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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Using Standard Cost bu...
Microsoft Dynamics GP (Archived)

Using Standard Cost but want to Present FIFO Perpetual?

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Posted on by SweeTater 125

Hey, guys - quick question for everyone!

We use FIFO Periodic inv. valuation for our raw materials, WIP and finished goods.  We'd ideally like to continue using the same process (managing and reviewing w/ standard costs).

HOWEVER - we'd ideally like to journal in or adjust inventory at period end to present FIFO perpetual valuation (to be more in line with GAAP for financials).

Is there a way to generate the FIFO Perpetual valuation through GP reporting?

Thanks, all!

Michael

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    Redbeard Profile Picture
    Redbeard 12,931 on at

    Michael,

    As you pointed out use of a Periodic valuation method is critical to support the management and review of standard costs in Great Plains.  I am unaware of any way to maintain/present/adjust to perpetual valuation for reporting purposes.

  • Dan Liebl Profile Picture
    Dan Liebl 7,320 on at

    Not a simple request.   Your current financial reporting is basically reporting at FIFO Perpetual now as Std-Variances=Actual.    To actually report on it, you could build a report off of the Purchase receipts table (although many of those values would still be at std cost as the std and actual are often the same).    You would then have to reverse out the variances that posted to the GL so you do not over or under state your IV value.   Seems a lot of work.   You could also estimate the lower of cost or market and do a reversing entry at month-end for the financials.    

    Dan Liebl CMA CPIM | Senior Consultant | OTT,Inc | Email: DLiebl@OTT-Inc.com

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