FIFO LIFO AND AVERAGE INVENTORY

Question

anybody here may help me to explain how to change the price sistem inventory from average to lifo or fifo in myob V.18....

Thanks

Carolinadg · Answer

Hi @Robyn96

MYOB only uses average costing, this is the way that the product has been built. It is not possible to do within the product.

You may need to have a spreadsheet and manually keep track of the pricing of each item and do journals adjusting the COGS amount when selling them, however, I really don't suggest this as it can become very messy very quickly.

Regards,

Carolina