Join Renato Bellu for an in-depth discussion in this video Allocating items, part of Learning Microsoft Dynamics GP (2015).
- The item valuation method…affects the costs of your inventory…and that has an effect on your financial statements.…It affects the sales order module,…it affects the purchasing, purchase orders,…and it affects your inventory valuation…when you run your stock status report.…Let's take a look at item valuation methods.…I'm going to open the inventory Item card.…The valuation methods are either perpetual or periodic.…
Periodic means standard costing.…FIFO means first-in, first-out…versus LIFO, which means last-in, first-out.…Typically you see the item type of Sales Inventory…with a valuation of FIFO Perpetual.…This is very accurate in the sense…that as you receive a item on a purchase order,…the actual cost on the PO is what is recorded…as the cost of that item.…Usually, you're receiving more than one.…
So, say you had 10 widgets at a dollar each.…You're going to have a FIFO layer.…That layer means there's 10 in that layer…at a dollar each…and if you sell eight of them on a sales order,…you'll still have two left inside that layer.…
- Using the SmartList to extract data from Dynamics GP
- Controlling the behavior of the GP by mastering the posting setup window
- Grasping the chart of accounts format
- Entering and posting general ledger journal entries
- Entering accounts payable vouchers and accounts receivable transactions, such as credit memos
- Setting up new inventory items and running stock status reports
- Understanding the ins and outs of the bank reconciliation module
- Creating new companies
- Uploading budgets into Dynamics GP from Microsoft Excel
- Entering sales orders and billing your customers
- Managing inventory price lists
Skill Level Intermediate
Q: Which versions of Dynamics GP does this cover?
A: We cover the latest installed version of Dynamics GP. This course doesn't cover the web-based version of Dynamics GP explicitly, although you may find there are similarities.