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Month End

myStock Month End Procedure

Ensuring a smoother transition into the new month. Here’s what you need to know:

PROCESS OVERVIEW:

The month-end process involves recording stock levels at the end of each month. Please note that this process is only necessary for locations that hold stock. Locations like Cost Centres or Admin locations are not required to undergo this process.

STARTING THE MONTH-END PROCESS:

  • When a user with the necessary permissions initiates the MonthEnd Process (MEP), it triggers the process for all stock-holding locations simultaneously. We would suggest users check that all locations are in MonthEnd before commencing with any further actions.
  • For first-time MEP initiation, you’ll be prompted to enter the start date and time of the month (defaulting to 00:01 on the 1st day) and the designated month (usually auto-detected). Please ensure that a date and time is visible starting on the 1st day of the month. If you are not able to see the specific date and time on your Merchant, please contact our support line to ensure your starting date is set to the correct opening date and time (Important you should not only see a month and year)

RECORDING STOCK LEVELS:

  • At the beginning of the MEP, myStock will capture system stock levels for active items at each stock location.
  • The MonthEnd Review report will display initial system stock levels and any adjustments made during the process.

PAUSE FOR ADJUSTMENTS:

  • The myStock MEP allows you to pause new month transactions to facilitate entering overlooked stock orders such as transfer, purchase orders etc. before finalizing month-end stock levels.
  • Even though sales transactions will be paused to post during the month end process, it is very important to take note that as soon as you start your stock takes NO TRADING IS ALLOWED. This is applicable even though you are in MonthEnd. As an example, after you have completed all your overlooked purchase orders, transfers or requisitions and you start your stock take you need to stop selling. Selling during stock takes impacts on movements and this will deliver incorrect stock levels after month end completion. NO TRADING DURING STOCK TAKES.
  • The Month End Process should not run for longer than 5 days – an even shorter period is suggested.

RECOMMENDED STEPS:

1.Pull a Current Inventory list for each location to check for any stock count or average cost outliners.

2.Correct any cost issues you pick up (incorrect average cost – too high or too low).

3.Initiate the Month-End Process once trading for the month is completed.

4.Now BEFORE completing your final stock take for the month, post any overlooked stock orders like Receipts, Issues, Waste, or Returns, MARKING THEM WITH THE YELLOW HIGHLIGHTED MONTHEND DATE CHECKBOX to update stock levels for the MonthEnd month.

5.You can during this time post new stock orders for the new month as usual, leaving the MonthEnd date checkbox unticked to pause stock level updates until MEP completion. These stock orders will be posted to stock adjustments as soon as the MonthEnd process has been completed. Any trading movements (sales) done during the posting of overlooked stock orders will also be posted to myStock movements after MonthEnd is completed (Please note this does not refer to stock takes done, only stock orders).

6.After you have completed any overlooked stock orders you can start to conduct comprehensive stock takes to count all relevant inventory items (VERY IMPORTANT: NO TRADING DURING STOCK TAKES SHOULD BE ALLOWED EVEN WHILE IN MONTH END).

7.Review stocktake variances and make necessary adjustments to resolve them or do recounts.

8.Check item stock levels and cost outliners using the Current Inventory Stock report. We recommend downloading this report for reference before finishing Month-End.

9.Once satisfied with your stock levels. Complete the MEP for each stock location.

10.Remember to complete the MEP for every stock-holding location.

11.Upon completion, myStock will record closing stock levels and calculate month end Inventory  summaries per stock action (Sales, Receipts, Issues, Waste, Production, etc.).

12.Access your Month-End items report from the Reports, Inventory section.

13. You can verify your different stock adjustments against the columns in the MonthEnd Inventory Items Report.

14.For first-time users, the system calculates opening stock levels based on monthly stock movements. Calculating from closing stock levels back to opening.

15.Important to note that cost variances during the month can have an impact on opening and closing stock values, stock counts however will be in line.

 

If you have any queries or need assistance, please don’t hesitate to contact our dedicated support line or email us at support@tallorderpos.com