Businesses that keep trading stock generally need to provide evidence of the level (quantity) and value ($) held at 30 June. In these instances, a physical stocktake is required at the close of each financial year. If you are a small business you may wish to elect to use the simplified trading stock rules.
Clients that use the inventory features of Reckon Accounts (perpetual system), make sure you remember to print the inventory reports at the close of the financial year and check off against your physical stocktake.
Need more information, don’t hesitate to contact our office.