The Step-by-Step Guide
This plan covers year-end closing for manufacturing in Exact Globe. Follow the steps below to complete the entire year-end closing process:
- Update the production order numbers
- The status of the production orders
- Adjust the cost prices of manufactured items
Step 1: Update the production order numbers
The transition to a new year means that you want the project order numbers to start with the new fiscal year, so that it is always clear in which fiscal year production took place.
- Go to [System > General > Settings > Number Settings] in the ‘Logistics’ section.
- Here you can set the ‘Production Order Number.’ Positions 1 through 4 are alphanumeric positions that you can define yourself. For 2020, for example, this could be 2020XXXXXXXX. You can then update the new fiscal year here to 2021 so that the production order numbering is adjusted to 2021XXXXXXXX.
The default value that Exact Globe provides when creating a new accounting setup is ‘PR’ followed by two digits indicating the year. If you use this format, you must change ‘PR20’ to ‘PR21.’. - Next, click ‘Save.’.
- Reopen the records.
Step 2: Check the status of production orders
To prevent production transactions from the previous fiscal year from being incorrectly posted in the new fiscal year, you can verify that all production orders that were actually issued, received, or completed have gone through the same process steps. These steps result in financial transactions that must be posted to the correct fiscal year.
- Go to [Production > Reports > Production Orders].
- Select the relevant filters. Pay particular attention to ‘Status.’.
- Click ‘Show’ at the bottom.
- Here, you can check the start and end dates along with the corresponding statuses of the production orders.
- You can also perform this check via [Production > To Be Processed > Complete] with the ‘Show: Completed’ option checked.
Step 3: Adjust the cost prices of the market items
Toward the end of the fiscal year, it is common practice for many companies to adjust the cost of goods (manufactured items). You have two options for doing this:
- Without the E-Calculatie module in the Exact Globe license:
- With the E-Calculatie module included in the Exact Globe license:
If the E-Calculation module is included in your license, you can adjust the calculated cost prices of finished goods or components using a cost price calculation. The advantage of this is that it gives you more flexibility in how the cost price is calculated.
After the last receipt, set the ‘Standard’ fiscal year to the following year via [System > Settings > General > General Settings]. If the period date table has not yet been generated for that year, you must do so first.
The result
Once you have completed these steps, the full year-end closing process for production is complete. In addition to production, we also have step-by-step guides for performing the year-end closing process for: