Month End- Checks & Validations Pt. 3

Today we’ll look at 3 more ways to verify that all entries have been posted.

  1. Conversion Variance
    • This function creates entries to offset variances due to exchange rates so that accounts will balance
      1. Navigate to Financials > Closing processes > Conversion variance (ACCCURCNV)
      2. Choose the Company group for which to preform the conversion
      3. Check ‘All Sites’
      4. Check ‘All Control Accounts’ or define the accounts
      5. Set the date range for the fiscal period
      6. Choose one BP or a range
      7. Ensure ‘Generate entries’ is marked, generation type is ‘Actual’ and Entry status is ‘Temporary’
      8. This function is most commonly run for BP type Customer and BP type Supplier
      9. Click OK
  2. Stock Accounting Interface
    • Use this function to create entries for stock movements/transactions and update values of stock. When sales deliveries, purchase receipts, stock movements and similar transactions are created, the GL is not updated until this function is run.
      1. Navigate to Stock > Periodic processing >Account Interface (FUNSTKACC)
      2. Selection Criteria should be set to ‘Allocation Date’
      3. Financial site can be left blank to run this for all companies
      4. Click OK
  3. Stock Valuation Report
    • Run this report to use a check to confirm stock values are what you are expecting
      1. Navigate to Stock > Periodic processing > Stock valuation report (FUNSTVA)
      2. Choose the Company to run the report for
      3. You may define other parameters but it is not necessary
      4. Click OK. This will bring you to a screen from which you can print the report

Tune in next time to read about the final step in validating and checking for month end closing!