May i know how many inventory method in acumatica system?
As i know is FIFO rules, beside of this ,anything else rule?
Hope to hear from you soon
Best answer by meganfriesen37
Issue Methods available in Inventory Management
- FIFO: Lot/serial numbers are picked for issue by receipt date (oldest first).
- LIFO: Lot/serial numbers are picked for issue by receipt date (newest first).
- Sequential: Lot/serial numbers are picked in alphabetic order.
- Expiration: Lot/serial numbers are picked by expiration date (faster-expiring first).
Valuation Methods available in Inventory Management:
(see here for more detail: https://help-2020r2.acumatica.com/(W(13))/Help?ScreenId=ShowWiki&pageid=d2036919-67cb-44ca-ab1d-c9d92ed52af7)
- Average: The entire quantity of the item on hand is valued with the same cost, which is the total cost of all quantities of the items at the warehouses divided by the total quantity. No distinction is made regarding whether a particular unit was purchased cheaply or expensively; all are valued equally. This is a moving average cost: each receipt adds to total cost and total quantity, causing average cost to be recalculated.
- FIFO (First In, First Out): Each receipt creates a separate cost layer. Stock issue takes the cost from cost layers, starting from the oldest one; when the first cost layer is depleted, the second oldest layer is used, and so on until all issued quantity is costed.
- Standard: The entire on-hand quantity of the item is valued with the same cost. Unlike average cost, standard cost is not built by actual receipts; it is defined by the product manager (from analysis of production, storage, handling costs, and the like). Standard cost is reviewed regularly through standard cost revaluation.
- Specific: Each piece of the stock item has its own individual cost, which is defined by its purchase price. This valuation method is used for items with lot or serial numbers. The lot/serial number identifies the product piece and its cost layer.