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Yes ,Count The Stock Physically at least once in a year(Just before Closing Books for the year)or periodically and make the stock adjustment entries to tally the system stock with physical stock.
Stock or inventory is an asset. It should be verified not just at the end of the year or period ( quarterly or half yearly) but through surprise checks as well. Verification of stock means ensuring that it exists, the actual quanities match the quantities per books, the costing policy ( FIFO , Moving Average, etc.) is applied correctly and consistetly, etc. Stock verification also means observing any slow-moving or obsolete inventory, and making or adjusting the provision for slow-moving or obsolete inventory accordingly ( contra asset account). Therefore, stock verification should be conducted proactively and comprehensively, and not be limited to quantities.or period-end. Moreover, stock verification means ensuring record-keeping is done properly, and the system of internal control over stock is adequate.
Closing stock results from physical stock taking.
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