End of Financial Year (EOFY) Stocktake Guide

EOY_Financials The EOFY is approaching and it's time to assess and record the amount of stock you hold, and this is crucial for understanding your stock management to help your business grow. Without knowing what you have and what you’re doing with your inventory levels, you can't efficiently run your business or identify stock discrepancies.

In this article, we’ll provide resources to refer to in case of any issues during a stocktake, and we’ll address a few commonly asked questions our support team gets.

Before You Begin

Conduct a thorough stocktake to ensure your inventory records match physical stock and this can be done by referring to our help article: Stocktakes
Also, check out our blog post, Streamline Your Stocktake and Save in 6 Simple Steps.

Managing Inventory

It is crucial for an accurate EOFY stocktake and here are some key processes and tools in Neto to help you manage your inventory effortlessly.

Tracking recent changes in your inventory is vital and the Inventory Change Log Report can help you review all adjustments made.
Understanding how to export reports is essential for stock valuation and financial assessments and you can find this under Reports Overview and Export Template Examples.
Make adjustments to your inventory levels to correct discrepancies and this can be done under Stock Adjustments.
Ensure your product stock levels are accurate by recalculating them and this is covered under Recalculate Product Stock.
Revalue your stock to reflect its current worth accurately, refer to Revalue Stock.
Track and manage stock transfers between different locations and this is done under Stock Transfers.

Managing Integrations

Integrating with accounting software like MYOB and Xero can streamline EOFY processes.

Identify and resolve common errors when integrating with MYOB under MYOB Common Errors.
Learn how to troubleshoot common errors with Xero integration under Troubleshoot Xero Errors.
Manage credits or overpayments on invoices efficiently under Apply Credit or Overpayment.
Reconcile transactions between Neto and third-party applications under Xero and MYOB Reports and Export Logs.

Managing Payments

Payment efficiency is key to a smooth EOFY.

Address common payment issues under Troubleshoot Payment Issues.
Resolve issues related to failed checkouts under Failed Checkouts.
Effectively manage and apply pricing promotions under Pricing Promotions.
Get an overview of how to use discounts and coupons under Discounts/Coupons Overview.
Learn how to add discounts and coupons to your system under Add a Discount or Coupon.
For quick promotions, learn how to add a simple discount or coupon under Quickly Add a Simple Discount or Coupon.

Does Dropship Warehouse Stock Count Towards the Stock Valuation Report?

Dropship inventory doesn’t count toward the Stock Valuation Report total because items marked as ‘Drop-shipped’ are held by the supplier and fulfilled directly from their stock, not the merchant’s stock. The Stock Valuation Report only shows the value of stock physically on hand and being tracked. Virtual items like gift vouchers and services aren’t included since they aren’t physically stored.

Does In-Transit Stock Count Towards the Stock Valuation Report?

In-transit goods don’t count toward the Stock Valuation because these products aren’t physically held in stock by the supplier yet. ‘In-transit’ refers to any product on a Purchase Order or Stock Transfer that hasn’t been marked as ‘Received’. Once marked as ‘Received’, the goods will be included in the Stock Valuation as they’re now physically on hand.

Can I Get a Historical Stock Valuation for the End of the Financial Year?

Neto can only report on the figures currently in Neto, not historical inventory stock calculations. As a workaround, you can schedule an export to an email address with SKU, Stock in X Warehouse(s), and Average Cost Price, and save it locally for future reference.

The following guides are available for setting up a custom export and creating a schedule:

This way, you can have an automated export to your email address if you need to report on historical figures.

That’s it, folks. These are some of the requested questions during Stocktake, but I know you might have more! Feel free to drop them in the comments below.