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Inventory months is a month wise division of a inventory year to control the inventory entries i.e. to allow or restrict transaction for the month. Transactions for the month can be restricted by closing the month. It is to be noted that months can be closed sequentially only if it meets required validations. Recalculation of Cost Of Goods Sold (COGS) can also be done from here. (From version 12.1.0 - 2.1.0 onward)

Pre-requisites

  1. The user's role must have the Save application operation enabled for  Admin - Organization - Inventory Months  through Roles in Ginesys Web - Admin - Security. 

  2. The users have separate Open and Close permission for more flexibility in usage. This separate permission ensures, user is able to access the options depending upon the role being assigned. It a security check to ensure sanctity of financial data (From version 11.137.0 onward).

Step-by-step guide


  1. Go to Admin > Organization > Inventory Months.
  2. Follow the given table to close the inventory months.

      

    Field NameDescription

    Accounting Year

    Select OperationTwo options are here - Manage Month & Recalculate COGS.
    Year NameShows the name of the year as defined in the Accounting Year master.
    Date FromThe starting date of the selected Accounting Year.
    Date ToThe last date of the selected Accounting Year.
    Organization UnitThe organization unit for which the inventory months are being operational.
    StatusThe status of the selected Accounting Year - Open or Closed.

    Open Months (tab)

    Month NameThis field displays all the Open months in the selected Year Name.
    Start DateThe first date of the respective month.
    End Date

    The last date of the respective month.

    Inventory StatusThis field displays if the particular month's inventory valuation is currently closed or open.
    COGS Status

    COGS or Cost of Goods Sold is a calculation process for the proper inventory valuation. It can be found at the following path in GINESYS HO -

    Admin - Utilities - Application Tools - Recalculate COGS

    It can be marked either - Provisional or Final.

    As long as the Finance Months are open, the COGS will be marked Provisional no matter how many times it is run. Only when the Finance Months are closed, the COGS will be marked as Final.

    Close Inventory Month(Checkbox)Selecting this checkbox will close the selected month after it is processed and moves it to the Closed Months tab. 

    Closed months (tab) - Note: All other fields are the same as those in Open Months.

    Open Inventory Month(Checkbox)Selecting this checkbox will open the selected month after it is processed and moves it to the Open Months tab. 
    Show Un-posted Documents(Button) - This button shows all un-posted documents in a particular Finance month and is reflected in the Open Months only.
    COGS Run History(Button)Clicking this button opens the COGS Run History window. The window displays Month Name, Start Time, End Time, Status and Run By- Month wise display of Start and End Time of COGS process, along with the Status and who ran the process.
    Refresh(Button)The Refresh button refreshes the grid.
    Process(Button)This button allows the closure of open documents and opening of closed documents.
    Processing Status -This section displays the current status of the ongoing process started by clicking the Process button.

    To go back to the main page click on How To: Manage Periods

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