Close inventory period

Why close inventory period? 

You close inventory periods to avoid users from changing inventory and its value from prior periods. Period closing is standard procedures to reconcile all the period’s data and prevent further changes from being made.  

How to close inventory period? 

Inventory Periods can be created in advance of or during each month's end. If multiple periods need to be closed, you can, close the most recent period and all prior periods will then be closed automatically. Inventory periods can be re-opened at any time.  

1. Search for Inventory Periods on the top right-hand corner of the page. Closed periods will show the tick box enabled.  
   
2. Select an Ending Date row. Then, select Test Report to run the Close Inventory Period – Test. 
3. The Close Inventory Period – Test request page displays. Update your filters and select either Print or Preview & Close. 
   
   Note: The Close Inventory Period – Test verifies that no negative inventory exists and that all costs on items are fully adjusted. You’ll need to correct the entries and run Adjust Cost-Item Entries until the period can be closed. 
4. You’ve run the close inventory period report. 

What’s next? 

Find out how to reconcile inventory balances.  

Need more help?  

No problem, that's what we're here for. Reach out to support@wiise.com anytime you can't find what you're looking for.