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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / FIFO and Average Perpe...
Microsoft Dynamics GP (Archived)

FIFO and Average Perpetual

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Posted on by Rosemary 10

Good day,

What are the implications of having items with both valuation methods?

Unfortunately we have this situation in our Inventory where a user created items as FIFO, we use Average Perpetual. I have read other posts regarding the changing of the valuation methods, but would like to get some info as to if it is best practice to have both.

One type of item can be regarded as a Service Charge and the other is Stock, the user inadvertently used FIFO for the stock item, already reconciling GL and Inventory is a challenge.

Regards,

Rosemary

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    MG-16101311-0 Profile Picture
    MG-16101311-0 26,225 on at

    I would suggest you switch the valuation method for the item in question and make adjustments to both cost and inventory as needed. You can do this under Inventory > Utilities > Change Valuation. As you can see, this is the easy part. For the difficult part, it's all about what your auditors would recommend.

  • Rosemary Profile Picture
    Rosemary 10 on at

    Thank you Mariano for your response, I was able to change the valuation method by changing the item class, afterwards the costs were adjusted.

    It appears the user created the item with the 'wrong' item class.

    And I do understand the 'difficult' part.

    Rosemary

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