Carry Forward -Transfer of Inventory Closing Stock Balances to the Next Financial Year
Accord Four supports Multiple concurrent and independent Fiscal Periods . This requires that the Closing Balances be carry forwarded to the new fiscal period as Opening Balances.
For transferring the Stock Balances from Previous year to Current year we need to run a specif process .
Go to the Utility->Import Balances->Stock Import.
Accord Four seeks the earlier Financial Period for the company and sets this Period data for carrying forward the closing Inventory Balances
Opening Stock balance (both in Quantity terms and Amount Value terms) of next year should be equal to the Closing Stock balance in the previous year.
Transferring balances of Stock Quantity item from previous year to the next year ideally should not be different. However if there are cases of mismatches -both in Quantity and its Value , we have to manually change the opening balance of the Next year, so that it finally matches with the previous year Closing Balance.
We need to modify the opening balance from F7 in the next Fiscal Year. In F7 we will change the opening amount and not the opening rate as opening rate will be back calculated.