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FIFO - First In, First Out (#IVTFIFO01)

Last updated:   Applies to:   In industries:   Of versions:   Special contents:
20091102 (Andy)   Pro, MultiUser, MultiSite, MultiView   Self Storage EditionMarina EditionVault Edition   7.X (and higher)   n/a

What is FIFO and how does it work?

StorMan has a built-in FIFO (first in, first out) system, which is useful when your supplier changes their pricing. For example, if you buy 100 boxes from your supplier at $3 each one year, but the price for 100 boxes increases a year later, FIFO tracking ensures that the profit margins are always correctly calculated when you sell these boxes.

For the first 100 of these boxes that you sell, StorMan will calculate your profit knowing that they were purchased from your supplier at $3 each. Once you sell those 100 boxes, StorMan will recalculate your profit, based on the increased supplier pricing - thus ensuring that your profit figures are always correctly calculated.

 

How do I activate FIFO?

FIFO tracking only works when the Cost price field on your relevant analysis code setup screen is left blank (view the screenshot below or see #ANLADET01 for further details). In other words, FIFO is on by default when you leave the Cost price field blank.

Don't worry too much about leaving the Analysis Code Cost price field blank though, because you can still enter a cost price at the time when you add the actual item quantities to your inventory. For more on adding item quantities to your inventory, see: #IVTAIQ01.FIFO

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fifo, f.i.f.o., first in first out stock, first in first out merchandise, first in first out items, item price tracking, merchandise price tracking, stock price tracking, supplier price tracking, supplier pricing for merchandise, supplier pricing for stock

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