Fastbase Accounting System - Online Manual
Inventory Period End
Entered Fri, 1 Nov 2002 15:12 by Peter Campbell
Updated Wed, 25 Feb 2004 09:47
Cost of sales/gross figures and the stock valuation figure for the period end should not be treated as final until inventory period end processing has been run.
- Ensure that all inventory transactions (stock adjustments, part assemblies) have been entered for the period and that all stock branch transfers have been receipted.
A list of un-receipted branch transfers may be printed by going into the menu option Processing, Receipt Transfers and then clicking the Print Outstanding Transfers button.
- Ensure all goods receipts for the current period have been costed and confirmed.
Once period end processing has been run active goods receipts in the period being closed cannot be changed, however the receipt can still be confirmed/completed.
The inwards goods report (Reports, Purchasing Reports) reports the status of goods receipts.
- Run period end processing for the inventory module (Processing, Period End).
This process closes all batches for the old period, changes the current period end date to the new period end and automatically runs the stock cost adjustments report.
The stock cost adjustments report checks that the cost price recorded on all sales is correct, any inconsistencies are updated automatically.
The cost price on sales may change if items were sold prior to the goods receipt being entered/costed or if the costing of a goods receipt is changed subsequent to the goods being sold.
- Run reports as required (e.g. stock valuation report, stock sales analysis report etc. located under Reports, Financial and Reports, Sales).
Reversing the Period End Procedure