• From: Bangladesh, Dhaka
  • Registered: 04/26/2013
  • Posts: 14

Topic: Using FIFO and LIFO in Frontaccounting

Hi everybody,

How can I use FIFO and LIFO method in FA inventory? I've not found anything on FA Wiki regarding this. Please help me experts.

Thanks in advance.

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,107

Re: Using FIFO and LIFO in Frontaccounting

FA doesn't use FIFO or LIFO. FA uses average material costs.

Joe

  • From: Bangladesh, Dhaka
  • Registered: 04/26/2013
  • Posts: 14

Re: Using FIFO and LIFO in Frontaccounting

Thanks for your response.

I need to use either LIFO of FIFO method with FA. How can do that? Is there any alternative for LIFO or FIFO, how can I use that on FA? I really love this great project, but I need to get this answers badly.

Regards.

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: Using FIFO and LIFO in Frontaccounting

2007: https://frontaccounting.com/punbb/viewtopic.php?id=46
2010: https://frontaccounting.com/punbb/viewtopic.php?id=1537
2011: https://frontaccounting.com/punbb/viewtopic.php?id=2033
2013: https://frontaccounting.com/punbb/viewtopic.php?id=2814
2014: This post - https://frontaccounting.com/punbb/viewtopic.php?id=4775
2018: Still no way forward - or is there?

Summary:
1. FA uses Average Costing (COGS) for now, when delivering.
2. To handle FIFO we need an extra field in stock_moves indicating how many of the items have been checked out/in.
3. The stock_master fields are updated whenever there is a purchase.

apmuthu's Website