Preparing for Period End
In normal business operations, depending on the time you need to complete the year-end processes, you can run a day or two into the next period before you actually close the period. This means that before you close the prior period, new entries might already be posted in the new period. Period End in Inventory serves two functions:
If you use the Standard Cost valuation method, the Variance Amounts feature resets the Standard Cost variance accumulators to zero.
The Purge History function purges Inventory transaction history through the date you specify.
You do not need to stop operations at the end of a period to perform period-end processing. Continue to enter and post transactions in the new period, and make sure you use the correct transaction date. Your system automatically posts them to the correct period accumulator based on the transaction date.
It is important that you print time-sensitive reports, such as the Control report, before you post to a new period. See Reporting Overview.
CAUTION: Always back up your data tables before you begin any Period End procedures. Without a backup, you have no way to retrieve transaction data that was deleted.
Published date: 12/21/2020