Those programs marked with an * are absolutely required to be run as part of your month end routine to make sure that your Inventory Control system is in balance and to update Month To Date and Year To Date totals in the various inventory files.
The Inventory System Balancing test does not include figures from the G/L Inventory Control account. To verify that the inventory system balances with the G/L Inventory Control Account it is necessary to compare the valuation reported in the system balancing test with the current balance of the G/L Inventory Control Account. This can be accomplished quickly by displaying the appropriate account information in the G/L Inquiry Program. If you have multiple inventory control accounts that do not group into a single account you can print a G/L Trial Balance specifying the range of accounts that encompasses your G/L inventory accounts.
We recommended that you print the following reports to provide you with the necessary audit trails for each month's activity:
Inventory Valuation Report (See 31102 - VALUATION REPORT).
Sales Summary Report, Store (See 31100 - SALES SUMMARY - STORE SUMMARY).
Sales Summary Report, Product (See 31101 - SALES SUMMARY BY PRODUCT).
Inventory Movement Report (See 31090 - MOVEMENT REPORT).
Inventory Transaction Report (See 31089 - INVENTORY TRANSACTION REPORT).
Before you start the End of Period routine for the Inventory Control system, please make sure that all updates that affect the month's inventory are done. These include: Order Register & Update, Cash Till Sale Update as well as Inventory Receipts, Adjustments, etc. All of these updates must be done PRIOR to starting the month end routine. You should not attempt to perform these updates while doing the month end routine. In addition, normally, your system will be configured such that you must perform your A/R month end before you can perform the Inventory Month End Purge.
If you are also doing a stock count, see 30119 - STOCK COUNT POSTING.
YEAR END
When doing the Year-End, follow the above procedure. The only difference is that when doing the Purge, you will select "YEAR" rather than "MONTH". Please refer to 30107 - MONTH END PURGE.