Count and value inventory
In Stock & assets, create a stocktake and enter the physical count, quantities and unit costs. Review the total valuation and post the adjustment. Merovan Books uses periodic inventory, so use a count at the reporting date to support the Trading account.
Maintain a fixed asset register
Register assets with their cost, acquisition date, useful life and residual value. Post the purchase through its bill, payment or opening entry. Use the depreciation workflow for the relevant period and review the Depreciation schedule.
Set budgets and investigate differences
Add budget lines for accounts and periods in Budgets & payroll. Use Budget versus actual to compare the budget with posted transactions. Review material variances with your team before adjusting spending or preparing the next budget.