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Release Notes 11.119.0 - 1.119.0

Owned by Ginesys Knowledge Team
Last updated: Jul 03, 2017
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Control

Release Date

 

HO Version 11.119.0
POS Version 1.119.0
Web Database Compatibility Version 1.6
Features & Enhancements 01
Bug Fixes 00
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Features & Enhancements

Serial

Dev ID

Idea Tracker

Description
1  21200 GIN-I-566

GIN-I-566 Monthly Accounting Period Closure concept has been introduced to enable smooth GST implementation

Module:

GINESYS Web - Admin - Organization - Periods - Accounting Year

GINESYS Web - Admin - Organization - Periods - Inventory Months

GINESYS Web - Admin - Organization - Periods - Financial Months

Enhancement Summary:

Month Closure
GST requires monthly submission of returns to the appropriate authority. So GINESYS has introduced this new concept Month Closure as a statutory pre-requisite to restrict new transactions / modification of existing transactions after submitting GST returns.

In this new Month Closure concept, based on the transaction type two types of monthly closures have been introduced


· Inventory Month
· Finance Month

Scenario:

In a situation where Inventory Month is Closed user will not be able to save transaction entries related with Inventory, similarly if Finance Month is Closed no finance transactions can be saved in GINESYS.

Months can be only be closed sequentially i.e. only if April 2017 is closed, May 2017 can month be closed.

Important

Note: Even if a particular month is open in the case of Inventory Months as well as Finance Months but the user lock days exceed the applicable limit for a particular date then entry will be restricted. e.g. Suppose the user lock days is set to 2 days, and the current system date is 25th of May, 2017. Then despite having the month of April open for both Inventory and Finance months, the user will not be able to save any entries for it. In fact he would not be able to save any entries beyond 23rd May 2017. But an user whose lock days are set to 60 days will be able to do save modifications to April 2017.

In addition to the above, Cost of Goods Sold [COGS] calculation process needs to be finalized before closing the Finance Month. Finalization of COGS will ensure perfect stock valuation for a closed Inventory Month.

Please follow the image below for a thorough understanding of the Month Closure Process:

Alert

Note: In case a closed year needs to be re-opened, the same process shall be followed in reverse order.

In the same context, GINESYS is replacing its 'Day Begin' / 'Day End ' operations with the new concept of Month Closure.

To know more: /wiki/spaces/DOC/pages/58228818