We did our physical inventory at the end of the year. I was on vacation, so one of the managers was supposed to initialize it. I told them on the 31st; because, I thought that was the end of the year for us. It was only after I got back that the CFO told me the fiscal year ended on December 30th. That is unimportant as the manager waited to initialize the physical inventory until January 2nd. I know that when we post we can tell it to use the date of December 30th, and management is paranoid so they don’t allow any transactions until the count is posted. I have some questions I hope anyone can help me with.
When the counts were entered in Count Tag Entry, we told it Date Counted was 12-30-2018.
If we want the count and adjustments to apply on Dec. 30th and we can set it that way, that should be fine, but will the cycle date being January 2nd affect anything else?
From what I have read, I don’t believe it will, it will just post the adjustments on the date we tell it to when we post it, which would also be when the financials would be adjusted as the CFO wants, but does the physical inventory cycle date affect financials, or does it do something to the next years fiscal periods? What I mean by that is since January 2nd is in a different fiscal period and different fiscal year then December 30th, will that cause any issues when we tell it to post on December 30th?