Changing item costing method from Specific to FIFO

dkgarden

Dear all,

need some advice here on how to change my item from specific (serialized) to FIFO.

What is the process? Can someone please enlighten me?

Thanks and regards,
DKGARDEN

cernst

Change costing method on items with ledgers isn't something that you should do. Best practice is to rename the existing item and then creat a new one with the costing method you want.

matttrax

Search the forum for something like "change costing method". Usually it is the other way around, wanting to go from FIFO to Specific or something, but the same ideas apply. It involves clearing all of your inventory, creating new item cards, and re-populating the old inventory under the new item numbers.

chengalasettyvsrao

dkgarden wrote:

Dear all,

need some advice here on how to change my item from specific (serialized) to FIFO.

What is the process? Can someone please enlighten me?

Thanks and regards,
DKGARDEN

1) Make sure that there are no open purchase/sale/Transfer orders, Production Orders , Item Journals , Pending Purchase , Sales Invoices for that Item
2) Remove all quantity on hand means make it Zero Qty using Item Journal
3) Rename/renumber the Current item and block that item.
4) Open a new item with the old Number/Name
5) Change the Costing Method from Specific to FIFO
6) Bring back stock in with correct quantities and unit costs (Unit costs get calculated in Excel following the FiFo rules)
7) Run both reports: adjust cost and post to G/L again (Allow posting date will be the first of the current months