Year End

Inventory Control

1. (Optional)  Print any applicable reports on the Inventory Control Reports menu and the Lotted/Serialized Inventory menu.

2. (Optional)  Print the ABC Analysis Report and EOQ, Order Point and Safety Stock Report on the Inventory Control Period End Processing menu.

3. Many companies perform a Physical Inventory as part of their year-end procedures.  Follow these steps to record your physical inventory:

   1. Process all computer transactions that affect inventory quantities.

   2. Process all computer transactions that affect inventory quantities.

   3. On the Physical Inventory menu perform the Select Cycles for Freeze task to select all or a portion (by specifying one or more cycle codes) of the inventory to be counted.  This creates a “freeze” file of the on-hand quantities.

   4. Print the Count Sheets.  If it is necessary for you to print the count sheets prior to completing all computer transactions, then you may do the following:

      1. Perform the Select Cycles for Freeze task to select all or a portion of the inventory.

      2. Print the Count Sheets.

      3. Unselect the Inventory using Cancel Physical by Cycle Code task

      4. Complete all of the computer transactions.

      5. Select the inventory again, using the Select Cycles for Freeze  task.

   5. Take a physical count of the items shown on the count sheets.  Record on-hand quantities on the count sheets.

   6. Enter the physical counts using the Physical Count Entry task.

   7. Print the Register (Register and Update task) when all counts have been entered.  The register shows the actual on-hand figure, the computer on-hand figure (from the freeze file) and the calculated variance between the two.  Do Not Update.

   8. Verify the counts.  If necessary, enter or adjust the counts using the Physical Count Entry task.  Reprint the register and update, when it is correct.

   9. Print the Inventory Valuation Report on the Period End Processing menu.  Use Ending Balance.

   10. Use the Inventory Valuation Report to adjust the General Ledger Inventory account(s), except for Work In Process.

4. Back up your data files.

5. Run the Period End Update task on the Period End Processing menu, for the last fiscal period.  In addition to the standard period end functions, the current year indicator is incremented.