Below you will find a range of useful resources relating to Stocktake and the End of Financial Year (EOFY). You'll find a Stocktake walk-through to guide you through the different options and links to other resources.
We've also added a list of the most useful reports for EOFY.
Interactive Stocktake Guide
Looking to hire or buy scanners for stocktake? Check out Track n Trace Solutions for Retail Express approved scanning options.
Understanding Dynamic vs Static Data
Static Data
Typically Retail Express operates on live reporting - information within the reports is obtained up to the exact moment a report is run (more on that in the next section).
However, Retail Express has a full suite of accounting reports built on immutable data i.e. data that cannot be changed in the future. This data can be used to get balances from a specific point in time, for example as at the end of the Financial Year.
Details of these reports and the data they contain are available in the following articles:
- Accounting Reports Overview
- Accounting Integrations - Integrated data sent from Retail Express
- Accounting Integrations FAQ
In addition to these reports you may also wish to run an Inventory Valuation. Please bear in mind there are currently no "point-in-time" Inventory Valuation reports in Retail Express, so this report report will need to be run at the specific time required to get accurate end-of-year figures. This process is covered in the next section.
Live Data
If the Accounting Reports do not provide the data required by your Accountant or Bookkeeper, or you wish to run additional reporting for the End of Financial Year, it's important to remember that most reporting in Retail Express runs on live data i.e. the data is accurate to the minute the report is run.
It is vital (particularly for inventory valuation reporting) that you run your required reports after the closing of business on June 30 or before the opening of business on July 1. This ensures that you capture the data as it stands at that point in time for EOFY reporting. You should discuss the date you choose with your accountant or bookkeeper, bearing in mind that any integrated webstore may be trading 24 hours a day.
Trying to calculate the stock at a historical point in time is complex and has a high risk of error. Refer to the How to find a historical Stock Valuation article for more information.
End of Financial Year Reporting
The following articles will provide you with a guide to the best reports to use for the End of Financial Year