To edit LIFO product information:Use the LIFO Maintenance screen, after a LIFO update has been run, to modify the counts and cost information on a product-by-product basis. The other columns displayed are view-only. You can also assign the product to a LIFO pool on this screen.
The LIFO Maintenance displays the same information listed on the LIFO Inventory Valuation Report. The abbreviations on the screen are as follows:
TY – This year
LY – Last year
BY – Base year
Ext – Extension. This value is the count multiplied by the indicated cost. For example, TY Ext = Count x TY Cost.
To edit LIFO product information:
From the Reprts > End of Month Reports #2 menu, select LIFO Inventory Valuation Report to display the LIFO Inventory Valuation screen.
Use the Maint hot key to display the LIFO Maintenance screen.
In the Product field, enter the product whose LIFO information you want to review.
See Searching for Products for more information.
In the Pool field, if needed, assign the product to a LIFO pool.
See LIFO Inventory Valuation Overview for more information about pools.
Review the following information, as needed:
|
Field |
Description |
|
Cost Br |
Branch that purchases for all branches, if applicable. |
|
Line |
Price line to which the displayed product belongs. |
|
Basis |
Default Price Basis used to make the LIFO valuation comparison. This price basis corresponds to the entry in the Default Basis field on the LIFO Updating screen. |
|
Per |
Unit of measure used for pricing for the product. The per for a product is initially specified in the Per Qty field on the Product Price Sheet Maintenance screen. The per is established in the LIFO file after a LIFO valuation report is run for a product. The per used in future valuations for the product is never changed, even if you change it on the Product Price Sheet Maintenance screen. |
|
As of Date |
Date of the most recent LIFO update for the displayed product. |
|
LY End |
As of date for the last or previous year. If this field is blank, the product is new for the current year. |
|
Rep Method |
Accounting method used for the LIFO Inventory Valuation Report. |
Review or edit the following fields, as needed:
|
Field |
Description |
|
Br |
A number that identifies the branch at which the product is stored. |
|
Count |
The number or amount of the product available for sale. |
|
TY Cost |
This year's purchase price for the product. |
|
LY/BY Cost |
Last year's or the base year's purchase price for the product. |
|
TY Ext |
This year's extended price for the product. |
|
LY/BY Ext |
Last year's or the base year's extended price fore the product. |
|
Index |
The index entry for the product. |
Use the following hot keys as needed:
|
To display... |
Use this hot key... |
|
the previous product in the displayed price line that has a non-zero quantity in at least one branch... |
Previous |
|
the next product in the displayed price line that has a non-zero quantity in at least one branch... |
Next |
|
additional information about the displayed product... |
Inquiry |
Press Esc to save the updated information and return to the LIFO Inventory Valuation screen.
See Also:
LIFO Inventory Valuation Overview