Inventory Valuation Question

[NEmacGuy]

I am currently setting up our Great Plains System. I am having a hard time understanding the difference between LIFO periodic and perpetual. I thought if I set to Lifo periodic I would get get a cost of goods sold entry when invoicing

 

[jazgeek]

periodic (regardless of lifo or fifo) uses the standard cost on the item card as cost of goods sold for the item. This cost is not changed unless a user revaluates it or changes it.

perpetual indicates the current cost of the item (depends on lifo or fifo) as your cost of goods sold. This changes constantly whenever a transaction is made against the item either manual, receipt, invoice match, etc etc.

look in your help file by pressing F1 in GP and look up "valuation" there's a really good explaination in there on what you're looking for.

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and they wonder why they call it Great Pains!

jaz

 

[Dukester0122]

Adding to jaz, by design GP doesn't give you the Inventory and COGS entry until the invoice is posted.