Preferences Inventory

 

Value Inventory Using – There are different views surrounding how to assign the value of your inventory. Here you can cover most of them, even your accountant should be happy.

• FIFO (First-in-First-Out) - Definitely the most accurate, FIFO looks at your inventory count, values the last inventory at the last price then looks to see how much is left and assigns he pricing for that amount at the value it was received at and so on.

• Last Cost – Many people value their inventory this way, mostly because FIFO is difficult to do manually. Also many people believe that their inventory value is based on what it would cost to replace it.

• Average Cost – This is a weighted average is taken and the inventory is valued accordingly

 

Require reason for Inventory Adjustments - we recommend you turn this feature on.  It forces a reason when adjusting an inventory count.