Inventory

In the Inventory Module, Year End Process called – New Year Opening has to be performed once “Correct Stock Position” has been done for the last period of the financial year (i.e. March). This process carries forward the closing balances of the current financial year as opening of the new financial year.

Step1: From the Home page login page, click on “System Function” and open “Open & Close AR/AP/Inventory Period” (Circled in red).

Step 2: Make sure that the “inventory” period check box for the last month of the last year is opened up to proceed further for the next step.

Step 4:

a)            Please make sure business date should change to 1st April, 2021 (Or, higher)

b)            Enter the Year field with the last financial start year e.g. if new financial year is 2021- 2022 then the year will be   2020-2021.

c)            Enter the period which is the last period of the last financial year (2020-2021) e.g. 12.

d)            Enter the Adjustment Date as – 31st March 2021 (the month-end date of the last period of the last financial year)

e)            Specify the Store Type for which you want to run the process of Year End Closing.

Step 5: Click on the icon ‘New Year Opening. This will update the inventory balances tables which is necessary for issues to take place.

Please note that, though not recommended, even after this procedure you can post back dated transactions in the previous year. However, in case you post back dated transactions in the previous year it is mandatory that you re-run the Period end Closing function. To re-run, invoke the menu option and click OK without changing the Last Closed Period and Year. The balances will be updated again. Without this re-run, any back dated postings done; Inventory will give you incorrect balances in the current year.