Period Closing

Period Closing

It is essential to clean up your data periodically. This option is to remove old data from the database in order to keep the data compact, clean and relevant. Period closing is done only on the active Inventory Center and you should do this procedure for each Center separately.

What happens during period closing is that the system will calculate the net movement for each product up to (and including) the closing date and find out the opening stock for each product as of the next date and record the same. Then it will delete all transactions up to (and including) the closing date. Though old transactions are removed, the closing stock and the stock value will not be effected.

Depending upon the volume of transactions and the need to review old transactions you may do this procedure quarterly, half yearly or yearly.

It is better to take a backup before doing the period closing so that you can still go back to the old data if required. More over, take and store all required reports before proceeding with period closing.

Period Closing Procedure

When the option for period closing is selected, it displays a warning message and asks you to select the closing date. The default date would be the the last date of the previous year. Click on the date button to change the date if required. Click ‘Proceed’ button to continue with the period closing. A final warning will be displayed and on clicking ‘Proceed’ again, it will initiate the process. When the process is completed, a result message is displayed and it will come back to the previous screen. Press ‘Close’ button to get back to the Dashboard.

During these steps you may press the ‘Cancel’ button wherever available to cancel the operation and to get back to the Dashboard.