Fiscal closure: warehouse control

If your company sells products and therefore has inventory in the warehouse, you must pay special attention to the goods receipts and deliveries at the end of one fiscal year and the beginning of another in order not to distort the result. For example, if you do not record the purchase of goods worth 5, 000 euros that occurred in December (because you do not yet have the invoice), but you do record the income from inventory variation, you will declare more profit than you should.

Therefore, it is not enough to record transactions based on available invoices. If you have warehouse outputs that are not invoiced or inputs for which you have not received an invoice, you must also record sales and purchases in the year they occurred:

• Use accounts for customers and suppliers with pending invoices to formalize.

• Differences between warehouse inputs and outputs and invoices can also arise from goods in transit . For example, when your company has shipped goods that have not yet reached the customer and that, based on the agreed sales conditions, are still your property, or even when you have acquired ownership of goods that are not yet in your warehouse as of December 31st.