Historical Inventory Costs

[iwells]

Hi,

Wondering if there's any way with Accpac to do the following regarding source currencies/specific non-functional currencies:

1) Have inventory expense at the historical spot rate at which it was acquired when consumed.
2) Report on inventory using the historical spot rate at which it was acquired for balance sheet/other purposes

I'm also interested in knowing if there are any 3rd party software packages to do this if the system cannot.

Basically we have USD functional branches in areas that have local reporting requirements to governments which require the historical costs for their regulatory reports and we have a customization that does this, but it's encountering issues and we want something off the shelf so to speak rather than maintaining this ourselves.

Ian

 

[ettienne]

FIFO

Sage 300 ERP Certified Consultant

http://www.adssglobal.net

 

[Jay Converse]

And turn on multi-currency.

 

[iwells]

ettienne ... in my experience I see that Accpac expense items using the current exchange rate of the item, not the historical exchange rate. Have I overlooked a setup configuration that allows this for FIFO?

 

[ettienne]

Inventory is valued in functional currency - that is GAAP.
Historical source currency amounts are not stored in IC, if you look in the IC tables you will not see source currency amounts anywhere. PO maybe.
Your questions were not clear.

Sage 300 ERP Certified Consultant

http://www.adssglobal.net

 

[Jay Converse]

Actually, ICHIST does have contemporaneous exchange rates. However ICIVAL, the source table for FIFO, does not, which is GAAP.