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7/24/2019
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Inventory Costing in Dynamics GPJuly 25, 2019
TO RECEIVE CPE CREDIT
• Individuals
Participate in entire webinar Answer polls when they are provided
• Groups Group leader is the person who registered & logged on to the webinar Answer polls when they are provided Complete group attendance form Group leader sign bottom of form Submit group attendance form to [email protected] within 24 hours of webinar
• If all eligibility requirements are met, each participant will be emailed their CPE certificate within 15 business days of webinar
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INTRODUCTIONS
Charles Allen Senior Managing Consultant• More than 27 years of experience • Microsoft MVP
AGENDA • Costing Methods
• Transactions
• Cost Adjustments
• Reporting
• Q&A
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Costing Methods
COSTING METHODS
• Five costing methods
FIFO Perpetual
LIFO Perpetual
Average Perpetual
FIFO Periodic
LIFO Periodic
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COSTING METHODS
The impact of serial & lot
numbers on costs
COSTING METHODS
What about standard costing?
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Transactions
INVENTORY
• Adjustments
• Variances
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SALES• Invoices
• Returns
PURCHASES • Receiving Transactions Shipments Shipment/Invoice In-Transit Inventory
• Enter/Match Invoices
• Returns
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OTHER• Manufacturing
• Project Accounting
• Field Service
Cost Adjustments
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ADJUSTING COSTS
• Used to update costs on posted transactions
• Will create GL transactions
ADJUSTING COSTS • Used to adjust purchase receipt costs
• Will be affected by sales & adjustments of receipts
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ADJUSTING COSTS • Average cost updates
• Standard cost updates
Reporting
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REPORTING• Stock Status
• Historical Stock Status
• Historical Inventory Trial Balance
RESOURCES
• System Administrator’s Guide
• Microsoft Docs (https://docs.Microsoft.com/en-us/)
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BKDTECHNOLOGIES SUPPORT CENTER
• BKD Technologies Support Center for Microsoft Dynamics GP 877.253.7778 (toll-free) [email protected] Monday–Friday, 8 a.m.–5 p.m.
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BKD, LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website www.nasbaregistry.org
The information contained in these slides is presented by professionals for your information only & is not to be considered as legal advice. Applying specific information to your situation requires careful consideration of facts & circumstances. Consult your BKD advisor or legal counsel before acting on any matters covered
CPE CREDIT
• CPE credit will be awarded upon verification of participant attendance; however, credits may vary depending on state guidelines
• For questions, concerns or comments regarding CPE credit, please email BKD Learning & Development Department at [email protected]
