Inventory Month-End Procedures

***Note: the following procedures NEED to be done on the last day of the month, or the first day of the new month. i.e.: All Orders must be invoiced (but don’t need to be posted) for the month, & the reports printed & procedures completed before orders are invoiced on the first day of the new month.***

These reports may be printed & saved or if you have the optional e-mail package, e-mail the reports to yourself & saved digitally. (If the reports are saved digitally, they should be easily accessible when needed & backed up in case of hardware failure.)

1^st report to Print:

Inventory (Module 5)
- Item Status (Warehouse)( Task 10)
- End-of-the-Month Status by location/product code or report class (Sub-task 2) Read the information screen. The following prompts are only a suggestion on how to answer the questions. You may need to answer these questions differently depending on the needs of your company.

Answer system prompts as follows:

List Items by Report Class or Product Code: R/P. Use P for Product Code.
Include Negative quantities on-hand in the report: Y
Include negative end-of-month quantities in report: Y
Starting location number: Enter for All
Starting product code: Enter for All
Starting item number: Enter for All
Suppress detail records: NO

2nd report to Print:

Inventory (Module 5)
- System Management Functions (Task 32)
- Calculate Inventory Value-on screen(Sub-task 9) Read the information screen. The following prompts are only a suggestion on how to answer the questions. You may need to answer these questions differently depending on the needs of your company.

Answer system prompts as follows:

Are you sure you want to do this: Yes
Starting item number: Enter for All
Starting warehouse number: Enter for All
Do you want a print-out: Yes
Do you want to include negative values: Yes

3rd report to Print:

Answer system prompts as follows:

Inventory (Module 5)
- Item control (Task 9)
Inv value, general ledger acct INVGLA (Sub-task 12) Read the information screen. The following prompts are only a suggestion on how to answer the questions. You may need to answer these questions differently depending on the needs of your company.
- Do you want to include negatives in the total value? Yes
- Do you want to show zero quantity items? Y or N
- Please select value basis: A
- Starting location #: Enter for All
- Starting G/L account #: Enter for All
- Starting item number: Enter for All
- Suppress detail records? NO

Clear:

Inventory (Module 5)
- System Management Functions (Task 32)
- Clear Warehouse MTD/YTD fields (Sub-task 1) Read the information screen.

Answer system prompts as follows:

Clear MTD fields: Yes
Clear YTD fields: No NOTE: The YTD fields are cleared ONLY when closing a fiscal year.
Clear sales information: Yes
Clear purchase information: Yes
Are you sure you want to clear the MTD fields: Yes
Starting item number: Enter for All
Starting warehouse number: Enter for all

Set Quantity and Cost:

Inventory (Module 5)
- System Management Functions (Task 32)
  - Set Warehouse End-of-month Qty/Cost (Sub-task 4)

Answer system prompts as follows:

Starting item number: Enter for all
Do you with to add in current MTD sales quantities: No
Do you wish to subtract out current MTD purchase quantities: No

*Note: the following procedure (BUILD) should not be done until after all postings (invoices, inventory, etc) are completed for the month being closed. This procedure is not date sensitive as are the rest of the Inventory closing procedures.

Build:

Inventory (Module 5)
- System Management Functions (Task 32)
  - Build Item-Monthly History Files (Sub-task 13)

Answer system prompts as follows:

Do you wish to continue: Yes
Starting document date: First day of the month being closed (i.e. 040102)
Ending document date: Last day of the month being closed (i.e. 043002)
Desired Warehouse Number: Enter for all
Starting Item Number: Enter for all
Include Inter-division Transfer: No