Stocktake - What does End of Year Adjustment do exactly?

Verdant

I am just recording our stocktake and making adjustments. There is a box in the top right corner that says "End of Year Adjustments." What does this do exactly? I have never ticked it before.  But perhaps I should? My inventory reports always say it is unbalanced. 

 

gavin12345

Hi @Verdant 

 

This is unrelated to the inventory out of balance. An End of Year Adjustment was known as a Period 13 adjustment in MYOB v19. In some organisations, their external accountants do various end of year adjustments when they finalise the accounts for tax or reporting purposes. It is simply to help isolate changes made as part of the end of year process from those made day to day by the users. Financial Statements can be generated with or without the End of Year Adjustments.

 

Regards

Gavin