Selecting the correct inventory accounting method is crucial before deploying LLumin’s inventory module.
Once inventory transactions occur, this configuration option cannot be changed and applies globally. The chosen method will determine the cost used in accounting for inventory transactions.
Available Options:
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- First Cost (FIFO): Assumes the oldest inventory item is issued first.
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Last Cost: Opposite of FIFO, assumes the most recent purchase cost of an item.
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Average Cost: Assumes the average cost of all items in inventory.
Important Note
Once your inventory module is live and transactions have begun, you cannot change the selected accounting method.