Stocktaking - inventory at the end of the year
Companies are obliged to draw up an inventory at the end of the year.
The following information must be written down:
- commercial goods,
- semi-finished products and production in progress,
- finished products,
- waste and articles designed for liquidation.
The stocktaking procedure does not include fixed assets and equipment.
The taxpayer is obliged to prepare a census which must include:
• the name of the company,
• the date of preparation of the census, an ordinal,
• a detailed specification of the goods,
• the unit of measure,
• the amount found at the time of the census,
• the price in PLN per unit of measure,
• the value resulting from multiplying the quantities of goods by its unit price,
• the total value of the inventory,
• a clause reading "list completed on ordinal...",
• signatures of all persons preparing the inventory and signature of the owner / partners.
All elements included in the census must be valued within 14 days from the date of completion of the census.
The obligation go through with the stocktaking on December 31rd and January 1st does not mean that the act of writing down the inventory should be made twice. A census made on the last day of the fiscal year is also valid on the first day of the following year and has the same value.
The value of the initial and final stocktaking is included in the balance sheet of the company and has an impact on the amount of deductible expenses incurred during the tax period.
Entrepreneur, remember the obligation to draw up a stocktaking census at the end of the year.