While you can haveĭifferent valuation methods for different items or companies, it is recommended GP Cost Valuation Methods Valuationĭetermine how the costs of inventory items are calculated. For this reason, most locations have strict legal limits on changing valuation methods. The valuation method will determine the way that costs for the item are posted when you enter sales, which in turn affects the amount of profit that you’ll see on your financial statements. It’s important to select the valuation method that’s appropriate to the type of items that will be included in this class. Specify which valuation method will be used to determine the cost of the items in this class. The valuation method for an item is used to determine how the item will be valued for inventory purposes when it’s sold.ĬLASS ID: This can also be defaulted based on the ITEM MAINTENANCE: Displays the valuation method you entered for the selected item in the Item Maintenance window. Optional: When you assign the Class ID to the item, the Valuation Method can be defaulted. First, you will assign a Valuation Method when you create the Inventory Items.
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