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I have a client using weighted average for inventory with a fiscal year ending 1/31/22. They have not ran an inventory close for Jan 2021. They want to run a fiscal year close without closing inventory (for a variety of reasons). The question is: If they run an inventory close in the 1st month of the new fiscal year (Feb 2022), will prior periods be adjusted or will the adjustment show up in the current period?
Hi Gcsreeton,
When you run an inventory close, all transactions from previous periods which were not closed yet will be evaluated for closing.
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