If you are using LIFO or FIFO inventory valuation method, the Initialize LIFO/FIFO File application allows you to balance your Inventory Item File with your LIFO/FIFO layer file. The procedure will initialize the layer file with the current quantities and costs in the Inventory Item File. The procedure is usually run as a start up step for the LIFO/FIFO valuation method if quantities and costs were entered in the Inventory Item File as the item was loaded. The second procedure that is available, Adjust Item File To LIFO/FIFO is used if the layer file and the inventory item would become out of balance. Because the layer file contains the detailed receivings for the item it can be used to balance the Inventory Item File.
Select Initialize Lifo/Fifo File from the pull down I/M Processing window. The following screen will then be displayed:
The following options are available:
- Select the desired mode from the Initialize Lifo/Fifo File menu bar
- Enter the data requested on the screen
To return to the menu bar, press the ESC or F10 key. To leave this application, press X for EXIT when positioned at the menu bar.