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trl
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Post subject: Procedure to import FIFO inventory  Posted: Fri Aug 17, 2012 2:46 pm |
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Joined: Wed May 16, 2012 6:18 pm
Posts: 17
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We are migrating to Phreedom from an old pc-centric accounting system that uses a FIFO-based cost method (which is supported by Phreedom). We've imported customers and products (inventory with zero qoh) so far. Now we need to adjust the inventory history of each product to reflect our current inventory state. For example: we have two lots of prod1, the originally purchased lot (partially sold) and a new lot to restock.
prod1 history:
date action details
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2010 purchase 100 prod1 @ cost1
2011 sold 75 prod1
2012 purchase 100 prod1 @ cost2
If i was doing this manually with Phreedom, i would enter two purchase orders (in the past) and receive the two purchase orders to reflect 25 remaining in lot 1 (cost1) and 100 in lot 2 (cost2).
Any guidance you can offer is greatly appreciated, thanks!
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alvin
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Post subject: Re: Procedure to import FIFO inventory Posted: Fri Aug 17, 2012 4:36 pm |
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Joined: Wed Nov 21, 2007 10:30 am
Posts: 569
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you can also use Inventory, Adjustments.
_________________
Alvin
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dave
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Post subject: Re: Procedure to import FIFO inventory Posted: Sat Aug 18, 2012 10:02 am |
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Joined: Fri Oct 26, 2007 3:55 pm
Posts: 3498
Location: Colorado, US
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The best way is to use inventory adjustments as Alvin suggested. First make sure that the items are set to FIFO. Second, enter the adjustment for the first batch on an earlier date than the second. The history table will store the two entries by date posted and use the older stock first.
Dave
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