OVERVIEW/INTRODUCTION TO SET ITEM COMPANY WISE FIFO IN MARG ERP SOFTWARE

• FIFO stands for “First-In, First-Out”. It is a method used for cost flow assumption purposes in the cost of goods sold calculation. The FIFO method assumes that the oldest products in a company’s inventory are been sold first.

• Now Marg ERP Software gives a provision to the user to set company wise FIFO working style.

PROCESS OF SET ITEM COMPANY WISE FIFO IN MARG ERP SOFTWARE

• A Control Room window will appear.

• The user will select ‘Search in all’. Press Enter.

• A Controls window will appear in which the user will Search “Company FIFO”.

• Click on ‘Accept’.

• A Company FIFO window will appear.

• In 'Ask Company wise FIFO if working style in Manual/Self' option, the user will select 'Y'.

• The user will now press Esc key twice.

• Then click on ‘Yes’ to save the changes.

• After following the above steps, the FIFO working style option will get enabled in item company master.

• The user will select 'Yes'.

• Then press Ctrl+W to save the details.

After following the above steps, the oldest products in a company’s inventory are sold first.