"Temporarily" closing a fiscal period

I will chime in a little.

If you are setting cost standards these cost, in Cost Adjustment, can be
backdated to whatever date in December you wish them to be effective as.
This is the Effective Date versus the System Date. Then when you run a Stock
Status you would run it as of December 31, 2007. This will show you your
cost as of that date because the system is looking at the Part Transaction
table to determine Qty and Cost at that time.

You can verify this by looking at a Parts Transaction History and see the
transactions, both Qty and Cost as of December 31st. Then run a stock Status
just for that Part and confirm.

Scott

-----Original Message-----
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of
Edward F. Fox, Jr.
Sent: Thursday, February 21, 2008 9:03 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] "Temporarily" closing a fiscal period

What exactly are you doing to change all of your standards?


Edward F. Fox, Jr., CPA

Controller

Maxson Automatic Machinery Company

Phone 401-596-0162 Fax 401-596-1050

www.maxsonautomatic.com <http://www.maxsonautomatic.com/>



_____

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of
whitehat14
Sent: Thursday, February 21, 2008 9:55 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] "Temporarily" closing a fiscal period



So, if I would close December, get my January numbers and then re-open
December and change all of my standards say next week, all of my inventory
numbers would reflect the change ongoing?

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I am in the process of trying to update standards so I can get my inventory at actual cost for the end of the fiscal year, which is December. My problem is that the higher ups in the company are wanting to see January numbers. Is there a way that I could temporarily close December so my balances come over for January and then re-open December once the standards are adjusted?

---------------------------------
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Once you have closed a period, you can always go back and reopen that
period, post entries and re-close it. When it is re-closed the opening
balances are updated.


Edward F. Fox, Jr., CPA

Controller

Maxson Automatic Machinery Company

Phone 401-596-0162 a Fax 401-596-1050

www.maxsonautomatic.com <http://www.maxsonautomatic.com/>



_____

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of
whitehat14
Sent: Thursday, February 21, 2008 9:44 AM
To: vantage@yahoogroups.com
Subject: [Vantage] "Temporarily" closing a fiscal period



I am in the process of trying to update standards so I can get my inventory
at actual cost for the end of the fiscal year, which is December. My problem
is that the higher ups in the company are wanting to see January numbers. Is
there a way that I could temporarily close December so my balances come over
for January and then re-open December once the standards are adjusted?

---------------------------------
Be a better friend, newshound, and know-it-all with Yahoo! Mobile. Try it
now.

[Non-text portions of this message have been removed]






[Non-text portions of this message have been removed]
So, if I would close December, get my January numbers and then re-open December and change all of my standards say next week, all of my inventory numbers would reflect the change ongoing?

---------------------------------
Never miss a thing. Make Yahoo your homepage.

[Non-text portions of this message have been removed]
What exactly are you doing to change all of your standards?


Edward F. Fox, Jr., CPA

Controller

Maxson Automatic Machinery Company

Phone 401-596-0162 a Fax 401-596-1050

www.maxsonautomatic.com <http://www.maxsonautomatic.com/>



_____

From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of
whitehat14
Sent: Thursday, February 21, 2008 9:55 AM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] "Temporarily" closing a fiscal period



So, if I would close December, get my January numbers and then re-open
December and change all of my standards say next week, all of my inventory
numbers would reflect the change ongoing?

---------------------------------
Never miss a thing. Make Yahoo your homepage.

[Non-text portions of this message have been removed]






[Non-text portions of this message have been removed]