We currently use FIFO with all of our inventory items, and now we have a few specific products that we need to be able to track actual costing per item. I was told that we could use the “specific” costing method for these items (b/c they all have s/n’s), BUT when I test it, the Ledger Entries seems to be showing an average cost. Any thoughts, or ideas? - help, I need to solve this issue ASAP! Thanks in advance. Sandy
Hi Sandy I will presume that the invoice has been fully applied to the receipt and posted. It will depend upon where you looking for the specific cost? Most standard reports will only be able to return one cost, this will be the unit cost, which at most times is the average cost. On the item card the unit cost will also be the average cost as only one cost can be displayed here. The item ledger entries will show you the cost amount (actual) of the transaction as a “1” with specific costing when the invoice is fully applied (I think it will 0.00 ntil this), although this will depend upon your version - please say it is 3.60 or 3.70 [:D]
Yes, you presume correctly. The invoice has been shipped etc. correctly. I am looking for the specific cost in the Ledger Entries (Item Card / Entries / Ledger Entries - Crtl + F5). When I adjust the items into stock they are coming in to stock at the correct pricing, but when I sell & invoice the product it’s seems to be using average cost, I am looking at the Cost Amount (Actual) field. We are using 3.60…I have yet to test it on 3.70. Thanks
Hi Sandy You are confusing me slightly - you can see they are coming in at the correct cost with reference to the cost amount (Actual) field, but when you sell it you do not see the correct pricing? I will presume you are looking at the same field, just against the sale line entry? If so it will use the average cost until the adjust cost entries and post inventory cost to gl routines are run. Have you run these for teh covering periods?
Sandy - When you run the adjust cost and post, you will get the correct cost. To be honest, I haven’t done this with serial numbers, but that’s how it works with Lot Numbers.