Before you begin
Plans: Professional and Enterprise
This article answers frequently asked questions about purchasing features in Fiix. Use the links below to jump to the appropriate questions:
Purchasing is available to customers on the Professional and Enterprise tiers. To learn more about setting up purchasing, see Configure Purchasing Settings in Your CMMS.
Let’s start with some definitions:
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With the First In First Out (FIFO) inventory method, on-hand quantities are depleted at the cost of the oldest receipt, until all stock has been consumed. We then use the second oldest receipt, and so on.
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With the Last In First Out (LIFO) inventory method, the opposite is true, and you consume stock from the newest receipt to the oldest.
Fiix supports FIFO, but not LIFO. Instead of LIFO, we support last price paid.
Last price paid means that your current stock will be issued out at the most recent price paid. This differs from LIFO in that it doesn’t look back at previous receipts; it uses only the most recent cost.
When FIFO is enabled, on-hand quantities are depleted at the cost of the oldest receipt, until all stock has been consumed. We then use the second-oldest receipt, and so on.
Note
When FIFO is enabled, you can't consume more stock than is currently available in inventory.
To enable FIFO:
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Navigate to Settings > CMMS Settings.
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Click the Purchasing tab.
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In the Inventory Method section, do one of the following:
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If the button says Enable FIFO, click the button:
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In the button says Disable FIFO, that means that FIFO is already enabled, and you don’t need to take any further action:
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In the confirmation dialog, click OK.
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Click Save.
If FIFO is not enabled, Fiix automatically uses last price paid. This means that to enable last price paid, all you need to do is disable FIFO.
To disable FIFO (thereby using last price paid instead:
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Navigate to Settings > CMMS Settings.
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Click the Purchasing tab.
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In the Inventory Method section, do one of the following:
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If the button says Disable FIFO, click the button:
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In the button says Enable FIFO, that means that FIFO is already disabled, and you don’t need to take any further action:
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In the confirmation dialog, click OK.
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Click Save.
Note
This value uses FIFO, and is calculated only when FIFO is enabled. To learn more about the FIFO method, see Does Fiix support FIFO or LIFO?
For a single location, the weighted price of a part is the total cost divided by the total number of units on hand. For example, if you purchased 3 units at $6.00/unit, 2 units at $5.00/unit, and 1 unit at $8.00/unit, your weighted price would be the total cost of all those units ($36.00) divided by the total number of units (6), which comes out to $6.00.
For multiple locations, the weighted price of a part is the total cost across all locations divided by the total number of units across all locations. For example, if you had three locations with total costs of $32.00, $34.00, and $29.00, and 5, 4, and 6 units respectively, your weighted price would be $95.00 divided by 15, or $5.94.