How to Get End of Year Physical Inventory
Soon after the New Year, get an actual count of all physical inventory held by the company. The bookkeeper & accountant will need this for tax purposes.
Get a list of all the places inventory is being stored. Check these places:
1. Aligned Warehouse
Request an End of Year Inventory Report from our account manager there.
Contact Aligned warehouse by email < > or call801-505-0175.
The bulk of our physical inventory will be at this warehouse.
2. Brigham Distributing
Request a stock count as of last day of the year from Brigham Distributing.
Contact Alan Smith by email <[email protected]> or call (435) 723-6611.
This location may only have Spanish paperback copies of El Codigo de la Emocion, or may be completely out of stock if they did not replenish. Ask.
3. Home offices
Brad or other staff members could be holding items at their home offices.
They could be left over items from events like books, t-shirts, magnet charts, etc.
Also staff t-shirts may be there, and those should be included in the count.
Include all written-off items in the End of Year Inventory numbers.
Throughout the year, keep track of different inventory items on a sheet as they are written off.
Here is the "Inventory Give-Aways & Write-Offs" sheet used recently: https://docs.google.com/spreadsheets/d/1dqJTeQ2t7fmTSCsNax9_60zsFMBU_RQZH8_DkxWGAEo/edit?usp=sharing
Circumstances to write off an item include:
1. Damaged
Returns that are not able to be re-stocked, shelf-worn, broken, not useable, etc.
2. Given Away
Donated items, like a box of books given to a prison, or t-shirts given to contest winners or volunteers at an event, replacing a magnet chart for a customer who never received the order, a give-away promotion, etc.
3. Discarded
Obsolete items we have asked the warehouse to dispose of, items with outdated logos, etc.
Share this information with the Bookkeeper / Accountant for tax purposes.
Send to Pat <[email protected]> or call (571) 633-5138.
Provide the retail value of each item if not included in the reports.
Give back-up support to clarify SKUs, product descriptions, retail prices, and anything else in question if asked.
You are done. Great job!