Day End Processing of Receipts
Note: Most day end processing tasks will be performed during posting if you choose the Inventory Control option to cost inventory items during posting.
When you run Day End processing to process a Purchase Orders receipt, Day End Processing:
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Inserts the item costs as the most recent costs in Inventory Control item records (unless you chose the option to cost items when you post transactions).
For items using LIFO or FIFO costing, posting or Day End Processing creates a new LIFO or FIFO bucket for the receipt, quantity, and cost. For receipt adjustments, Day End Processing updates the buckets created for the original receipt. If a bucket has been cleared, Day End Processing posts any receipt adjustments to the offset bucket.
If an item is processed at more than one cost, posting or Day End Processing uses the cost from the last detail processed for an item as the most recent cost in the item record, unless the receipt cost on the last detail is zero or a negative amount.
If the last item cost is zero, posting or Day End Processing uses the last non-zero cost processed for the item, or if no other details are processed for the item, does not change the most recent item cost.
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Prorates any additional costs posted with a receipt to the items on the receipt using the methods you specified.
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Creates the Receipts Posting Journal and general ledger transactions for the processed receipts.
The general ledger accounts affected by receipts are shown in Journal entries generated by posted transactions.
Day End Processing does not create general ledger entries for non-inventory item details and additional cost details that you expense rather than prorate, because these details are posted to general ledger expense accounts, rather than to Inventory Control accounts. Journal entries for non-inventory items and expensed additional costs are created when the transactions are posted in Accounts Payable.
If you adjust a receipt after running Day End Processing, journal entries are created for the amount of the adjustment, including additional costs, the next time you run day-end.
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Completes all receipt details for vendors with invoices posted to the receipt.
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Deletes completed receipts if you do not keep transaction history.
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Updates history and statistics in Purchase Orders and Inventory Control, if you keep history and statistics.
See also