Product Extended LIFO Valuation Setup field descriptions

Fields are presented in alphabetical order.

Current Value

The current value of inventory at the end of the year. It is defined as:

On Hand + Unavailable quantities in Product Warehouse Product Setup-Costs X current year-end cost and any addons specified in the Post to GL By option in SA Administrator Options-Products-Costs.

Index

Calculated for each year by dividing the current year valuation by the base year valuation. The index is used on the Product LIFO Valuation Master List Report to multiply against the base valuation of inventory to calculate the LIFO adjustment.

Layer

The incremental layer of inventory added in this year. The sum of the current On Hand and Unavailable quantities from Product Warehouse Product Setup-Costs. If the quantity at year-end from the current year is greater than last year, the difference is added to the layer for the current year. If the current year decreases from last year, the difference is taken from the layer from last year and possibly additional previous years.

Last In First Out Category

The category you are using to group products. The LIFO category must be set up in SA Table Code Value Setup. The LIFO category is also assigned to products in Product Setup.

Year

The year for which you would like to set up a LIFO valuation record. Do not set up a record for the current year or future years. They are created from the Product LIFO Valuation Master List Report.

Specify 0000 to represent the base year. It is created the first year the Product LIFO Valuation Master List Report is generated for the LIFO category. Run this report at the beginning of the year.