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Change costing method from FIFO to Average

edited Apr 23, 2020 7:51AM in Ask A Guru 4 comments

Hi Gurus,

Our company is planning to move costing method from FIFO to average costing. We know that once items are set up, costing method can no longer be changed. Doing this therefore is like doing a cut-over/re-migration of inventory item master. I would like to know the best practices or specific steps towards this. I am thinking:

  • Obtain a snapshot of current inventory value and count
  • Flag the items with the old costing method
  • Create new items with the new costing method
  • Remove the inventory from the old item
  • Inactivate old items
  • Increase inventory of the new items in the proper location - via adjust inventory worksheet
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