Inventory Period
Inventory periods define a period of time in which you can post changes to inventory. An inventory period is defined by the date on which it ends, or the ending date. When you close an inventory period, you cannot post any changes to inventory, either expected or invoiced, before this ending date. You cannot post any new values to inventory before the ending date. If you have open item entries in the closed period, meaning positive quantities that have not yet been applied to outbound transactions, you can still apply outbound quantities to these entries, even if the period is closed.
The following sections describe how to:
- Create inventory periods.
- Close inventory periods.
- Reopen inventory periods.
Create Inventory Period
- Choose the
icon, enter Inventory Periods, and then choose the related link.
- Create a new line.
- In the Ending Date field, enter the last date in the inventory period that you want to define. When the period is closed, you will not be able to post inventory changes before this date.
- Enter a descriptive name in the Name field. Choose the OK button.
Closing Inventory Periods
The Closed field indicates whether or not the inventory period is closed to inventory value changes. You cannot edit this field.
You can close any inventory period, provided that the following is true:
- There are no open outbound item ledger entries, meaning negative inventory, in that period.
- The cost of all items has been adjusted using the Adjust Cost – Item Entries batch job. (Need to run at night time/ after work for the BC online version)
- Running Test Report to review any open item ledger entries.
This means that all outbound transaction quantities, such as those from sales orders, outbound transfers, sales invoices, purchase returns, or purchase credit memos, must be applied to existing quantity in inventory.
Running Test Report to review any open entries for the inventory period need to be closed.
