Payment for Inventory automatically select Inventory - Cost, instead of Inventory at Hand, as a result my inventory does not show purchase price

[Darren_Delfino]

[shahabb]

Added periodic revaluations for inventory items

The latest version (24.7.7) introduces periodic revaluation for inventory items. While we lose automatic inventory revaluations, we gain several benefits: Flexibility: Switch between different inventory valuation methods (weighted average, FIFO, LIFO, etc.). Enhanced Tracking: Use the Inventory Items tab to track quantities without showing them on the balance sheet. This is useful for businesses that don’t carry large inventories but still want to track quantities purchased and sold. Advanced…

[Darren_Delfino]

Thanks for the info, and can you help me understand, is this the ‘correct’ way? If i purchase a large number of inventory in advance, shouldn’t they be valued as assets instead of cost? Especially since they are not purchased yet, and they are to be produced to another products.

Thanks in advance!

[shahabb]

Go to settings-Inventory Revaluations and define cost for each Item at a specific date. Your inventory on hand will be valued on balance sheet according to this cost*qty you have.
You can also go to Reports-InventoryRevaluationWorksheet and then create new inventory revaluation from there to automate the process of entering cost prices for each item.
You can do this daily, weekly, monthly, yearly depends on how updated you want costs for each item, usually at the end of month or quarter would be fine if price fluctuations arent that much.