Happy end of financial year

[Dave A]

Dave
I thought stock take was the balancing figure for profit.

Unfortunately, my auditors do not agree

Oh well. Survived the day with most of my hair intact. And bonus - a couple of those debtors came through near the end of the day

Now to find out how much stock grew legs since the last count

[IanF]

Unfortunately, my auditors do not agree

Oh well. Survived the day with most of my hair intact.

Dave
First next year go for the shavathon then you don't have to worry about your hair.
To me stock count and valuation is very subjective. If you have an open reel of wire do you count and value it, it depends on your profit. The auditors practice CYA by getting you to sign off 5 times on everything. As the owner you can argue both ways.

[Dave A]

Maybe accountants are CYA, but in a Pty Ltd you also have to survive the materiality test.

Funny you should mention wire - that might be our biggest nightmare. With the price of wire nowadays, I could blow the budget if we didn't include open rolls. Every team has about 10 open rolls each.

I think I'm going to get a scale for the job in future - it will be dead easy that way.