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