IBM Support

Adjusting FIFO costing feature on consignment items in 7.5.x versions

Question & Answer


Can you change the FIFO cost type of a consignment item?


Maximo 7.5 has a new feature in the Inventory application dealing with Consignment Items which uses FIFO costing.

In standard Base Services (Maximo Asset Management) there is in the Inventory application, under Select Action , the Inventory Adjustments menu to allow adjustments to Average and
Standard cost.
There is not an option for FIFO cost.

When you change the cost type for Consignment Items and whatever cost type you put for the item when you make it a Consignment Item, it will overwrite the cost type as a result .

IBM Product Design confirms the product currently does not support cost adjustments for LIFO/FIFO costing.
Currently it is further assessed how the cost adjustment best can be handled both functionally and financially.
As such, this functionality will be introduced into a future release for which a date currently has not been set.

Additionally, the most common use case for consignment involves establishing your pricing via an agreement.
The user will set up a contract with the start/end dates and the contract pricing for the items.
In that way you will always have your price at receipt time.

To summarize, the adjustment for LIFO/FIFO is still under consideration for a future release .

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Document Information

Modified date:
17 June 2018