ioi Period

Period management is an indispensable financial imperative. It ensures that the results achieved are fixed once the period has been closed.

• This is valid and indispensable for accounting,
• It’s also a big plus for inventory management, and indispensable if you want to obtain accurate inventory variation results.
• It’s also a great plus for manufacturing management, and indispensable if you want to get an accurate WIP variation result. Called WIP (Work in progress) in financial parlance.
• It’s also a great plus for file/project management, and indispensable if you want to have an accurate result of the variation in WIP. Called WIP (Work in progress) in financial language.

Opening/closing best practices #

• By flow, open a period by closing the previous one.

• Flow, for accounting :

  • Close the sales input flow when all your invoices have been made, recorded and sent. Typical target date is the 6th of the following month.

  • Close the purchase input flow when you have received supplier invoices and before the VAT declaration. Typically, the right target is the 15th of the following month.

  • Close financial flows as soon as the period’s account balance is injected. Typically, the 3rd of the following month (except “bank holidays”, add 2 days).

    

• Flux, for the trading level

  • Sales : Delivery,
  • Purchasing: Receiving,
  • WMS: Transfer/output/store input.

• Close the flow on the last day, at the end of the day of the current period. If warehousemen are behind schedule, give them an extra day to finalize certain material movements. In this case, check document dates carefully. Also ask them to complete the movements for the previous period before starting the next period, which will require opening the period.

Backend process #

You can automate this opening/closing process with backend processing (see backend processing). We advise you to run manual processes for several months before switching to automated processes. Automated processing creates periods automatically by division.