The stock register is a detailed record of shares issued by a corporation. Stocks also maintain a record of repurchasing and transferring shares. Today in this article we will talk about how to maintain a stock register.
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A minute detail of shares is called a stock register. This is maintained commonly by publicly-held companies. Though it can be kept by any corporation, especially when there are many shareholders around the shares.
In this below-mentioned article, we will discuss the definition of the stock register, how to maintain a stock register, manage stocks, stock register format, stock register software, how to maintain a stock register in an excel sheet, the importance of the stock register, etc. Let’s check the article to visit through a clear pathway.
Details of Stock Register- Definition, Management, and more
The stock register is a live document that consists of companies’ stocks used by them. Stock can be saved as a document file, in a software system. Stock is basically based on incoming stock which is Purchase and subtraction of issuing stock which is Sale.
It is very important for any Company to maintain a stock register. The stock register helps with Inventory management, preventing shortage problems, and maintaining a regular supply of products.
Stock Management System
Stock management is the most important thing for any business. It is an integral part of businesses or start-ups. For new businesses or start-ups like pharma, and beauty products manufacturers, stock management helps to maintain a proper demand and supply of products.
Receiving, dispatching of products, and stocking of products are included in the stock management
There are a few methods by which stock management is done. Such as –
- Manually Stock Register Book
- Stock Management in Excel
But among these, automatic software is the best one to maintain a stock register in any sector which has a large number of products.
Many small and macro-size companies are managing handwritten manual stock books for their business. But there are some disadvantages to this handwritten manual stock register.
As this is a manual system, one needs more time to record all the business details. Also, one person dedicated to just the stock register is needed, so start-ups can’t afford it the first time. Also maintaining stocks in excel sheets is quite tactical, but if you have a definite level of items, then you can manage it easily and freely.
Usually, there are a few formats to register stocks. There are some important protocols that have to be followed while maintaining a stock register.
In the below-mentioned article, we will mention a few protocols that will help you in maintaining stocks properly.
- Stocks should be maintained within the office where the purchasing of goods is taking place.
- You have to maintain an enclosed stock in the central stock register.
- When fresh stock arrives in the company or warehouse, the register should be updated with the information. The person responsible for maintaining the stocks should be careful while receiving or dispatching the products.
- All the requisitions present there should be numbered in a proper manner and must have a duplicate one. Original copies should be given to the central stores. The duplicate one will be gone to the accounting department.
- On a daily basis, there must be a piece of updated information on stocks.
- All the issues should be mentioned in the stock register immediately after they took place.
- There should be a FIFO that refers to a first-out basis. This should be adequately maintained.
Now we are going to mention how to maintain a stock register in an excel sheet. Keep going to learn how to maintain a stock register. Maintaining stock in excel is quite easy. Also, some basic parts are the same in some cases.
These same portions are as follows –
- Product Name/Particulars
- Bill/Invoice Number
- Supplier/Receiver Name
You can edit these factors as per your requirement.
Now start a new excel sheet mentioning your products suppose, product 1, product 2, ………. to product 10.
Stepwise Guidance to Maintain a Stock Register
- Open the Microsoft Excel Sheet
- Create a dedicated worksheet. Name your products. You must open a dedicated worksheet for each and every product.
- Create an Index in the above cells of your Sheet. To save time, you can first create an index. Now start copying others’ worksheets.
- Mention a title bar that includes columns of Date, product name, bill number, issue, receive, etc.
- You should create a hyperlink to each product name. Maintain creating a hyperlink in each worksheet for every Product.
Now your stock register format is ready. You can create a stock and register in any format- software, a book, or an excel sheet. What is more important is to maintain the details daily like live details.
If you didn’t put your details at the same time as purchasing or transferring, it’ll be more than difficult to maintain the stock register on previous purchases.
Importance of Stock Register
A stock register refers to a database that keeps the record of purchasing, transferring, product demand and supply ratio, and many more. All businesses should keep this database ready to check the transaction that took place in business.
There is little importance in maintaining a stock register. Such as:
- Inventory Management
- Maintenance of regular supply
- Evaluation of total stock in Hand
- Calculation of reordering quantity, reordered time
- Checking minimum and maximum stock availability
Purpose Of Stock Register Department In A Business
It is the stock record department that is responsible for keeping updated records in a business. For every security traded, the stock record department must determine the information mentioned below:
- Name of the owner
- Amount of stock
- Location of holding or deposit of the security
Stocks can be held on deposit at the Depository Trust Company (DTC). If this is the case, the stock record department must reconcile its books to the DTC’s books. Any disagreements concerning these reconciliations can occur and be discussed at the following time intervals:
This department is also in charge of handling any processing errors like breaks or exceptions of records that were erroneously transacted.
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How Lio can help in Maintaining the Stock Register?
Lio is a very useful platform that can help one in maintaining a database for business. Lio is basically a mobile application that can organize data and present it in an eye-catching way.
You can start using Lio to keep maintain your business stock. This can be a perfect platform that is good to go for maintaining all the data in a secure way.
If you want to present and keep your data in a professional way, you can take the help of Lio without any second thought. Also, it will be time-saving for you.
New-age entrepreneurs can use this mobile-based platform to update their data on business stocks, purchases, and all the other transactions on Lio.
Step 1: Select the Language you want to work on. Lio on Android
Step 2: Create your account using your Phone Number or Email Id.
Verify the OTP and you are good to go.
Step 3: Select a template in which you want to add your data.
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Step 4: All Done? Share and Collaborate with your contacts.
I hope, you got a clear vision of stock maintenance and must have learned how to maintain a stock register. Now you can go for proper stock maintenance in a professional way. So keep going.
Frequently Asked Questions (FAQs)
How do you maintain a Stock Register?
1. This is to be maintained at the office where the goods are purchased or stored centrally and on daily basis.
2. The format of the central stock register should be enclosed.
3. This register shall be updated on the receipts column as and when fresh stocks arrive and are sold out.
4. All requisitions must be numbered and in duplicate. The original one will be given to the central office and the duplicate one should be given to the account.
What is the purpose of a Stock Register?
To keep a record of the history of a company’s security trades is the main purpose of the stock register.
How do you Maintain Stock?
1. Fine-tuning your forecasting is a must-have for a business.
2. Use the FIFO approach that is first in, first out
3. Identify low-turn stock centrally
4. Audit your stock
5. Use cloud-based inventory management software
6. Track your stock levels at all times, daily tracking is preferred mostly.
7. Reduce equipment repair times.
How do I register for the daily stock?
1. Gateway of Tally > go to Display More Reports > click on Statutory Reports > click Central Excise Reports > Manufacturer > open Daily Stock Register
2. Select the Name of the exercise unit.
3. Enter the period.
4. Select the item which is required.
5. Select the Name of the tariff that is applicable and Reporting UoM which is preferred.
6. Press Enter. That’s it.
Who keeps stock records?
All the businesses have a dedicated stock record department. This department maintains client bases transactions on a daily basis. The stock record department must identify the owner of the products, the quantity of stock, and the location where the security takes place or is deposited.