At the end of a period Item, costs information needs to be transferred to the General Ledger before we can close the period. In this recipe, we will look at the process of closing inventory.
1. Complete all transactions shipping, receipts, issues, and adjustments.
2. Check Interface managers for outstanding transactions.
3. Transfer transactions to the General Ledger using the Create Accounting Cost Management Program.
4. Open the next period.
5. Close the Payables period.
6. Close the Purchasing period.
7. Close the Receivables period.
Close Inventory Period automatically transfers summary transactions to the GL interface table. The prior period needs to be closed before we can close the period. To accomplish this, carry out the following steps:
1. Select the Inventory responsibility.
2. Navigate to Accounting Close Cycle | Inventory Accounting Periods.
3. Select the period Jun-08 and click on the Pending button to review the pending transactions...