Closing Out an Inventory Period
As an inventory period closes, the sales representative must count and log the final physical count for each sample, and submit the final audit report. The sales representative submits the final audit count (either by product or lot number) by closing out the inventory period. When you close out an inventory period, you are closing it and triggering the creation of an inventory audit report. You can close out active inventory periods only.
Closing out an inventory period is also an important step in Process of Reconciling the Inventory.
Before you begin. To close out an inventory period, your user role must include the Enable Basic Samples Operations privilege.
To close out an inventory period
- On the Inventory Period List page, drill down on the Start Date field to open the inventory period record that you want to close out.
- For each Sample Inventory line item, enter a value in the Physical Count field.
The value that you enter in the Physical Count field must correspond to the physical quantity that you have on hand for each product.
- Click Close Out.
When you click Close Out, the following happens:
- The inventory period that you opened in step 1 is closed by assigning an inventory period end date, and a new inventory period is created containing all the records that were in the old inventory period.
- The values from the Physical Count field (in the Sample Inventory records) in the old inventory period are copied to the Opening Balance field (in the corresponding Sample Inventory records) in the new inventory period.
- All samples that have not expired are copied from the old inventory period to the new inventory period.
- Any expired samples with a quantity greater than zero are copied from the old inventory period to the new inventory period.
- All book information associated with the old inventory period is copied to the new inventory period.
- An Inventory Audit Report is created. All sample inventory and book information associated with the old inventory period is copied to the new Inventory Audit Report.
NOTE: When you click the Close Out button, an error message appears if the status of the inventory period is not Active, or if the Physical Count field is empty in any of the sample inventory records.
- Go back to the Inventory Period List page, and open the same inventory period record that you opened in Step 1.
Notice that an inventory audit report has been created as a child of the closed inventory period. The inventory audit report contains a snapshot of the inventory records and the final physical count when the inventory period closes. The inventory audit report and its associated records are locked, cannot be changed, and remain as a historical audit trail for the samples administrator.