Inventory costing
Every item that leaves stock carries a cost, and that cost becomes your cost of goods sold. Fiscal works it out by the item's costing method and keeps it right when earlier entries change.
Costing methods
- Moving weighted average: each receipt is averaged with the stock already on hand. Everything that goes out is costed at the current average.
- FIFO (first in, first out): what goes out is costed at the price of the oldest stock still on hand.
Set the company's method in Preferences, and a different one on an item if needed (see Items › Inventory).
Where costs come from
- Purchases (bills and goods receipts) bring stock in at their own cost, in base currency, plus any landed cost.
- Assemblies come in at the cost of the materials used.
- Adjustments that add stock use the rate you enter, or the current average cost.
- Transfers keep the cost the goods left with.
Back-dated entries
If you enter, change or cancel a stock document dated before movements that are already saved, the cost of those later movements changes. Fiscal re-calculates them right after the save, and corrects the inventory and cost of goods sold journals of the affected documents, each on its own date. Purchases keep the cost they were posted at.
You can see what is waiting under Settings›Inventory›Cost Re-post, in the Cost Adjustment section, and run it there yourself, for the waiting items or for all items from a date.
Re-posting all costs
Inventory Cost Re-post, on the same screen, re-calculates the cost of every stock movement and corrects every document's inventory and cost of goods sold journal to match. Use it after changing a costing method, or when your accountant finds the stock value doesn't agree with the stock report.
- Back up the company's data first (ask Exler IT Hub support).
- Click Preview to see which documents would change and by how much.
- Optionally choose a date to Post corrections on. Empty means each document's own date.
- Click Run Re-post. On a large company this can take a few minutes.
Corrections are added to each document's journal, so running it again changes nothing once everything is correct. You need the Modify right on Preference.
Costs in a closed period are left as they are: when the books are closed, the adjustment only re-costs from the day after the closing date, and says so in its result. Run it before you close the books (see Closing the books).