The inventory closing function deletes old inventory transactions.
The closing date is entered.
The beginning inventory by warehouse/status is recalculated on this date, the total receipts and issues are reset to zero. The transactions before the closing date are deleted from the transactions file. A beginning inventory transaction (code BI) is created.
The initial inventory is also set to the level of each item. The average price is recalculated for the purchased parts.
The inventory closing function also deletes:
•the closed purchase orders,
•the closed sales orders,
•the Work orders closed before the reference date.