Physical Stock verification
Physical stock verification involves actual counting, measuring and weighing of all items in stock. It is necessaries for following reason.
- To support the value of stock shown in the balance sheet through physical verification
- To verify the accuracy of stock records
- To disclose the possibility of fraud, theft or loss, or deterioration
- To reveal the weakness of the system, if any (i.e., whether the stock is in safe custody).
InventoryPlus support the physical stock verification process. Capture all stock items available at godown using the physical verification process.
Select the stock item for which the closing balance needs to be reduced (here, Galaxy S4)., All the entries recorded in the stock verification will be reflected in the stock summary, balance sheet etc.