What are the recommended steps, and the sequence to follow in applying them, to change from Standard Cost to FIFO. Are there any tax or compliance issues to consider when making this change?
Answer
How can inventory valuation be changed from Standard to FIFO
Best answer by Laura03
Hello,
To change valuation method, the item must have 0 cost and quantity on hand.
Step 1: adjust cost and quantity to zero for the item.
Step 2: update the valuation method of the item
Step 3: receive back in the quantity that was on hand for the item, with proper cost layers.
For answers to your tax and compliance questions, please consult your tax accountant; this is not an Acumatica question. Thank you.
+19Hello,
To change valuation method, the item must have 0 cost and quantity on hand.
Step 1: adjust cost and quantity to zero for the item.
Step 2: update the valuation method of the item
Step 3: receive back in the quantity that was on hand for the item, with proper cost layers.
For answers to your tax and compliance questions, please consult your tax accountant; this is not an Acumatica question. Thank you.
~ Laura Barber, WM Synergy
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