory records don\u2019t 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:<\/p>\n<ul>\n<li>Provide accurate stock records of which products are performing well and which are not<\/li>\n<li>Monitor real time stock levels-identify shrinkages, damage and theft<\/li>\n<li>Review pricing strategies, keep up to date with your current purchase prices<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<h3>Content<\/h3>\n<h6><strong>Stock Reconciliation<\/strong><\/h6>\n<ul>\n<li>Counting the Physical Products<\/li>\n<li>Checking (and Re-Checking) your Records<\/li>\n<li>Addressing the Missing Items<\/li>\n<li>Misappropriating Stock (Discrepancies)<\/li>\n<li>Stock Reconciliation Policy and Procedures<\/li>\n<\/ul>\n<h6>Inventory Valuation Methods<\/h6>\n<ul>\n<li>First In First Out (FIFO)<\/li>\n<li>Last In First Out (LIFO)<\/li>\n<li>Weighted Average Cost (WAC)<\/li>\n<\/ul>\n<h6>Stock Control and Warehouse Processes<\/h6>\n<ul>\n<li>Setting Order Levels<\/li>\n<li>Stock Rotation and Adjustments<\/li>\n<li>Meeting Customers\u2019 Orders<\/li>\n<li>Housekeeping<\/li>\n<\/ul>\n<h6>Stock Taking<\/h6>\n<ul>\n<li>Verification of Stock<\/li>\n<li>Financial Information<\/li>\n<li>Monitoring Stock Activities<\/li>\n<li>Stock Documentation<\/li>\n<\/ul>\n<h6>Cycle Counting Methods<\/h6>\n<ul>\n<li>ABC Methods<\/li>\n<li>Seasonal Methods<\/li>\n<li>Arbitrary Methods<\/li>\n<\/ul>\n<h6>Cost Accounting Approaches<\/h6>\n<ul>\n<li>Standard Cost Accounting<\/li>\n<li>Lean Accounting<\/li>\n<li>Activity-Based Costing<\/li>\n<li>Resource Consumption Accounting<\/li>\n<li>Throughput Accounting<\/li>\n<li>Marginal Costing\/Cost-Volume Profit Analysis<\/li>\n<\/ul>\n<h6>Using Technology to Avoid Human Errors<\/h6>\n<ul>\n<li>Barcodes and Scanners<\/li>\n<li>Counting App<\/li>\n<li>POS\/Retail Management System<\/li>\n<li>Software for Tracking Inventory<\/li>\n<\/ul>\n<p><strong>FOR WHOM: <\/strong>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.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>DATE:\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 7th &#8211; 9th May, 2025<\/strong><\/p>\n<h6>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a05th &#8211; 7th November, 2025<\/h6>\n<p>&nbsp;<\/p>\n<p><a href=\"http:\/\/avantgardenigeria.com\/index.php\/registration\/\"><img decoding=\"async\" class=\"alignnone wp-image-3464\" src=\"https:\/\/avantgardenigeria.com\/wp-content\/uploads\/2017\/12\/register-1.jpeg\" alt=\"\" width=\"202\" height=\"67\" \/><\/a><\/p>\n","protected":false},"featured_media":3497,"comment_status":"open","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}}},"product_cat":[27],"product_tag":[],"class_list":{"0":"post-3590","1":"product","2":"type-product","3":"status-publish","4":"has-post-thumbnail","6":"product_cat-accounting-workshop","7":"desktop-align-left","8":"tablet-align-left","9":"mobile-align-left","11":"first","12":"instock","13":"shipping-taxable","14":"purchasable","15":"product-type-simple"},"_links":{"self":[{"href":"https:\/\/avantgardenigeria.com\/index.php\/wp-json\/wp\/v2\/product\/3590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/avantgardenigeria.com\/index.php\/wp-json\/wp\/v2\/product"}],"about":[{"href":"https:\/\/avantgardenigeria.com\/index.php\/wp-json\/wp\/v2\/types\/product"}],"replies":[{"embeddable":true,"href":"https:\/\/avantgardenigeria.com\/index.php\/wp-json\/wp\/v2\/comments?post=3590"}],"version-history":[{"count":4,"href":"https:\/\/avantgardenigeria.com\/index.php\/wp-json\/wp\/v2\/product\/3590\/revisions"}],"predecessor-version":[{"id":4944,"href":"https:\/\/avantgardenigeria.com\/index.php\/wp-json\/wp\/v2\/product\/3590\/revisions\/4944"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/avantgardenigeria.com\/index.php\/wp-json\/wp\/v2\/media\/3497"}],"wp:attachment":[{"href":"https:\/\/avantgardenigeria.com\/index.php\/wp-json\/wp\/v2\/media?parent=3590"}],"wp:term":[{"taxonomy":"product_cat","embeddable":true,"href":"https:\/\/avantgardenigeria.com\/index.php\/wp-json\/wp\/v2\/product_cat?post=3590"},{"taxonomy":"product_tag","embeddable":true,"href":"https:\/\/avantgardenigeria.com\/index.php\/wp-json\/wp\/v2\/product_tag?post=3590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}