Sage 50 - Closing Stock Valuations FIFO or Weighted Average Method?

Many Sage 50 users are confused as to how the Closing stock Value obtained as per Stock Valuation Reports available in sage 50 .(Products/Product Valuation Reports) There are basically 2 reports available with sometimes 2 different Valuations shown. One Report shows the value using the FIFO method and the other one using the Last Purchase Cost. Last Purchase Cost method is not a valuation accepted under Accounting Standards, yet useful in verifying whether "Net Realisable value" of stocks is below than "Cost" (FIFO report) as per the Standard.

The FIFO method report shows Total stock value as per FIFO (Assuming First came went First Out) method divided by balance Quantity available and thus a average Cost per Item column is shown. This makes it is confusing to many users whether this is the "Average" method. which is not so.

If Minus Quanity is allowed in the system Option available) then there couls be serious variations and value of FIFO report could be widely fluctuating

Difference in value according to these 2 reports is completely acceptable if prices are fluctuating.Yet the biggest issue is sometimes certain Items available as per one report is not shown in the other report and vice versa thus total quantity also may very on 2 reports.

This happens when items with very low cost (Less than 0.01 Cents per Item) as per FIFO report are available, but the last cost could be higher. Such items may not appear in FIFO report but could appear on  Last Purchase Cost Report creating a quntity (and also a value) Difference.

 

How to install and run Sage Accounts (50) programs on Windows Vista How to install and run Sage programs on Windows Vista

Windows Vista includes security features such as User Account Control and virtualisation which may affect the running of Sage software.

Note: This article does not relate to:
Sage 50 Accounts 2008 and above.
Sage Instant Accounts v14 and above.
Sage 50 Payroll
Sage 50 Forecasting v12.02 and above
Sage Winforecast v4.08 and above

These software versions are Vista compatible. This means that when you install them, you can install into C:\Program Files. The data files and some application files are automatically installed into C:\ProgramData, and you don't need to run as administrator.


This article explains how to install and run Sage programs to minimise the effect of these new security features and includes the following sections:
To install Sage programs on Windows Vista - When installing on Windows Vista you must install in a folder other than C:\Program Files.

To run Sage programs as an administrator - Many programs, including Sage programs, need to perform administrative tasks during their normal operation. The new security features in Windows Vista restrict the operation of administrative tasks. To allow Sage programs to perform administrative tasks, you must run them as an administrator.
To install Sage programs on Windows Vista

The Program Files folder on Windows Vista is a protected folder and programs are prevented from writing any data to this folder or any of its subfolders. This prevents some programs from writing to data files and configuration files which are essential for them to operate correctly.

To enable Sage programs to update and maintain their own data files and configuration files, they must be installed in a folder other than C:\Program Files, for example:
C:\Sage\Accounts
C:\Sage\Instant Payroll
C:\Sage\Forecasting
C:\Sage\Job Costing

Tip: To install your Sage programs into a different folder, during the installation you must click Custom Install, then locate and select a new destination folder.

To run Sage programs as an administrator on Windows Vista
Right-click the relevant shortcut then choose Properties.

The shortcut Properties window appears.

Click the Shortcut tab then click Advanced.

The Advanced Properties window appears.

Select the Run as administrator check box then click OK.

The shortcut Properties window appears.

Click OK then on the Access Denied window, click Continue.

The User Account Control window appears.

To return to the Windows desktop, click Continue.

Tip: If you are not logged on to the PC as an administrator, the User Account Control window prompts you to enter the user name and password of an administrator. Enter the user name and password then click OK.

You have now successfully set the program to run as an administrator.

Tip: Each time you open the program when logged on to the PC as a non administrator, the administrator user name and password must be entered.