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Where one does periodic inventory counts (such as once a month, or at the beginning and end of each year), and does not have an accurate record of the inventories in between these points – well, this is a periodic system.
This system does not keep continuous, moment-to-moment records of inventories.
Accurate records are only kept periodically – meaning, at certain points in time – in this case, when the actual counts are done.
Ø Compare your written inventory records with the actual physical inventory. Count the items again. Double-check that you have not misread the stock number on the inventory record, and that your written inventory record shows the amount of stock in the correct unit of measurement. Make sure products have not been misplaced on the shelf or stocked in an incorrect location.
Ø Check for errors in your inventory recordkeeping. Simple math errors might help explain why products appear to be missing, or why you have more stock than records indicate you should. If your physical stock and recordkeeping match after fixing a math error, you can attribute the initial discrepancy to the error in recordkeeping and consider it resolved.
Ø Check for missing paperwork. If you are missing certain stock items, be sure that all sales have been accounted for and filed into the system. If your stock is too high, be sure that all invoices have been accounted for and entered.
Ø Interview employees with access to the stockroom and those who work on the selling floor to find out possible reasons for any variance between recorded inventory and physical inventory.
Ø Alter your inventory records so that they match your physical count, even if you have not been able to explain the discrepancy. It's important to have an accurate understanding of how many units of stock you have on hand. Be sure to tell your bookkeeper or accountant about the change in your inventory records so they can accurately reflect it in your financial reports.
