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Schedule Your Physical Inventory Count!

Closing out the year

If you have inventory in your business, you will need to conduct a physical inventory count on or about December 31. So plan your count today! First, you will need to get an accurate count of all items on hand and how many you have of each. You will also need to assign a value (cost) to each unit. The result will be your year-end inventory valuation.

Once you have your year-end inventory valuation, you will want to share this with your bookkeeper in early January so they can be sure that your Balance Sheet as of December 31 correctly reflects that valuation total. Chances are, some adjustments need to be made to the inventory balances that show on your Balance Sheet. For example, you may have experienced inventory losses, or some inventory may have gotten damaged.

Year-end is a time when it is imperative to have a clean inventory count and valuation because not only should you be reconciling your inventory regularly for business management purposes, but that inventory valuation is also an important data point for the preparation of your income tax returns.

So schedule that count now, have a clear plan, and ensure you can complete this important task promptly and efficiently. That will surely help ring in a Happy New Year for 2023!

Schedule Your Physical Inventory Count!

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