The final calculation of fiscal LIFO covers the whole fiscal year and the journal can only be posted or closed one time per year.

If the average value of the last month in the year is lower than the average of the year, you can specify to use normal value. For more information about normal value, see (ITA) About the calculation engine.

The report date of the final report is the day when the final calculation is executed, and this date does not change if the report is printed again later.

Note Note

When you initiate the calculation of the final report, the last period of the fiscal year must be closed, and the inventory must be closed to make sure that the value of the inventory is not adjusted after the report is posted.

Calculate, close, and print the final report

  1. Click > > , and select .

  2. Press CTRL+N to create a new line or select the existing final journal line, and then click the tab. If you create a new journal line, the and the fields are automatically populated with the first and the last day of the current year.

  3. If you want to include work in progress (WIP) in the report, select the check box.

  4. If you want to use the normal value as the basis for the calculation, select the check box.

  5. Click to calculate the transaction lines for the final report.

  6. Click to close the report.

  7. Click to print the report.

Note Note

If you want to apply normal value or include work in progress (WIP) in the calculation of the inventory value, you must set up the normal value and the WIP calculation before you process your journal lines. For more information about how to set up the calculation of normal value and WIP, see (ITA) Calculate fiscal LIFO journal lines.