Inventory Closing and Adjustment - Part 2

This is the eighth session in a 10-event series. To register for the entire series, click here.

If you are concerned that you do not know what inventory closing and adjustment actually does, you're not in the minority. It is possibly the most important thing to understand regarding the costing system. What the process does is to accommodate costs that occurred at different times. It allows for making adjustments to things like COGS. It also is mandatory for some costing methods. This is because the costing method itself may be an adjustment to weighted-average date. It also provides the ability to adjust certain transactions if they had been posted improperly.

This session will include:

• What are the elements of inventory close an adjustment
• What the inventory close process actually does
• What is the purpose of recalculation and its importance?
• How do we adjust improperly posted cost transactions?
• What are best practices for inventory close?

Part 1 of this session will take place on Tuesday, January 24th at 12:00 pm ET.