• tom
  • Senior Member
  • Offline
  • From: USA, FL, Tampa
  • Registered: 03/24/2009
  • Posts: 328

Topic: Inventory cost/value

I see a number of messages questioning how the item cost is handled be it a fixed cost or an average cost.

I am honestly not sure which is right.

Nor how to correct it if it gets miss adjusted...

I am also interested in implementing a FIFO method where the cost is the cost of the item when it was purchased.
So if I bought 100 widgets at $4 each and later got 200 and paid $6 each as I sold them the price would follow the purchases
I could sell 90 and the cost would be $4 each and then if I sold 20 then 10 would be at cost $4 and 10 at cost $6

I guess if a transaction were voided and freed up some $4 units then a later sale would get some at $4

I am a php programmer so can do some of the work, but I could use some guidance as to WHERE to make the changes...

This might be usable for normal inventory, but it is also needed for handling of Crypto as a material asset


tom

tom's Website

  • From: USA, WI, Balsam Lake
  • Registered: 04/26/2022
  • Posts: 1

Re: Inventory cost/value

Good morning Tom,

I'm very familiar with Inventory valuation using FIFO/LIFO/Average/Standard costing methods.  I worked with several accounting systems from Real World, MCBA, Maccola, and now Pass-Port Software.  I used to have the source code for the Inventory Control module from Real World.  This was coded using COBOL... yes, I know this is supposed to be a dead programming language.  But, it is still in use more than 40 years later.

I now own a brewery and have been utilizing Front Accounting since 2018.  Unfortunately, I haven't been using the Purchasing, Inventory and Manufacturing modules primarily because it doesn't support FIFO. 

I do know some PHP coding as well but the Object Oriented concepts are foreign to an old "Top Down", "Structured Design" COBOL programmer.  I would be willing to take this on if you are willing to help with the PHP coding.

  • tom
  • Senior Member
  • Offline
  • From: USA, FL, Tampa
  • Registered: 03/24/2009
  • Posts: 328

Re: Inventory cost/value

I'd like to help, we might be able to translate COBOL into PHP without too much trouble

I am just not sure how to add an option within FA for handling that on a case by case basis (GL Code, Globally?)

But is it something that is needed

tom's Website

  • From: Canada, Ontario, Kitchener
  • Registered: 03/03/2024
  • Posts: 22

Re: Inventory cost/value

I think I may have figured out how to enter it is SQL... manually change the mb_flag for the Item from D to B.

Do you think this will cause any issues?

jeskremer's Website