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FIFO-Invoicing price points

We have QB's desktop Enterprise 2019 which is new to us as of 5/2019.  Prior to that it was QB's Desktop Premier.  I'm not sure if this is part of the issue.

 

We changed our inventory costing to FIFO as of 1/1/2020, after realizing that the prior version of QB's only did average pricing.  All of our inventory items are resold at a price 115% of cost.  When creating new invoices, we have found that the price being used is always the most recent purchase price, instead of the cost of the oldest item in inventory.  We have even created "test" items, purchased this year at different price points, then tried to invoice those items, however they still pull the most recent item cost.

 

We thought the point of FIFO was to make sure that we are using the cost of the oldest item in stock and our invoices should reflect that amount.  How do we make sure that the invoicing is pulling the correct amount?  

Solved
Best answer June 01, 2020

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QuickBooks Team

FIFO-Invoicing price points

Thanks for reaching out to the Community, @lauraf1.

 

Since you're having this behavior with your FIFO Inventory Setup, then you can refer to this thread to see how another User and Agent worked together to correct this issue. If you need further assistance after following that thread, please leave me a Reply so I can get back to you! I'll keep an eye out for your response. Have a beautiful day!

View solution in original post

1 Comment
Highlighted
QuickBooks Team

FIFO-Invoicing price points

Thanks for reaching out to the Community, @lauraf1.

 

Since you're having this behavior with your FIFO Inventory Setup, then you can refer to this thread to see how another User and Agent worked together to correct this issue. If you need further assistance after following that thread, please leave me a Reply so I can get back to you! I'll keep an eye out for your response. Have a beautiful day!

View solution in original post

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