Financial statements

Financial statements

• Test runs
• Data conversions

Test runs

Before annual accounts are made, the following audits should be carried out in general terms:

1. Check and correct suppressed errors
2. Test run, for which no inventory was booked for the parts moved in the warehouse in the period to be completed
3. Carry out a test run of the interrupted chains in order to subsequently detect and make up for changed or forgotten month-end closings
4. Test run "Differences warehouse statistics - sum of all storage bin accounts
5. make a monthly statement for the last month of the financial year to be closed
6. carry out audits of the monthly accounts
7. Run monthly statistics and export them to Excel for further processing
8. devaluation
9. Inventory valuation of the warehouse statistics at the lowest value
10. Test run, which goods receipts and direct deliveries were not calculated at the end of a financial year
    

Other possible final theses:

Data conversions

At the beginning of a new financial year it should be considered whether

• document counter should be reset
• tax rates need to be changed

Test runs

The steps are explained in detail here:

1. check and correct suppressed errors

Before you evaluate the warehouse statistics, you must have checked and corrected the suppressed errors. These are faulty documents that are not or only partially considered in the evaluations.

Possible errors that are displayed :

• Lack of material or labour costs in the production part.
• Missing standard price in the order part
• Units Error - The unit in the document cannot be offset against the unit of cost
• Missing cost objects, cost centres or predecessors
• etc.

The suppressed errors of individual database operations can be checked and corrected in the module "Suppressed errors". You can open the module in the "Services/Insections" menu.

2. test run, for which no inventory has been posted for parts moved in the warehouse in the period to be closed

( Main menu Services->Inspection->Materials Management Window tab "Warehouse" Group "Warehouse" Button "Warehouse without inventory", then select there the business year to be closed and start the query)

First, the completeness of the inventory must be guaranteed

tab "Stock", button "Stock without inventory

Select the fiscal year for which the completeness of the inventory is to be checked. Or select a point in time from which the inventory is to be checked.

During the run, the percentage progress of the check is counted up in the header

After completion the missing inventories are displayed in the results window:

If the lower list of the window remains empty, the completeness of the inventory is guaranteed, i.e. all parts in all storage bins have been counted in the selected fiscal year.

3. test run over interrupted chains of storage statistics closures

(Main menu Services->Inspection->Materials Management Window tab "Stock account" Group "Correct differences stock location accounts - stock statistics" Button "Interrupted chain")

Due to missing month-end closings or subsequent postings after a month-end closing, it is possible that the closing stock of the warehouse statistics does not correspond to the stock on the storage bin accounts. This run finds the parts where a month-end closing was actually forgotten or where there was still a posting after a successful month-end closing.
Documentation inspection run.

Alternatively, the button can also be found on the window flap Storage statistics:
The "Interrupted chain" button is used to check whether goods movements were still posted after the last two monthly closings. Since this run is made every month, it is sufficient to activate the box "Last two months only".

Results window:

here you can see all the months that were still changed after the closing.
The second tab "New parts to be closed" contains only one entry per part, with the month, namely the earliest of all, from which the monthly closings must be made again:

Sort list by month.

Open warehouse statistics, set the period as shown in the column for the part and up to the last closed period (here March).

In the result list, select all parts that are to be completed from the specified month and drag them to the warehouse statistics using Drag&Drop.
Now restart the monthly closing for the parts just dragged in via the menu "Closing>Repeat monthly closing".

4. test run to see if there are differences between the storage bin stock and the stock of the warehouse statistics

(Main menu Services->Inspection->Materials management Window tab "Stock account" Group "Correct differences stock location accounts - stock statistics" Button "Differences stock statistics")

Various circumstances can cause DIfferences between the stock level of the storage bins and the final stock level on the stock statistics, be it due to accidental reposting of a month already completed or due to a change in the transaction description that contained an error. This run finds the parts where a difference remains even after the interrupted chains have been closed. It also offers the possibility of correcting these errors in the last stock statistics month of the part. In doing so, the receipts, quantities and values are adjusted, as well as the final quantities and values, if already present. The month-end closing does NOT have to be recreated for these parts.
Documentation test run.

5 . monthly statement

(Main menu Evaluation->Warehouse->Warehouse statistics, then select the business year and month to be closed, then carry out the monthly closing via the menu "Closing>Repeat monthly closing")

For this completion, the checkbox "Show failed statistics in extra window after month-end closing" can be unchecked (it is still there in the picture), because after the completion of the month-end closing, all checks still have to be executed and evaluated anyway.

For the time being, the month-end closing is finished, but should be restarted after the evaluation of all examinations for safety reasons.

6. carry out audits of the monthly financial statements

(Main menu Evaluation->Warehouse->Warehouse statistics, then select the business year and month to be closed, then execute all checks via the menu "Checks->Execute checks->Execute all checks")

The check "Transactions without price" is obligatory in order to complete the month. It is carried out automatically at the end of each month. If a document is still without value, the month is not closed for this part!

All tests are carried out.

When the test is finished, a window opens where the results can be viewed and corrected:

In the case of the check "Transactions without price", the price determined can be entered here by double-clicking.
Subsequently, the month-end closing for the selected month statistics of the upper list is repeated by the button "Re-close corrected". This should only be done if the check is carried out in the course of the month-end closing. If the check is only carried out within a month, the month does not need to be closed after the correction.

In case of negative final values, an inventory for the corresponding parts must be drawn up and posted backdated to the last day of the financial year to be closed. For this purpose, the system date must be changed beforehand.

After a part has been corrected, the month-end closing must always be corrected by clicking on the button "Re-close corrected" in the annual accounts!

7 . create warehouse statistics and export them to Excel

Now that all checks have been completed and any errors corrected, the total value of the warehouse can be determined via the statistics. To do this, set the period and start the calculation via the menu "Edit>Execute statistics".

The result can then be displayed via a button must be copied to the clipboard in the toolbar. It can then be pasted from the clipboard directly into Excel using "Edit>Paste" (CTRL-V). In Excel, you should set the properties of the cells to "Text" before pasting so that Excel does not mistakenly translate numbers as dates.

8 . devaluation

8.1 Determining devaluation factors

(Main menu Evaluation->Storage->Storage statistics, then select the business year and month to be closed, then via the menu "Year-end inventory>Devaluation factors")

In the devaluation window, the determination is now to be started via the menu item "Edit>Determine". A query appears for which year the devaluation factors are to be reset. Simply enter the year and the year to be concluded will be suggested. Confirm this with "OK".

The "old" and "new" devaluation factors and their percentages are displayed in the list.

The column "Error" shows what was set if no last acquisition date was found. In this case, it is first assumed that the part has been in stock for longer than 1 year and the devaluation is set to 50% accordingly. If the part had already received a devaluation of 50% in the previous year, the devaluation is now set to 90%, i.e. in stock for longer than 2 years.

8.2 Copy devaluation factors to the clipboard

The results can now be exported to the clipboard and then imported into Excel

Attention:
When the devaluation factors are set anew, the "old" factors are overwritten !

8.3 Devaluation table

The following impairment losses are to be recognised:

Impairment
0%	Stocks of parts classifications 1 - 9 not exceeding half-yearly requirements (factor 0)
30%	Stocks of parts classifications 1 - 9 exceeding a half-yearly requirement (factor 2 or more)
50%	Items of the parts classifications 1 - 9, which are stored without access for more than one year and up to two years including the previous financial year (factor 8 or more)
90%	Items that have been stored without access for more than two years, including the past fiscal year, and items that have the provision indicator = "remaining quantity" and for which a spare parts roll exists. ("Stockholder") (from factor 32)
100%	Items which have the provision indicator = "remaining quantity" and for which no spare part roll exists (from factor 128)

The relevant table of decisions is as follows:

8.4 Devaluation factors Reset

In order to apply the devaluation factors just determined, a menu item "Edit-->Replace" must be activated in the menu.

Now the devaluation factors determined in the part master are reset in the Additional data tab, overwriting the "old" devaluation factors.

Finally, the message appears that the new devaluation factors have been set.

9. inventory valuation of the warehouse statistics at the lowest value

(Main menu Evaluation->Warehouse->Warehouse statistics, then select the business year and month to be closed, then open the options window via the "Options" menu).

In the options window, set the Lowest value inventory evaluation type and close the window with OK

9.1 Error log

Now the error log is compiled via the menu item "Closing->Lowest value inventory->Error log".

Data records are listed for which no lowest value can be determined.

If there are parts with stock in this log, an inventory valuation price must be determined.

They are valued at the lower of cost or market. This is formed by comparing the standard transfer price valid on 31 December of the valuation period with the last purchase price of the A-supplier within the valuation period.

The standard transfer price is calculated as follows:

Gross price minus discount and bonus. Furthermore, percentage price change expectations (annual average) are announced by the purchasing department and processed in the standard transfer price. Discounts are taken into account as a lump sum in the overall valuation.

If the standard transfer price is zero, the last purchase price is used. If this is also at zero, the last physical inventory valuation price is used.

9.2 Set lowest value inventory

The lowest value can now be set. For this purpose, the menu item "Closings->Lowest value inventory->Set" must be activated.

The list now shows the inventory price, - value and - net value

The warehouse statistics with the valuation at the lowest value can now be called up again at any time

9.3 Remove lowest value inventory

The lowest value can be deleted/removed again. To do this, select the menu item "Closings->Lowest value inventory->Remove".

10. test run, which goods receipts and direct deliveries have not yet been calculated

(Main menu Services->Accounting Window tab "Documents" Group "Goods receipts/direct deliveries" Buttons "not invoiced goods receipts/direct deliveries")

As uninvoiced goods receipts that have not yet been invoiced by incoming invoice incorrectly increase the stock value, the values of all uninvoiced goods receipts must be deducted from the final value of the company volume. To be able to determine these open items, there is this test run.