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Using QuickBooks FIFO in QQube | CLEARIFY

  • We're using Enterprise 2015 with Advanced Inventory and have FIFO turned on. It appears that QQUBE does not or is not able to use FIFO data when running a sales report showing profit margins. It is just pulling the current COGS price of the item. So I am wondering if there is a way to get FIFO working so we can get actual margins based on what we paid at the time and not the current cost. Not only that, but sometimes our actual cost is different than what we have in the item cost since there can be discounts or the price might have changed, as reflected in bills, and we have not updated the item's cost yet.

    I'm very new to QQUBE so I may have very well missed what to change.

  • Answered

    QQube uses the actual amount posted for each transaction to arrive at margins e.g. if you click on the journal report in the transaction, that is what QQube sees and reports.

    So it won't matter whether you use FIFO or the traditional avg cost.

    The way to see this, is to filter down to one particular transaction in Excel, and then running the journal report for that transaction in QB to see what is reported for Sales and COGS.

  • Ah, yes. I see this now and stand corrected. Thanks for pointing it out!

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