Inventory Closure Reports

When you want to finalize the month in stock transaction perspective both per qty and amount, you are ready to close the inventory for transaction.

Or is it?

Of course not.

You need to check your users if all transactions are applied in to the system etc. right?

Yes.

But is it enough.

No

So what to do next.

You need to check the closure reports.

There are 2 reports that you have to check.

1. Check open quantities:This report shows you the items, physically updated but not financially before the inventory close date.

2. Check Cost Prices:This report will give a list of transactions that deviate from the cost price. Deviation percentage is the parameter you define on the report.

If these values are ok for you. Then you can continue closing.

If not, please ask users to correct the data.

You do not need to run these reports if you have other reports or know that all the transaction entries are ok.

These reports help you identify the probable issues.