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Inventory item Specific costing method

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Posted on by 769

Hi,

The client wants to use item Specific costing method for inventory valuation.

With that, we need to turn item tracking on. For Specific costing, the system forces to track Lots and Serial numbers. We don't want to track Serial number. Is there a way to turn the serial numbers off and just track Lots?

Thank you,

Oleg.

  • olegvi Profile Picture
    olegvi 769 on at
    RE: Inventory item Specific costing method

    Ah, yes, FIFO/LIFO with Lots! That is the answer!

    Thank you, Kim!

    Cheers,

    Oleg.

  • Suggested answer
    Dallefeld Profile Picture
    Dallefeld 11,415 UG Leader on at
    RE: Inventory item Specific costing method

    'Specific costing' only applies to serialized items.

    You can use LIFO or FIFO or Average for lot tracked items. And because the item application will apply inbound and outbound entries by location and lot number, you get the equivalent of specific costing. Be sure that you have location mandatory and that your inventory setup has Average cost set to Item+Location+Variant.

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