Inventory Year End Checklist

____ 1. Complete transaction and transfer entry.

____ 2. Print the transaction, transfers and GL adjustments journals from the Transactions menu. If the information is correct, post transactions, transfers, and GL adjustments.

____ 3. BACK UP YOUR DATA FILES! The next step makes changes to your data.

____ 4. Follow the steps on the Physical Inventory Checklist if your company conducts a physical inventory during year-end processing.

____ 5. Use the Item Price Change function on the Periodic Processing menu to change the base price, list price, and minimum price for a selected range of items if your company changes prices as a normal part of year-end procedures.

____ 6. Select the Cost Changes function from the Periodic Processing menu to change the standard cost and base cost for a selected range of items if your company changes cost as a normal part of year-end procedures.

____ 7. BACK UP YOUR DATA FILES! The next step makes changes to your data.

____ 8. Print the following Reports for your audit trail before you use the Purge Selected Files function.
  • Item Locations List on the Master Lists menu to display location information, lot information, general information, alternate items, bin information, and serial information.
  • Promotional Pricing List on the Master Lists menu in Sales Order, if you are using Sales Order, to display a list of promotions you have set up.
  • Serialized History Report on the Reports menu to display a list of historical transaction information for serialized items.
  • Lot History Report on the Reports menu to show historical transactions, adjustments, material requisitions, and transfer information for lotted items.
  • Transaction History Report on the Reports menu to show historical transaction information for a specified period and year.
____ 9. Use the Purge Selected Files function on the Periodic Processing menu to delete the following:
  • Delete sold serial numbers with sale dates before a selected date. If a date is not specified serial numbers will not be deleted.
  • Zero quantity sold lots with sale dates before a selected date. If a date is not specified lots will not be deleted.
  • Alternate items with end dates before a selected date. If a date is not specified items will not be deleted.
  • Serialized history with invoice dates before a selected date. If a date is not specified serialized history will not be deleted.
  • Lot history with invoice dates before a selected date. If a date is not specified lot history will not be deleted.
  • Detail history with transaction dates before a selected date. If a date is not specified detail history will not be deleted.