Annual stock transfer is an accounting procedure done at the end of the year in order to close out transactions from the previous year and carry forward stock levels for the upcoming year.
To perform an Annual stock transfer, in the Opening stocks app click on the [Create New Document] button or press F8 keyboard key. This opens the Add new opening stocks page.
Define the invoice information (all fields are required):
- Category - must be Annual stock transfer
- Date - date of the annual stock transfer (first date of the new year)
- Department - if there is more than one department, a document must be made for each department.
To create the document and save changes click on [CREATE] button or press F9 keyboard key, or click on the [CANCEL] button to ignore changes. After you create the document, you can add items to it.
Items are added to the document using the Add all variants optionIt's possible only to add items that have stock quantity greater than 0 on the document date. It is not necessary to add items individually.
Selecting option Add all variants from the document menu adds automatically all items that have inventory quantities greater than 0 (on the date of the document). Added items can not be changed and it's not necessary (or possible) to add additional items.
Document must be approved using the Approve (F2) option from the menu in order to get it's number. Once the document is approved the annual stock transfer is completed and stock records for the upcoming year are created.