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Level 1

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!

Solved
Best answer September 20, 2019

Best Answers
Highlighted
Level 15

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.

View solution in original post

5 Comments
Highlighted
Level 15

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.

View solution in original post

Highlighted
Level 1

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.

Highlighted
Level 1

How to see remaining FIFO cost detail for inventory items?

True.  They say they do FIFO, but it is not down to the site level, and reporting uses average costs.  You cannot report on FIFO accurately due to this.  FIFO needs to be down to the site level.

Highlighted
Level 1

How to see remaining FIFO cost detail for inventory items?

The Office of the President is alerted to this, as it creates a liability for Intuit when people report this on their taxes and have the calculated average, but say they use FIFO.  Also, an auditor would nail it's incorrect amount first thing.  This is a huge customer service issue for Intuit, as they say they support it, but don't, as well as a liability issue.

Highlighted
Level 1

How to see remaining FIFO cost detail for inventory items?

It is more than a hole.  From a customer service trust issue, It is something they advertise they support, but they do not support it or even understand it.  It is a liability issue for them, as people are reporting it on their taxes and if they got audited, the numbers would be incorrect based on how you do inventory adjustments (only globally) and the fact that you cannot "prove" the FIFO, nor is is calculating correctly.  It could affect amounts reported to IRS and then could create tax liability and even penalties for the tax payer.  I would think this is something Intuit would want to address from a liability standpoint for them.

 

I have reported it to the Office of the President of Intuit.  They are working on it now, so I will let you know if something is updated.  I have been bringing this to their attention for 4 years, with no resolve.   I remain hopeful, but not optimistic.

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