• From: Nigeria
  • Registered: 09/08/2007
  • Posts: 126

Topic: Controlling Inventory using FIFO & LIFO

Hello Joe,

Please i will like to ask a somehow unintelligent question. Where do I control my inventory using FIFO and LIFO in frontaccounting. I am having a little challenge because goods prices are always fluctuating. I used a price in June this year and today the price of the product has reduced.
when i try to print the sales of June, it was taking the new prices. I believe I must have done something wrong. Kindly help.

popsicles12

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

Re: Controlling Inventory using FIFO & LIFO

FrontAccounting uses the average price of the items when delivering. Not FIFO or LIFO. The average price is recalculated everytime new items are received into stock.

/Joe

  • From: Nigeria
  • Registered: 09/08/2007
  • Posts: 126

Re: Controlling Inventory using FIFO & LIFO

Hello Joe,

Thanks for your quick response.
If I may ask, is it possible to include these parameters in your next release because a lot of firms uses FIFO, LIFO and Average.
It is just a suggestion

Thanks once again

Popsicles12