I would like to know what are the exact implications/differences if we use LIFO,FIFO,W.avg cost method along with Fixed receipt price and Standard cost.
When LIFO,Fifo or weight avg.with fixed receipt price:
- I am aware of, when we mark Fixed reciept price - Receipts and issues are valued and posted at price set at item cost price.
and while posting purchase invoice - the difference between Purchase price and cost price will be posted to Fixed receipt loss/Profit acct.
and at the time of inventory closing, only issues are revalued according to the Valuation method.
When std cost followed:
- Active Std Cost will be updated for all receipts and issues and Variences will be posted as and when. no closing is required.
Please provide implications and cofirm the difrerences between the above two
Thanks in advance | Jagadeesh K
As I know, Fixed Receipt Price only effect on Standard Cost methods. So when you select this option, and when you have the update on the Inventory Base Cost Price, Ax will not update those Inventory Transaction that already used the old Base Cost Price. And only the new created Inventory Transaction after the updated will use the new Inventory Base Cost Price.
Hi Tung, I believe fixed receipt price works with other costing methods.
Hello Jagdish, I am wondering if you have tested this and what’s your thoughts on this. Will Fixed receipt price profit/loss apply to FIFO?
Patrick, yes. as per my view, fixed receipt is working with FIFO …!..could not find the business implication if we use with FIFO and STD costing…
Hello Jagdish, when I try to post a vendor invoice, system threw an error - saying the account combination is wrong for the fixed receipt profit/loss. I used the sample data from MX. when I removed the check for ‘fixed receipt’ in FiFO, i am able to post the invoice. How did you manage to capture the price difference in the fixed receipt account.