My company is using FIFO with Inclued physical value option for inventory model group for costing. Is there a way to see the history of an item that are purchased and issued with respect to FIFO method? If so, where do I go and see that?
I can see item transaction table where the item transcations are registered, but it is hard to determine if it is basing the FIFO costing.
For ex- an item “xx” is purchsed three times with each time of qty one at different costs 10, 15, & 20 USD in different dates. When the same item gets issued one item each time in different times. In this case, how do I know the when it is issued, the item is issued from @ 10?
Thanks in advance for your help.
the cost against the issue will show as 10, but only after you have run the inventory close procedure.
Where do I go and check that is infact happening in the system - I understand that the inventory close procedure has to happen. Can you may be give me the name of form or report or path…
From the item record select the transactions button, find the outbound trnsaction where the item was used and the cost fields on the update tab. Alternatively from the sales line you can select the stock button and transactions.
It is still not clear from item transaction > update tab to track if FIFO method is truely working because it only gives a view of one transaction at a time whether it is purchase or sales. Is there a detail report or view in the system for this?
The transaction level is the lowest you will get.
I suggest you run a simple test and do exactly as you first posted, close the period and see the cost. Then you will prove to yourself it is fifo costed.
Thanks Adam for your suggestion. Will do that.