ACCT LIFO (Last In First Out) Control Maintenance Records

The following control maintenance records belong to the LIFO (Last In First Out) area within the ACCT (Accounting) category.  

Use Default Cost Basis For LIFO Cost Update

Indicate whether the system uses the default cost basis when calculating the current year's LIFO cost for items that were not purchased or transferred within the current year. ClosedMore:

Options

  • Yes - The system uses the local cost basis mapped to the global basis specified in the Default Basis field on the LIFO Updating screen.

  • No - The system uses last year's LIFO cost, if the item was not purchased or transferred within the current LIFO year.

Outcome of setting this control record

Determines the cost basis for the LIFO inventory valuation.

Default Value(s)

No

Action if set to Null

Same as if set to No.

Additional Information

None

 

Valid LIFO Product Pools

Enter product pool codes, up to two characters, that categorize products for use with LIFO reporting, which values inventory for tax reporting purposes. You can assign LIFO product pools defined in this record to the Pool field on either the LIFO Maintenance screen or the LIFO Inventory Valuation screen.