Once we have created purchase orders for an item we can check the stock on hand for this item using the enquiry screen.
The FIFO tab shows us (in the top line of the table) the first items that have come in, either from a Purchase Order transaction that has been delivered, or when we have landed or transferred stock. When we create a Stock Requisition, we will see the first item in on the top of the list, and the last at the bottom of the list. Then we can use which price we want (from what transaction it came in on) when we create a stock requisition to a job. This is covered in the next exercise. As you would expect, this list is maintained chronologically.
1. Open Inventory
2. Select an Item used in the last exercise
3. Click on Enquiry
4. Click on the
Transactions tab
Examine the transactions that have taken place for the
Adhesive Widget
5. Click on the
Movement tab
Notice the Stock on hand, number Purchase Ordered, number Sales
Ordered and so forth
6. Click on the
FIFO tab
Examine the FIFO list, notice that the first items that we either
delivered in a purchase order, landed or transferred are shown at the top of the
list. These items will be the first out, if we were to sell them on, or
requisition them to a job
7. Close the Enquiry window