July 20, 2009

FIFO/LIFO Perpetual Stock Status Report

Using FIFO or LIFO Perpetual to value your inventory? Want a Stock Status report that ties back to your GL balance?

Modify the Purchase Receipts report to sum the quantity fields in the Site Footer, then insert calculated fields in the Site Footer and Item Footer to subtract the ‘Sold’ from the ‘Received’ quantities to arrive at the 'On Hand' quantity. The total 'Value Remaining' is what your Inventory account balance should tie to.

Although this won’t work as well if you’re using multi-bin because the Purchase Receipts report only reports at the Site level, it makes a great inventory sub-ledger if you only need a Site level report.


Susan said...

This is great! I can't wait to try it. However, I'm pretty much a report writer newbie so any clues that you could give on how to carry out the modifications to the purchase receipts report would be appreciated.

Frank Hamelly, MCP-GP, MCT, MVP said...

That's a pretty broad request Susan :) Do you have any experience or training with Report Writer?

Susan said...

Unfortunately, no. I'm finding that it's not just something you can pick up along the way either. My staff accountant, however, does know her way around report writer a little bit so she's going to give it a try.