The Stock record contains a FIFO table which can be used for stock valuation purposes and records the last n goods receipts (where nis a value from 1 to 9). When goods are sold but then returned by the customer these ‘receipts’ did not update the FIFO table which, on items with highly variable costs, could result in a valuation which isn’t representative. Release 6.4 introduces a new option to allow goods returns to update the FIFO table.
Installation
System Profiles
A new option has been added to the Stock System
Profiles to enable goods returns throughout the system to update the FIFO
table. To update select Installation from the main menu
followed by Application Manager, then System Profiles before selecting the Stock Control application.
Update FIFO for Returns– if set then goods returns (i.e. credits) will update the FIFO table on the stock record for the returned stock.
Notes
When returning stock via credits in Sales Ledger and Invoicer or through ‘negative’ stock issues in Stock Control if the system is set to update the FIFO table the system will prompt for the cost price of the return.
When returning stock via Goods Return Notes in Sales Order Processing or Assembly De-Kits in Bill of Materials the system will use the cost price recorded on the order detail (although you can configure a confirm item to amend this if required).
Article ID: 84
Created On: Fri, Jun 8, 2012 at 4:09 PM
Last Updated On: Thu, Jun 22, 2023 at 11:34 PM
Online URL: https://kb.datafile.co.uk/article/goods-returns-update-fifo-cost-table-84.html