Fiscal inventory valuation
You must submit an annual report that shows the monetary value of inventory items for the fiscal year. The Italian functionality supports the following cost types:
- Year average cost
- Weighted average cost
- First in, First Out (FIFO) cost
- Last in, First Out (LIFO) cost
- Discrete LIFO cost
Set up fiscal inventory valuation
Set up component valuation on Item Costing Setup, and select the required Inventory Valuation method on each item card. Learn more in Set Up Fiscal Inventory Valuation.
If you need historical quantities and costs from before you started using [!INCLUDE[prod_short](../../includes/prod_short.md)], enter them on Before Start Item Cost. These records provide input to fiscal cost calculations; they don't create item ledger entries.
For discrete LIFO valuation, configure the Inventory Valuation and Lifo Category fields on the item card.
Hinweis
The discrete LIFO cost can only be calculated for items for which the Inventory Valuation field is set to Discrete LIFO on the Item Card page.
Fiscal valuation is calculated from the recorded inventory and production data. It doesn't replace the normal posting of sales and purchase transactions.
End of year
At the end of the fiscal year, you can run the Calculate End Year Costs batch job to calculate the fiscal inventory value of each inventory item according to the required valuation methods. The results are shown in the Item Cost History List page. Then, you can run the Fiscal Inventory Valuation report and the LIFO Valuation report to show the inventory valuation.
In Calculate End Year Costs, enter the Reference Date for the calculation. Select Definitive only for final year-end costs. A definitive run requires the reference date to be the fiscal year-end date.
The Competence Year in the cost history records the reference date. The Definitive field, not the date alone, identifies final results. A new calculation replaces nondefinitive cost history for the fiscal year. Existing definitive results prevent recalculation for the same or an earlier reference date.