Inventory Control Month-End Processing
Month-end date:________________________ |
Transaction cut-off date:_______________________ |
Responsible person:_____________________ |
Date reconciled:_____________________________ |
Confirm the Processing Date is set for the month you are closing. |
Confirm the Processing Date is set for the closing month.
Update
Confirm the following daily processes are completed:
PO Pack List and Invoice Receiving for the month is complete
Inventory Update – Confirm all Inventory transactions have been updated to both Inventory and General Ledger. Inventory >Data Entry>Inventory Update
Print and Retain Reports
Items on Hand Valuation – This is a date sensitive report and should be run monthly.
Items Activity Report – This report should be run at the end of the year before clearing the Year-to-date totals per the process below.
Clear Month to Date
Period End | Month/Year End Processing – Check the Month-to-date selection under Period Type. The Period End Clear resets month-to-date and year-to-date totals in the Inventory Items – Financial page.
Note:At the end of the year, do a Year-to-date clear which will also clear out the month-to-date totals.
Change Processing Dates
Change the processing dates to reflect the new period using Processing Date