Setting up FIFO?

Shopify Discussion
1

I do not qualify for Stocky because we do not do POS. How can I account for a product that has two product costs?

Item A purchased last year 5 available 1.00 product cost

Same Item A purchased this year from same vendor 10 available 1.50 product cost

I have read several articles and tried several apps and have not found a way to achieve this without entering a new Item A that I would then have to remember to change from Draft to Active when the old Item A sold out. Since both Item A’s are identical, I cannot make the higher cost Item A a variant of the older item. Right now when I change the inventory, I am changing the product cost to weighted average, but it is left to me to figure that out, and isn’t correct if I am using FIFO. Surely I am not the only one with this issue?

2

Same issue!
Trying to find some app or platform that manages true FIFO on Shopify. Stocky seemed like a valid option to combine with MyWorks Sync to Quickbooks but Stocky uses WAC, not FIFO. I have found several apps that track and report FIFO in reporting but not for accounting purposes. I need to be sure the journal entries into Quickbooks recording COGS is based on FIFO.

4

yes i’ll take a demo. Message me.