Product LIFO Valuation Master List Report overview
Function acronym: ICREV
Use this report (ICREV) to print information on Product Extended Last-In-First-Out Valuation Setup records. Generate this report to verify the static information for previous year before Product LIFO Valuation Master List Report (ICROV) is performed for the current year.
LIFO (last in, first out) is an inventory accounting method that can lower gross profit and increase cash flow by reducing tax liability. LIFO is an amount-based valuation. The LIFO method measures annual inventory changes in equivalent amounts so the net change can be identified. LIFO is most beneficial during periods of rising prices.
LIFO records are stored on a yearly basis per the LIFO category that is used each year. For the current year and all years thereafter, the this report automatically creates the LIFO valuation setup records. You are not required to manually create setup records unless you want LIFO valuation records for previous years.
You must run the Product LIFO Valuation Master List Report after the final daily processing is complete on the last day of the fiscal year. You cannot back post adjusting entries.
This report includes ranges only.