Accounting for shortages and surpluses in inventory

 In the process of economic activity, almost all organizations are faced with shortages and losses from damage to material assets. By material values, we understand such an organization's property as: fixed assets, materials and supplies, finished products, products, money, and other tangible assets.

Deficiencies may appear in connection with the abuse of financially responsible persons, theft, accounting errors in the receipt and shipment of material assets, natural loss and other factors.

In trading companies, there is often a "re-grading", leading to the emergence of surpluses of some products and shortages of others.

The identification of shortages can occur in the process Accountants in Walsall of procurement of material values, their storage, movement, sale, as well as during inventories.

It should be kept in mind that one of the important tasks of accounting in an enterprise is the embodiment of control over the efficiency of the use of resources and the safety of the organization's property.

The responsibility for the optimal use of the organization's resources rests with those employees who work with these resources and bear their financial responsibility. With all this, the accounting department provides control over the movement and consumption of material assets, the compliance of the business operations with the current legislation, the timely conduct of inventories to prove the remnants of inventories and other tangible assets.

How to find a shortage in time? What to do with re-grading? Is it necessary to include the amount of transport costs and customs duties in the cost of the written off products?

In our article we will try to give answers to these and other questions that arise in connection with the features of accounting and tax accounting of shortages and losses from damage to material values.