If you use the Standard Cost valuation method for any of your stock items, the GL Variance Account specified in the
IN Inventory Codes window keeps track of the variances between standard and actual costs. At the end of the fiscal year, you may want to purge this accumulator, which resets it to zero so you can start accumulating the variance for the new year.
To purge the amount in the variance account, see
Clearing Variance Amounts.