Tracking serialized products

Hi all! 1. How my inventory valuation will be if instead of using " specific" for costing method i’m using FIFO or average? 2. Is it possible that “job journal” doesnt consider Serialized items at all? Thanks

  1. The figures presented will be on the specific costs you bring the items into stock at. So book one in at 3.67 and one in at 3.33 and your inventory valuation will read 7.00, with an average cost of 3.50. Sell the serial number associated with the 3.67 item and the inventory valuation will read 3.33 2. Yes, there have been quite a few postings on this.

Thanks Steven

Hi shanna, Costing method s a key accounting issue. To be able to implement an ERP system, you need a very clear understanding of what costing method is, and how it works, and how it affects you clients business. Setting up costing methods in an ERP is very complex, and doing it wrongly, could cost your client a lot to get it fixed later. Its absolutely critical that you understand this in detail. This is not just Navision, its any ERP system. Navision was designed around FIFO, and it does this exceptionaly well, unfortunately to the detriment to other methods. As a freelancer, I would say that by far the biggest source of income I have is correcting databases where costing was setup incorrectly. Before you go any further, do two things. 1/ gt in contact with an accountant that can train you in inventory costing, a hint here, contact your client, they surely have a good accountant, offer to sit with them to analyse their inventory costing at no charge. Don’t be sy, the client will be glad that you are hoinest in telling them that you don’t know, you will document their needs, you will learn costing, and they wont have to pay for mistakes that could kill them later. Its my experience that clients trust honest consultants, so be honest with them. second, create yourself a base Navision databse, and start trying to psot items with diferent costing methods to see how they affect the GL. THE ONLY WAY to learn Navision is to start using it. As the the jobs things, you already have thread on that, so lets not cross post … please…