Difference in closing inventory at month end and fiscal year end?

Is closing inventory for the fiscal year any different from closing it for the month ? What steps need to be taken to close inventory for the fiscal year?

I don’t think so. Your actual cost will not be determined until you close the inventory or you perform a recalculation.

Generally companies will close the inventory monthly for better insight and control over the inventory and its value.

But you need to consider the time - It may take a considerable time to close the inventory depending upon the volume of transactions.

Take a backup of your data - when performing an inventory closing for such a long period.

Thank you for your guidance.