Below you will find a range of useful resources relating to Stocktake and the End of Financial Year (EOFY). You'll find a Stocktake walk-through to guide you through the different options and links to other resources.
We've also added a list of the most useful reports for EOFY.
Important: Some reports contain live data and must be run after trading on the 30th of June and before opening on the 1st of July.
Interactive Stocktake Guide
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Typically Retail Express operates on live reporting - information within the reports is obtained up to the exact moment a report is run (more on that in the next section).
However, Retail Express has a full suite of accounting reports built on immutable data i.e. data that cannot be changed in the future. This data can be used to get balances from a specific point in time, for example as at the end of the Financial Year.
Note: This information is not applicable to Accounting Link users. Refer to our Reconciliation Reports article for a list of reports to use.
Details of these reports and the data they contain are available in the following articles:
- Accounting Reports Overview
- Accounting Integrations - Integrated data sent from Retail Express
- Accounting Integrations FAQ
In addition to these reports you may also wish to run an Inventory Valuation. Please bear in mind there are currently no "point-in-time" Inventory Valuation reports in Retail Express, so this report report will need to be run at the specific time required to get accurate end-of-year figures. This process is covered in the next section.
If the Accounting Reports do not provide the data required by your Accountant or Bookkeeper, or you wish to run additional reporting for the End of Financial Year, it's important to remember that most reporting in Retail Express runs on live data i.e. the data is accurate to the minute the report is run.
It is vital (particularly for inventory valuation reporting) that you run your required reports after close of business on June 30 or before opening of business on July 1. This ensures that you capture the data as it stands at that point in time for EOFY reporting. You should discuss the date you choose with your accountant or bookkeeper, bearing in mind that any integrated webstore may be trading 24 hours a day.
Important: You must run your EOFY reports directly after close of business on June 30, or before opening of business on July 1. Discuss with your bookkeeper the best date for your business.
Trying to calculate the stock at a historical point in time is complex and has a high risk of error. Refer to the How to find a historical Stock Valuation article for more information.
The following articles will provide you with a guide to the best reports to use for End of Financial Year
- Reporting for EOFY
- How to find your current Inventory Value (The Stock Value vs Sales Report)
- The Stocktake Report
- The Voucher Creation Report
- Customer Account Statements