Stock Register
A stock register, often referred to as an inventory register or stock ledger, is a document or digital record used to maintain details about the quantities, descriptions, and values of items held in stock or inventory. It provides a chronological record of inventory movements, helping businesses track and manage their inventory levels more efficiently.
Key elements typically included in a stock register are:
- Item Description: A brief description of the item or product.
- Stock Identifier or SKU: A unique code or number assigned to each inventory item.
- Date of Transaction: The date when items were added to or removed from stock.
- Quantity Received: The number of items added to the inventory, typically through purchase or production.
- Quantity Issued: The number of items removed from inventory, usually because of sales or usage.
- Balance: The remaining quantity of items in stock after each transaction.
- Unit Price: The cost or value of a single unit of the item.
- Total Value: The total cost or value of the items in stock (quantity x unit price).
- Supplier Details : Information about the supplier if the stock was purchased.
- Remarks/Notes: Any additional information or notes regarding the transaction, such as reasons for returns, damage, etc.
Example of a Stock Register
Let’s walk through a hypothetical example of a stock register for a business that sells electronic gadgets.
Stock Register for XYZ Electronics
| Date | Description | SKU | Qty Received | Qty Issued | Balance | Unit Price | Total Value | Supplier | Remarks |
|---|---|---|---|---|---|---|---|---|---|
| 01/01/2023 | Wireless Earbuds | E001 | 150 | 0 | 150 | $50 | $7,500 | AudioTech Inc. | New shipment |
| 02/01/2023 | Smartphone | P002 | 100 | 0 | 100 | $300 | $30,000 | PhoneMakers Corp. | January batch |
| 03/01/2023 | Wireless Earbuds | E001 | 0 | 30 | 120 | $50 | $6,000 | Sold in-store | |
| 05/01/2023 | Tablet | T003 | 80 | 0 | 80 | $200 | $16,000 | TabTech Co. | New product addition |
| 06/01/2023 | Smartphone | P002 | 0 | 50 | 50 | $300 | $15,000 | Online sales | |
| 07/01/2023 | Tablet | T003 | 0 | 20 | 60 | $200 | $12,000 | Sold to corporate client | |
| 10/01/2023 | Wireless Earbuds | E001 | 0 | 50 | 70 | $50 | $3,500 | Online sales | |
| 12/01/2023 | Smartphone | P002 | 150 | 0 | 200 | $300 | $60,000 | PhoneMakers Corp. | Restock |
From this register, the management of XYZ Electronics can:
- Determine Inventory Levels: Identify the current stock levels for each product (e.g., there are 70 Wireless Earbuds left in stock).
- Track Sales: See how many units of each product have been sold or issued (e.g., 50 Smartphones sold online).
- Evaluate Suppliers: Understand the frequency and quantity of stock received from each supplier.
- Manage Reordering: With the help of past records, determine the optimal time to reorder products to avoid stock-outs or overstocking.
This stock register serves as a fundamental tool for inventory management and financial planning for the business.
