Stock-taking or inventory checking is the physical verification of the quantities and condition of items held in an inventory or warehouse This may be done to provide an audit of existing stock It is also the source of stock discrepancy information Stock take is a process where one physically needs to count the entire stock within the store and tally the same with the system Stock take is one of the important activities conducted in retailing as it involves knowing your stock in hand, your stock value, identifies damages and shrinkages