Once we have used stock in transactions we need to keep track of how many items we have in stock. As we have done previously, we will check the stock level.
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. As you would expect, this list is maintained chronologically.
1. Open Inventory
2. Select the item you want to enquire on
3. Click on the Enquiry button
4. Click on the
Transactions tab
Notice the transactions that we have created above are all
listed here
5. Click on the
Movement tab and examine the details
you may have noticed that if you click
on the Movement tab before you click on the Transactions tab, the Movement tab
will not show current stock levels. Therefore you must click on the Transactions
tab first, to load the Movement window
6. Click on the
FIFO tab
Notice that the Purchase Order deliveries, or the stock landings
are maintained, as are their prices, in chronological order
7. Close the Enquiry window
8. Click on the Reports menu, and click on Stock Valuation
9. Choose the report criteria and Click Preview
10. Examine the report, and close the report window