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Hi All,
I am new in Acumatica and I am trying to do an inventory aging by item (Track the age of inventory) / period report, but I'm not sure what tables I need to use to create it, Could someone please help me to start with it? and If it possible to create a report with Periods like 30 days, 90 days etc.Thank you
Are you Lot/Serial Tracking your Inventory?
Also, what Valuation Method are you using?
for my application, the stock valuation method is Specific.
do you have any report sample on stock aging for Acumatica?
my email= tiongchiewlaw@gmail.com
thank you very much.
Hi,
Just wondering if someone has created an Inventory Ageing report by day or a specific time frame?
Thanks!
Hi,
Just wondering if someone has created an Inventory Ageing report by day or a specific time frame?
Thanks!
Hey Uday,
I merged your Discussion Topic into this existing Discussion Topic.
It seems basic inventory aging should be part of the Distribution version of the software. You cannot run a distribution business without inventory aging reports. Is there a reason aging reports are not part of the basic package?
I also am very interested in inventory aging.
I don't have an example of one, but it seems to be a very popular request. Probably a good idea for someone (maybe me at some point) to create one.
Absolutely important. Age data of items must be in the database since Acumatica knows which items to pull when it uses LIFO or FIFO.
Such an item aging report is a must for foods, drinks, drugs, ... otherwise our food could be moldy when sold in the store. Yes, we do track the expiration date but that is not enough. Age of item is also needed.
This should be a standard report (out of the box). Was this request entered into feedback.acumatica.com ? I hate to put this request in feedback.acumatica.com since this is a major shortcoming. NetSuite will love to see this.
Toon,
FIFO and LIFO are accounting methods used to determine the value of on-hand inventory based upon an assumption that either the oldest item was released when shipped (FIFO), or the newest time was released (LIFO). This is only an approximation and has no association with the actual product released from inventory. Using this to track time-sensitive freshness issues for food or drugs is a recipe for disaster.
Instead, implement either lot or serial tracking on each item in stock needing this level of management. Acumatica provides the ability to track expirations dates at the serial/lot level. This allows you to know exactly what you have in your warehouse and manage freshness. It is critical that you can provide traceability for items receipts, movements, and shipments of perishable items. Anything short of this will find you in hot water with the FDA.
@shawn-slavin
Thanks a lot, Shawn. You are 100% correct. I didn't think. I appreciate your thoroughness. That is what prospects grill us on. I will stay in touch with you. Good luck. I can't attend the Summit.
Thanks for your reply Toon. I am happy this helped. I have needed to explain the same thing to customers with limited knowledge of the difference between an accounting methodology and specific unit tracking.
I'm sorry we won't be able to meet at Summit. The conference has always been an excellent experience for me and is a great opportunity for all of us to build on the community created here in the AUG forum.
I've found Acumatica to be lacking in a number of out-of-the-box reports. I assume it's because Acumatica has only been around since 2008, not the 1980s like other ERP products on the market.