Need your help on this. I am trying to look into my Inventory valuation in my Accounting system hence if you have any suggestions pls do reply me.
Currently we are using Navision system and if any of you are using the same system it will be good if I can hear your feedback because I am trying to get my vendor to do NRV valuation for my Inventory and they give me negative answers.
In addition we are using FIFO method but in the system it doesn’t calculate it this way. But my vendor tells me this is the way it is. Any good websites which can help will be helpful
The temporaty solution for you could be to calculate NRV values outside the system.
The difference between NRV and orginal stock just post to your books.
Create new general ledger B/S (eg. stock provision NRV) and P&L (eg. NRV valuation loss) accounts and downgrade the stock values with lumpsum (dt P&L, cr B/S)
Thanks for your advise.
I cannot depend on that soon as I need to check every item of my stocks to determine my NRV and its really a lot of work and inefficient.
Really do need an expert who can tell me something about Navision / who is currently using this system.