FIFO Cost Record is Not Available

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I am setting up an new company and am trying to import part cost using Cost Adjustment. The costing method is FIFO. While using the DMT, I ran across the error: FIFO Cost Record is Not available. I’ve not used FIFO much so Ia m not sure how to setup a cost record for this to be imported.

I’m assuming your error is because there is no FIFO “Layer” created yet.

You first have to adjust in a quantity, then you can adjust the cost associated with it. It is a 2-step process. The Quantity Adjustment creates the FIFO Layer… the Cost Adjustment assigns the cost to that created layer.

So… Make sure the Parts are set to FIFO costing… then, DMT a Quantity Adjustment. This will create a FIFO Layer (assigning a FIFODate, FIFOSeq, etc.).

Then, you can DMT a Cost Adjustment referencing the FIFOSeq you created in the previous step.

I highly recommend doing this in a test environment first and reviewing the results to make sure you get what you want.

If the Costing Method is set to FIFO, could I import the cost to Avg? When I was looking at the parts that did take the FIFO, I noticed that the AVG was automatically created the exact as the FIFO. I’m guessing no, but wanted to see what you thought.

Hi, I have the same issue but when I DMT a quantity adjustment no FIFO Layer is created. I only see a layer created when I do the Qty Adjustment in the system. Then I can update the FIFOMaterial Cost. Am I missing something?

It’s been awhile since I’ve done this… but below are the template fields I used:

Quantity Adjustment:

Cost Adjustment:

I’m assuming your parts are set to FIFO Costing.

What happens when you DMT the Quantity Adjustment? Are you getting errors?

Did you add in the sub sequence number as well?

I would also do a manual cost adjustment and confirm the fields that you need to add to the DMT.

Note that if you create a part cost for a part that is FIFO (using the FIFO Avg/Log) and then you create a qty adjustment then a new FIFO layer with the Average will be created.

I’ll need to do some more testing on this one when i have time.