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To be ready for Cost Management (Inventory Closing)

    What we should understand is Cost Management Module is just a module for calculation. So before this module is used, data in the system must be ready and correct. And for data to be correct, we have to setup the system correctly and train users. 

   In this blog I would like to explain the key points that needs to be controlled before to run the the inventory closing. I assume that the closure is done monthly basis.


Before the postings


1. Train users how to process the transactions

2. Train users on which reports to use on daily, weekly and month end basis. It is very important to control the system while there is time for the month end. Not wait till the month end for controls.

3. Prepare a document/process flow of month end closure.

4. Setup item related setups correctly. (Which cost method to be used, price lists, inventory dimensions)



Before to run closure:


1. Control the production orders  at the month end, all the status must be in "Ended" status. Once ended, can not be reversed.

2. All PO and SO related to the relevant month should be closed. 

3. All inventory transactions should be posted.

4.If counting to be done. It would be desired solution.

5. Check the open quantities and variances.

6. Run the calculation first.

7. Run the closure

8. Check your reports and cross check trial balance and inventory reports

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