You're required to do a stocktake as close as possible to the end of each income year. A stocktake involves counting and checking all products, goods or inventory in your business to make sure your records are accurate and correct.

When should you do stocktake?

As mentioned earlier, a stocktake is generally performed once a month, at the end of the month. The purpose of a stocktake is providing accurate accounting data and identifying any discrepancies between the stock in the warehouse and the stock reflected in the accounting records.

How often are stock takes done?

Stocktakes can be done as frequently as daily where you would do a spot check on one item. Weekly stocktakes may involve an isle or set number of items.