LIFO inventory valuation method

ERPNext Stock/Inventory
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Anyone implemented it?

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So far I have not found anyone implemented LIFO in ERPNext.

About 2 weeks ago, I posted a similar thread: LIFO (Last In First Out) in ERPNext

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I dont see anyone implemented LIFO , it supports

  1. FIFO
  2. Moving Avg

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you can check latest documentation for the same

https://erpnext.com/docs/user/manual/en/stock/articles/item-valuation-transactions

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Incorporated this, after we’ve tested this to satisfaction, will do a pull request or share changes.

1 Like
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There was a specific request for LIFO by a potential client.

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In the United States, I’ve never met a client that used LIFO. For many years, I taught Inventory Value reconciliation classes for MS Dynamics. Each class, I would ask students if their companies used LIFO. I never found one.

I’m unsure which country(s) use it, and why. But it’s super-rare in the U.S.

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We are planning to add LIFO valuation support in v14: feat: LIFO valuation by ankush · Pull Request #29296 · frappe/erpnext · GitHub

Feel free to test it out and let me know if you find any issues :smile:

2 Likes
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Will test it.

Well, that customer eventually went with SAP B1, because it’s “known” than ERPNext.

Edit: Some background/context.

This was acceptable because they had gotten an exemption from the govt to use LIFO.

Twas a customer who had been part of a group of companies that had been using using Oracle EBS. The partner companies had been acquired, and it had to get it’s own ERP.

Despite loosing to SAP B1, it was a very fair evaluation. Lengthy and thorough.

  • These are guys who would do stock transactions and do the same on excel to compare with the system valuation.
  • Test out deferred transactions, to check taxes were not part of deferred values.
  • Lots of tests on Assets and depreciation, I see lots of recent enhancements and fixes on assets module that were highlighted then.
  • Multicurrency accounting, reported several bugs and a few feature requests from the evaluations. Note: There’s a certain clunkiness to ERPNext’s multicurrency accounting, it’s a bit involving to use.