To close the Inventory Control period

  1. Access Closing (IC190).
  2. Add a job name and description.
  3. Select the company or company group for which you are closing the Inventory Control period.
  4. If you are closing the last period of the year, define the period end dates for the new year.
  5. Add the job.
  6. Submit the job to close the period.
    Note: Gross margin return on investment (GMROI) formulas are listed in the main application glossary.
  7. Optional. Print analysis reports to review period end balances.
    To Print
    List items by gross margin return on investment (GMROI) percentages. This report suggests movement classes based on these percentages Movement Analysis - GMROI (IC152)
    List GMROI percentage for items in descending order Gross Margin Return on Investment (IC224)
    Print inventory turnover based on item sales if you use Order Entry Inventory Turnover (IC134)
    Print inventory turnover based on item issues if you do not use Order Entry Inventory Turnover by Issue Report (IC135)
    Print a report of inventory valuation Inventory Valuation (IC233)
    Valuate inventory as of a specific date Period End Valuation (IC234)
    List inventory item material cost, overhead cost, and average unit add-on cost Lower of Cost or Market Valuation (IC235)
    List FIFO inventory valuation regardless of IC Company costing method. This report can be used to satisfy the IFRS requirements to provide a two year FIFO inventory valuation when moving from LIFO to FIFO. IFRS FIFO Period End Valuation (IC247)
    Audit posted transactions by period for a specific accounting unit and account Departmental Procurement Expense Inquiry Selection (MM80)
    List general ledger postings broken down by accounting unit and account Departmental Procurement Expense Report (MM280)