ICONOS FINALES-TRAZADOS

BASQUE COUNTRY AND NAVARRE: Supervise your warehouse for the fiscal year-end

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For the fiscal year-end, it is necessary to reconcile the warehouse inflows and outflows with the invoices issued and received.

If your company sells products and therefore has inventory in the warehouse, you must pay special attention to the goods inflows and outflows at the end of one fiscal year and the beginning of the next in order not to distort the results.

It is not enough to account for operations based on available invoices

For example, if you do not account for the purchase of goods inflow worth 4, 000 euros that occurred in December (because you do not have the invoice yet), but you do account for the income from inventory variation, you will declare more profit than you should.

So, how should you proceed?

✓ If you have warehouse outflows that are not invoiced or inflows for which you have not received an invoice, you must also account for sales and purchases in the year they occurred.

✓ Use customer and supplier accounts for pending or formalizing invoices.

✓ Finally, consider that differences between warehouse inflows and outflows and invoices can also arise from goods in transit. For example, when your company has shipped goods that have not yet reached the customer and that, depending on the agreed sales conditions, are still your property, or even when you have acquired ownership of goods that are not yet in your warehouse as of December 31.

Our professionals will advise you so that the results shown in your accounts are accurate.

BASQUE COUNTRY AND NAVARRE: Supervise your warehouse for the fiscal year-end

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