Inventory, i.e. inventory from nature
One of the basic duties of running a business is to carry out an annual inventory. The inventory is aimed at internal control of the real value of the company's inventory. Data obtained in this way is confronted with documents confirming their quantity.
What is the inventory and when should it be prepared?
Inventory concerns semi-finished products, finished products, commercial goods, basic and auxiliary materials as well as waste and shortages. It is prepared at the end of each tax year. The real income or loss of the taxpayer is calculated based on the KPIR and the difference between the inventory at the beginning and end of the tax year. The documents confirming the amount of materials in possession are invoices, warehouse documents and cash reports.
In addition to the annual obligation to prepare an inventory, a physical inventory should also be prepared in the following cases:
- starting a business,
- closing a business - in this case, the inventory also includes equipment,
- change of shareholder or share ratio,
- at the request of the head of the tax office.
In addition, taxpayers have the right to prepare an inventory at any time during the tax year. The Ordinance of the Minister of Finance of September 12, 2018 amending the ordinance on keeping the tax book of revenues and expenditures repeals § 28 sec. 4. Therefore, the taxpayer is no longer required to notify the Tax Office of the will to conduct a physical inventory during the year.
How to carry out an inventory?
The method and obligation of carrying out the inventory is specified in the above-mentioned regulation. According to it, the inventory must be carefully and permanently completed and signed with the signatures of the persons participating in the inventory. Additionally, the prepared inventory should contain at least the following data:
- date of the inventory,
- company name / name and surname of the owner,
- item numbers,
- the name of the goods or other items included in the inventory,
- unit price in PLN and grosze,
- unit of measure,
- the amount confirmed during the inventory,
- the value resulting from the multiplication of the quantity of the product by its unit price,
- total value,
- numbered sheets,
- the clause "The inventory has been completed on the position ...",
- signatures of persons preparing the inventory and participating in the inventory,
- signature of the company owner (co-owners).
In the case of drawing up the physical inventory as of December 31, the sum from the inventory is entered in the KPIR at the end of the tax year in its last item and a new tax year is opened, entering the value from the end of the previous period with the first entry in the book. Then it is not necessary to prepare a physical inventory on 1 January.
Also read some other helpful articles on the inventory topic.
- Inventory, i.e. inventory taking at the end of December
- Initial inventory when setting up a business
- Inventory, i.e. inventory taking at the end of the year
Exceptions in the inventory of nature
In § 28 sec. 1 of the Regulation on the conduct of the KPIR, some exceptions are also mentioned regarding the preparation of a physical inventory:
- when running bookstores and bookstores - the inventory may include one item of a publishing house with the same price, regardless of the name and surname of the author, divided into books, brochures, albums and others
- when running a bureau de change - in it, the physical inventory should include unsold foreign exchange values
- when running special departments of agricultural production - the physical inventory should include materials and raw materials not used in the course of production, as well as the number of animals by species, broken down by groups.
Adding an inventory in the wFirma.pl system
The wfirma.pl system in the online accounting package allows its users to quickly and efficiently enter the values of inventories and automatically include them in the annual statement generated with its help. To add an entry to the wFirma.pl system regarding the physical inventory at the end of the year, go to the tab RECORDS »RETURNS» ADD REMANENT »FINAL REMANENT. After entering the appropriate data, the inventory will be included in the KPIR as the last item on December 31 and as the first item on January 1 of the following year.
A detailed diagram of entering an inventory can be found in the article: Inventories - how to enter it in the system?
Summing up the inventory, as one of the methods of internal audit, it is aimed at determining the actual state of the company's assets. A solid, detailed and comprehensive inventory allows you to determine the actual financial result and, consequently, to make correct tax settlements.