Inventory management> Setup> Inventory> Inventory model groups

Navigating the form

The following table provides descriptions for the controls in this form.

Fields

Field

Description

Post secondary financial

Select this check box to perform accounting for the cost price of an item in a secondary currency.

Inventory model (cur.)

Select an inventory model for the cost price recalculation of the item in a secondary currency.

  • FIFO– The first acquired receipts are issued first.

  • LIFO– The last receipts are issued first.

  • LIFO date– Issues from inventory are settled against the last receipts into inventory based on the date of the inventory transaction.

  • Weighted avg.– Issues from inventory are valued at the average value of the items that are received into inventory in the inventory closing period, plus any on-hand inventory from the previous period.

  • Weighted avg. date– Issues from inventory are valued at the average value of the items that are received into inventory for each separate day in the inventory closing period.

  • Standard cost– Inventory receipts and issues are valued using the active standard cost of an item.