Month End Wizard
- Daniel Akers
- Maria Harreguy
Overview:
This feature provides a guided process to the month-end process and provides a single point of entry to navigate to the various steps required.
At the moment only the closing of a Stock period is included (not compatible with MDE stock module). Other closing processes are under development.
Screen Guide:
Current Period is the period that will be closed with this process.
Stock is the area that is included in this Month End Wizard. In the future there will be more processes added here.
This process closes out the stock level for all locations for the current period. When the process has not been run yet a message saying ”Stock close out required” is displayed.
A direct link to Stock Management list is available to review any transactions for the month. Once you are ready to close the current Stock period (meaning you have processed all the stock transactions for the period: AP invoices, Stock adjustments, Stock transfers, Stock issues, Stock returns) use the blue Generate button to run the process. i.e: When closing Period 1 - Jan, you will most likely do it at the beginning of Period 2- March, to make sure everything has been processed for Period 1 - Jan.
The Generate button will take a snapshot of Stock on hand and Stock on order and the cost of the item on each location based on all the Stock transactions for the period. This will be the starting point for any stock transactions in the following period.
Once the Generate button is clicked, there will be a pop-up message showing the snapshot was taken successfully. The screen will now display a summary of all Stock locations updated, the total number of Stock items updated and the updated valuation of the Stock. Generate button will become unavailable (grayed out) and the status will show Stock close out is complete.
On the Stock Close Out, when using 'Average' stock costing method only (not with Last Cost or Standard Cost methods) there is a validation that checks that zero Quantity On Hand also has a zero Stock Value, however, the system allows for a small rounding difference of less than 0.10. If the difference is greater than that, it will error indicating which item in which location is not correct.
On Period End Maintenance, the Stock period column for current period will have a tick showing it was closed. If for any reason there are more Stock transactions that need to be added to the recently closed period or any changes to be made, the Stock Period can be reopened from Period End Maintencance, changes can be made, and the Stock Close Out process can be generated again from this Month End Wizard.
Next Steps:
You may want to continue closing the current financial period for the different transaction types Workbench has. Visit Month End page for other processes.
FAQs:
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Process Flow:
