Specifying the LIFO / FIFO rate details or Multiple entries for Weighted Average

Specifying the LIFO / FIFO rate details or Multiple entries for Weighted Average Cost

This page allows you to specify the LIFO, FIFO, and Weighted Average cost parts. Tell me more

Select the “Edit Rate Information” link at the bottom of the “Edit Weighted Avg / Actual Lot Cost Information” page, or select the “LIFO/FIFO Rate Details” link at the bottom of the “Edit Opening Balance” page.

The “Edit Rate Information” page appears.

The system displays the following in the “Opening Balance Identification Details” group box:

Opening Balance #	The number identifying the opening balance document.
Status	The status of the opening balance document. The system displays “Draft” or “Fresh”.
Warehouse #	The number identifying the warehouse in which the stock is stored.
Warehouse Description	The textual description of the warehouse.

Enter the following in the “Part Details” group box:

Reference #

Use the drop-down list box and select the line numbers or part number-stock status combination of the opening balance documents. Mandatory.

The system lists all the line numbers for which the Valuation Method is set to “LIFO” or “FIFO” and stock status attribute set as “Ownership-Internal”, if this page is launched from the “Edit Opening Balance” page.

If this page is launched from the “Edit Weighted Avg/Actual Lot Cost Details” page, the system lists all the part number-stock status combination, for those parts with Entry Type “Multiple” and stock status attribute set as “Ownership-Internal”. The system does not list the part numbers if the “Expensing Policy” is set as “On Receipt” in the interacting “Part Administration” business component.

Click the “Get details” pushbutton, to retrieve the rate information for the selected part. The system displays the part and its details.

The system displays the following:

Part #	The number identifying the part.
Part Description	The textual description of the part.
Total Quantity	The total quantity of the part.
Valuation method	The valuation method of the part, which could be LIFO, FIFO or Weight Average Rate.
Stock Status	The stock status of the part.
Stock UOM	The unit of measurement in which the part is stocked in the warehouse.
Base Currency	The currency of the login organization unit.

Note: The system retrieves and displays the part description and the stock UOM from the “Part Administration” business component.

Enter the following in the “Rate Information” multiline:

Seq #

The number identifying the sequence in which the LIFO or FIFO stock came into the warehouse. Ensure that the value must be positive.

Enter the following:

Quantity

The total quantity of the part (Decimal). Ensure that the quantity is greater than zero.

Note: Fractions can be entered, only if the “Quantity” has been set to “Allow fractions” in the “Create UOM” activity of the “Unit of Measurement Administration” business component.

Rate	The rate per quantity of the part (Decimal). Rate is calculated as “Value/ Quantity”. Ensure that the rate entered here is greater than zero.
Value	The value of the part (Decimal). Value is calculated as “Rate x Quantity”. Ensure that the value entered here is greater than zero and the values are not duplicated.
Ref Document #	The reference document for the rate details of the opening balance (Alphanumeric, 40).

Note: Ensure that atleast one row is entered in the multiline

The system ensures that atleast one part in the Opening Balance document has “Expensing Policy” other than “On Receipt” in the interacting “Part Administration” business component.

Click the Delete icon in the tool bar above the multiline, to delete the rate information selected in the multiline.
Click the “Edit Rate Information” pushbutton, to store the values.

Check the box in the “Select” column of the multiline, to mark a row containing rate details, for deletion.

Click the Delete icon in the tool bar above the multiline, to delete the rate of the part.

Specifying the LIFO / FIFO rate details or Multiple entries for Weighted Average Cost – An overview

This page allows you to specify the LIFO, FIFO, and Weighted Average cost parts. You can record multiple entries for the Weighted Average Part in this page in case you want to split the quantity which you have specified in the “Edit Weighted Average / Actual Lot Cost Details” Page When the valuation method is set as “LIFO” or “FIFO” in the “Create Opening Balance” activity, the calculation of the stock value will be done using “LIFO“ or “FIFO” method during issue of the Parts. When the costing method is set as “Weighted Average” cost then the calculation will be done using “Weighted Average” method.

What you can do in this page

Record multiple rates for part

You can specify multiple entries of costs such as LIFO, FIFO or Weighted Average based for the part number selected.

Select the appropriate part number in the “Part #” drop-down list box.

Provide a sequence number in the “Seq #” field in the “Rate Information” multiline, for the LIFO / FIFO part. or Weighted Average Valuated Part.

Enter multiple quantities, rates and values for the selected part, in the “Quantity”, “Rate” and “Value” fields in the multiline rows.

Click the “Edit Rate Information” pushbutton, to store the details.