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How Do I Calculate LIFO Value Using the Default Supplier Price?

This setting makes the "LIFO Value" column calculate inventory value based on the item balance and the default supplier's price. To display values correctly, each item must have a default supplier and a registered price.

When to use this

You can configure the LIFO value calculation to use the default supplier price for each item. When enabled, the value shown in the "Value LIFO" column is calculated as Balance × Default supplier purchase price.

Step by Step

1. Go to System Settings.
2. Locate the setting "Calculate LIFO based on".
3. Change the value to "Default supplier purchase price".

LIFO CMMS8 ENG 1
4. Verify that all items have a default supplier assigned.
5. Verify that a price is entered for each default supplier.

LIFO CMMS8 ENG 2

6. Display the "Value LIFO" column.

LIFO CMMS8 ENG 3
7. Confirm that the value is calculated as Balance × Default supplier purchase price.

 

All items must have a default supplier assigned and a supplier price entered. Otherwise, no value will be displayed.