At the end of a financial year on a database where the stock valuation method is Standard Cost, the Year End Part Revaluation job must be executed before the start of the new financial year else no stock movements can be performed until the job has bee run. It is essential to perform this validation in order to prevent any movements because the inventory, Work in process in against Purchase Orders, Internal Orders and Customer orders and Stock in Incoming Receiving inspection must be revalued as per the Year end status.
It is therefore essential that the new part financial year data for the next financial year is added in time and that all the cost generations be performed on the manufactured items in order to ensure a smooth continuation of services in the new financial year.
Please also note that as important it is to do no movements before the stock has been revalued it is also important to not allow any movements in the old financial year after the stock has been revalued. It will be checked that these rules are adhered to.
After the last movements in the old financial year have been performed, a user, usually the Financial Stock Controller can submit the Year end Part Revaluation Run.
The function will select all Stock on hand, Parts in Work in Process and Parts in Incoming receiving Inspection and start processing these. For each part processed a Journal with it's source for each requirement with WIP, or each store with Stock to be revalued or each part in IRI will be written. If an error occurs the error will be reflected on the error list. These will normally be an error that the part does not have part financial year data. Errors can then be dealt with by an appropriate user.
These errors should preferably be dealt with in the old financial year.
If all errors have been dealt with or there exists no errors, the error list will be empty.
If there are still errors in the new financial year, those parts with errors will not be able to be moved and the error will first have to be dealt with before the part can be moved.
It is however in the best interest of the company to ensure the error list is clear before the next financial year because the check to allow movements on parts that has not got errors is going to take much more time than when there are no errors and the revaluation was successfully completed.
It would be good to in preparation for the Year end procedure to take a database copy after the revaluation of the inventory was completed and perform a trial revaluation on the Trial database which will give you a clear indication of the state of your data as well as the new values to be expected when the revaluation is performed. It will also five the person destined to perform the revaluation a clear indication of how long the run will take on the last day of the old financial year. The job has been optimized and should only run for a couple of minutes max.