Hi,
We need to update the Item Cost base on the FIFO cost method.
Ex. Item A - 20 Qty with 10$
After add the Laded Cost Value for particular Item Cost, it would be 12$.
Have there any possibility to update the Item cost manually? Since user already has completed the
landed cost process without adding additional 2$.
Now we need to update that additional 2$ to Item.
Regards
Nethupul
Best answer by yisroel39
View originalYou cannot edit FIFO directly. The system maintains all receipts to produce the correct price when the inventory is issued. Landed costs are adjustment layers on your cost. You can either add another landed cost for the 2 dollars or create an inventory adjustment for the $2 (you will have to enter the receipt numbers). Remember that you might have to compensate for inventory that you have already issued since the receipt. You can use Inventory Valuation (IN615500) to see all the cost layers on the item.
Hi
Adding to the above, if the items are not issued yet, then you can just create an inventory cost only adjustment document.
If the item has already been issued/sold, then you can create a journal transaction to move the landed cost to Cost of goods sold account. However, this wont get linked to the invoice cost and reflect on document profitability report though.
Regards,
You cannot edit FIFO directly. The system maintains all receipts to produce the correct price when the inventory is issued. Landed costs are adjustment layers on your cost. You can either add another landed cost for the 2 dollars or create an inventory adjustment for the $2 (you will have to enter the receipt numbers). Remember that you might have to compensate for inventory that you have already issued since the receipt. You can use Inventory Valuation (IN615500) to see all the cost layers on the item.
Hi,
If we did the Inventory adjustment our Receipt Qty will be increased know.
Ex. Original Receipt Qty = 20 , With 10$ ,,
If we want to add 2$ with 20Qty , qty will increase as 40.
But, we can create a minus adjustment for 10Qty and, again create a Adjustment transaction for 10Qty with 12$.
Finally, system will show 10Qty with 12$.
Regards
Nethupul
Hi,
Addition to that need few clarification, why we need to mention receipt No when doing the Adjustment. Because, once it is done, there were no changes in Receipt Form. Is there any direct link with receipt Items?
If we want to add 2$ with 20Qty , qty will increase as 40.
When doing an Adjustment for value leave the quantity at 0. Otherwise, you will change your quantity.
why we need to mention receipt No when doing the Adjustment.
Because with FIFO (First in First Out), the system needs to track when the Acumatica received the inventory. Each time inventory is issued, Acumatica will check the earliest receipt and issue the inventory at that cost (from that receipt). So when adjusting, the user has to decide to which receipt to attach the changes.
Remember, adjustments are just cost layers on the original cost.
You can learn more about FIFO here:
Hi
Enter your username or e-mail address. We'll send you an e-mail with instructions to reset your password.
