In this step, you define layer versions for LIFO valuation.
LIFO valuation is run at the end of the fiscal year. You also determine the LIFO results at the end of each quarter for your internal reporting. You can define the following versions:
| Layer version | Description | Method | |
|---|---|---|---|
| P | Year-end valuation | LIF001 | |
| 1 | LIFO results 1st quarter | LIF002 | |
| 2 | LIFO results 2nd quarter | LIF002 | |
| 3 | LIFO results 3rd quarter | LIF002 |
At the end of each quarter you run the LIFO valuation report using the relevant layer version. Assigning the same LIFO method to the layer versions ensures that inventory is always valuated using the same parameters. At the end of the year, you perform valuation using a "productive" layer version, which may refer to a different LIFO method.