Setting up LIFO layer records

Use these instructions to set up LIFO layer records that represent the incremental layer of inventory added in this year.

  1. Select Product > Setup > IC Extended LIFO Valuation.
  2. Click Create and specify these values:
    1. Specify a LIFO category. Categories must be set up in SA Table Code Values Setup.
    2. Specify the year of the layer you are creating.
    3. In the Layer field, specify the difference between the current year’s LIFO value and last year’s LIFO value.
    4. In the Current Value field, specify the year end current amount in inventory for goods in this LIFO category.
    5. In the Index field, specify the ratio of the current value divided by the current LIFO value.
  3. Click Save.