Re: RE: Advanced Stock Valuation
Andy- Currenty we cost inventory using average cost and revalue inventory periodically via a custom written LIFO program for tax purposes. We recently were purchased and have been asked to replace LIFO with FIFO. Owners would prefer inventory was costed using FIFO but I understand that is not an option. So, I'm told that we should do a periodic stock valuation to FIFO using the advanced stock valuation module (system 39). Much of what I've seen seems to indicate that this module is connected to the Energy industry. I am a distribution company and am trying to understand if this module is what I need to do what is requested. I'm curious about whether the the module creates GL adjusting entries after the inventory is revalued, and how you would play "catch up" if you needed to value FIFO at a specific date 6/30 since I don't see where month ending inventory quantites are stored. Thanks for any insight you can provide.
