Overview
Stocktaking is that the counting of on-hand inventory. this implies identifying every item available, counting it, and summarizing these quantities by item. There can also be a verification step, where the count results are compared to the inventory unit counts during a company’s computing system. Stocktaking is a common requirement of a periodic inventory system, and should even be required as a part of a company’s annual audit. In short, stock-taking leads to a summary-level document that contains a list of the quantities available for each item as of a specific point in time.