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ScottSpringer
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
Rustler
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

9 Comments 9
Rustler
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.

ScottSpringer
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.

shanaj
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.

shanaj
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.

shanaj
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.

angelacct
Level 3

How to see remaining FIFO cost detail for inventory items?

OMG, I just realized the question was originally posted back in Sept. of 2019... And I don't think Intuit has fixed this issue yet? (As of May 9, 2021)

I was looking for the exact same info on FICO showing up on Inventory Reports and/or making sure it is reporting correctly. 

Yikes, I really hope I'm wrong and Intuit has fixed this problem and I just haven't found the correct information yet.

If anyone has any new information or can offer another solution that would be great. Thanks so much, you all are the greatest.

IamjuViel
QuickBooks Team

How to see remaining FIFO cost detail for inventory items?

Hello, @angelacct.

 

I understand the importance for you to be able to generate an inventory report that shows the information your business needs. Currently, there are only three available reports for you to know what's on hand:

  • Inventory Valuation Summary: The quantity on hand, value, and average cost for each product. 
  • Inventory Valuation Detail: Your transactions for each inventory item, and how they affect quantity on hand, value, and cost. 
  • Stock Take Worksheet: Your inventory items with space to enter your physical count, so you can compare to the quantity on hand in QuickBooks.

Both the Inventory Valuation Detail and the Inventory Valuation Summary  report can be filter to display only the specific inventory items you want. You can read through these articles to help you manage your reports in QuickBooks:

On the other hand, I'll make sure to pass along your request to the Product Development Team for future considerations. The more feedback about a certain feature our engineers receive, the bigger the chance it'll be added.

 

If you have any suggestions, feedbacks and product requests for improvement, you can directly send it to us. Here's how:

  1. Go to the Gear icon.
  2. Select Feedback
  3. Type in your suggestion in the description box. 
  4. Click Next.  

Stay in touch whenever you have additional questions about QBO. I’m here to make sure you’re taken care of. Have a great rest of the day

shanaj
Level 1

How to see remaining FIFO cost detail for inventory items?

No, Intuit/Quickbooks has not fixed this.  Please know that FIFO does not calculate properly.  I called the corporate office to report.  With months of talking to them (after years of contacting Intuit/QB), they have advised this is NOT a priority and they continue to do nothing about it.

shanaj
Level 1

How to see remaining FIFO cost detail for inventory items?

Still no update.  Office of President said it is not a priority.  Just know your FIFO doesn't calculate properly.

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