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How to see remaining FIFO cost detail for inventory items?

QBO tracks inventory on a first-in, first-out (FIFO) basis. Consider the following example for a specific inventory item:

 

DATETRANSACTIONQUANTITYCOST PER ITEM
8/17/19Purchase3125
8/20/19Purchase5130
8/25/19Sale-3125
8/25/19Sale-1130
8/31/19Purchase4127

 

I can see this the information above if I run an Inventory Valuation Detail Report, and I can manually do the math to determine the remaining FIFO cost detail for this inventory item is this:

QUANTITYCOST PER ITEM
4130
4127

 

Is there a way to get a report that shows this summarized information for a specific inventory item? This was a simple example with just a few transactions. Hoping I don't have to do the math manually each time which would be time-consuming and prone to error... especially if the transaction history is long.

 

I know there is an Inventory Valuation Summary Report, but that shows the average value, not FIFO.

 

Thank you!

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Best answer 4 weeks ago

Accepted Solutions
Established Community Backer ***

Re: How to see remaining FIFO cost detail for inventory items?

No there is not

Intuit created the FIFO inventory but provided absolutely no reporting normally associated with FIFO.

Similarly inventory adjustment has no option to pick the item purchase being adjusted, so you can not adjust a broken item to shrinkage that came from a second or more purchase.

2 Comments
Established Community Backer ***

Re: How to see remaining FIFO cost detail for inventory items?

No there is not

Intuit created the FIFO inventory but provided absolutely no reporting normally associated with FIFO.

Similarly inventory adjustment has no option to pick the item purchase being adjusted, so you can not adjust a broken item to shrinkage that came from a second or more purchase.

Frequent Explorer *

Re: How to see remaining FIFO cost detail for inventory items?

Well, that's a bit disappointing. Hoping these holes in functionality are on the roadmap to being addressed. In the meantime, I'll submit some feedback to Intuit just to make sure it's on their radar.

 

Thank you, Rustler.

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