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.

Here we will change the opening amount to 14720.86 and the opening rate of 23.90 is automatically back calculated. We change the opening amount because in Stock Ledger report  we have only the balance amount and not the rate so that is why we will change only the amount and the rate is self calculated based on Quantity and Amount Value as Amount equals Quantity times Rate .


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