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Inventory audit

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 August 2012 What are the steps you will consider for Inventory taking on an year end & the then probable actions, adjustment entries ?
Please reply..
Thanks in Advance
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Amol S Joglekar

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Amol S Joglekar (Expert)
09 August 2012 Get the list of inventory as per books. (Tally, SAP, manual)quantitywise. Check the inventory physically. Find out the descrepancy viz shortage or excess. Trace the reasons therefor. Report it to the concerned.
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Querist : Anonymous

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Querist : Anonymous (Querist)
09 August 2012 Thanks a lot Sir.
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