We’ve introduced a new part costing method to the EMDECS system. FIFO (First In, First Out) is an important accountant methodology that we’ve implemented to provide a more accurate evaluation of what’s on your shelves.
For companies operating at a larger scale, this could be a world of difference. The beauty of this system is that everything works in the background automatically, so very little of your day-to-day user experience will alter.
Over on the Part Master screen, you’ll notice a FIFO Onhands tab where you can view the receiving Date, Quantity of Stock, and Unit Cost.
On the Inventory Audit screen, the FIFO Audit tab where you can find the correlating incoming and outgoing data for any given part.
Lastly, we’ve updated the Reports section to ensure the Stock On-Hand Value report will reflect the FIFO system.