Hi BC Guru's,
Our BC instance is setup for FIFO, but we are running into an issue with vendor pricing and adjustments.
What's the best way to do a vendor pricing adjustment when using FIFO?
Much appreciated!
Hi
Do you mean you received the item then vendor invoiced you for higher price? Or you want to revaluate your inventory based on new price from vendor?
If you want to revaluate specific item you can use Item revaluation
https://bc365.co/2022/01/22/item-revaluation-in-microsoft-dynamics-365-business-central/
https://www.youtube.com/watch?v=iUvzwDnqNms
A scenario for example is when our vendor reaches out to us and gives us an updated price sheet every quarter. We are wondering how to update pricing for vendors quarterly if our items are set to FIFO.
We use Purchase Price for these purposes. You can find it in Item Card -> Actions -> Purchase Price & Discount -> Purchase Prices. You can set the price here based on your list and add start and end date and BC uses new price during the date range.
See this video https://usedynamics.com/business-central/product-dev/item-purchase-prices/
Note in Q2 2023 this Purchase Price will be replace with the new method docs.microsoft.com/.../use-new-sales-pricing-experience-
Hi, just adding to MahGah's reply.
Because there is no standard cost for FIFO, it is recommended to use purchase price features.
If you have never used it, you can also use the following method to open the Purchase Prices page.
Hope this helps as well.
Thanks.
ZHU
You should contact your partner and have them help you setup a job that can read your vendors pricelist and import the prices into Business Central.
The best would be if your vendor has an api that the prices can be read from.
Hi everyone,
When I add more vendor prices to an item the cost doesn't update. Even if I add the 'average' costing method the cost sticks to the value that I enter manually. What am I missing there?
The business goal is to choose a minimal offer from multiple value and use it as cost.
Greatly appreciate your answers!
Updating a vendor prices is for new purchases that you will be making. BC will pull the new vendor pricing onto the new PO‘s. If you’re trying to re-value your inventory at a higher price than what you paid for it you can use revaluation journal. On the item card you will see a weighted average even if your pricing is LIFO or FIFO. However when the system processes transaction the costing method of the item will be followed and the cost of the transaction will use the appropriate life or if iPhone.
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