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FiFO CONCEPT

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    FiFO CONCEPT

    Dear all,

    I need help for FIFO [ FIRST IN FIRST OUT].

    Say example item name x :

    date :- 01/02/2012 the value = 40.00 and qty = 100

    02/02/2012 the value = 35.00 and qty 100

    I need to sale the first 100 pcs in 40.00 and sale remaining 100 pcs in 35.00

    So i have to use FIFO CONCEPT

    Whether alpha is supporting FIFO ?


    Thanks

    saha

    #2
    Re: FiFO CONCEPT

    Hello, Saha.

    I don't believe this functionality is "built in" but you should be able to solve this using scripts or function you write.

    First thought here is that you'd need another field in your table to keep track of the "remaining" items for each entry. When a sale occurs a script could open the table, sort the records by item and date, find the first entry for the sale item, inspect the "remaining field", if zero fetch the next, otherwise, use that price for the current transaction, and reduce the "remaining" amount accordingly.

    Perhaps others will have better ideas for you.

    Comment


      #3
      Re: FiFO CONCEPT

      When pricing, the current stock is normally updated to current market value - if it is the same item and does not suffer degredation over time.

      Suggest you look at price averaging - which will give you a market edge, or Net Present Value based on the purchase price on a particular day.
      Say you have 100 in stock which you paid �12 each for. You buy in another 100 at �10 each. You could sell 200 at �11 and get your money back, but selling them all at �10 would give you a loss.

      Or, sell them all at �12 and wait for the market to catch up.

      Using FIFO is all very well in some situations.
      NIFO and LIFO also offer advantages.
      What is the product?
      See our Hybrid Option here;
      https://hybridapps.example-software.com/


      Apologies to anyone I haven't managed to upset yet.
      You are held in a queue and I will get to you soon.

      Comment


        #4
        Re: FiFO CONCEPT

        Saha;

        Sure, it can do it. But if you're new to a5, you'll have your hands full. It's going to take some scripting and serious work. (and planning)
        I'm not trying to scare you away though, but to be brutally honest, your endeavors will be a far cry from ripping open an "off the shelf" shrink wrap solution....

        • When purchasing, you'll have to use inventory sets, setup so that each inventory item can have many price points. (a one Items to many ItemsCOG relationship)
        • And when you're selling, you'll have to have each invoice transaction line pulling costs from the ItemsCOG table to get oldest inventory costs (still in stock).



        If you're thinking about using FIFO, you're probably also going to need purchase orders, merchandise received, and purchase returns that read and write data to/from the ItemsCOG table. (Cost Of Goods) It would be much easier if you could either used LIFO, or AVERAGE PP.
        Robert T. ~ "I enjoy manipulating data... just not my data."
        It's all about the "framework." (I suppose an "a5-induced" hard drive crash is now in order?)
        RELOADED: My current posting activity here merely represents a "Momentary Lapse Of Reason."

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