Invoices for materials or services supplied up to and including March 31 st must be dated March 31 st t or prior. An invoice for the entire cost of this job would be issued in the new fiscal year. Financial Services only requires the total ending value of the inventory as at March 31 st . Financial Services does not require supporting documentation, for audit reasons please retain all detailed inventory listings within your records. Inventory must be taken as of the close of business on the last day of March and must include all merchandise received and on hand.
Inventory includes all stock in all locations including items in transit or in storage elsewhere.
Obsolete or inactive stock is stated at a fair, current value. Merchandise is stated at cost unless otherwise designated on the General Ledger Transaction Form.