| Availability |
Odoo Online
Odoo.sh
On Premise
|
| Odoo Apps Dependencies |
•
Invoicing (account)
• Discuss (mail) |
| Lines of code | 1050 |
| Technical Name |
us_lifo_inventory_lifo_reserve_worksheet |
| License | OPL-1 |
| Website | https://pokutsoft.com |
| Versions | 18.0 19.0 |
US LIFO Inventory
Dollar-value LIFO pools, annual layer worksheet, IPIC/internal index deflation, LIFO-reserve computation and a balanced book-to-LIFO adjusting journal entry.
Dollar-value LIFO pools, annual layer worksheet, IPIC/internal index deflation, LIFO-reserve computation and a balanced book-to-LIFO adjusting journal entry.
Key Features
dollar-value LIFO for tax (and often GAAP) purposes
Once the election is made, the accountant must, every year, deflate the ending inventory back to
base-year prices, decide whether the year added a
base-year prices, decide whether the year added a new LIFO layer (an increment) or eroded one (a liquidation), value each surviving layer at the price index of the year it was created, and finally book the
LIFO reserve — the difference between current-cost (FIFO)
LIFO reserve — the difference between current-cost (FIFO) inventory and LIFO inventory — through a balanced book-to-LIFO adjusting entry.
LIFO pools — group items that move together
LIFO pools — group items that move together into a pool with a base year and a base-year cost (the original base layer in base-year dollars).
Price-index methods — compute the cumulative index two
Price-index methods — compute the cumulative index two ways:
Internal / double-extension — list the ending-inventory item
Internal / double-extension — list the ending-inventory items with a quantity, a current-year unit cost and a base-year unit cost. The module extends both columns; the cumulative index is current-cost ÷ base-cost.
IPIC / external index — enter the cumulative
IPIC / external index — enter the cumulative index directly (for example a BLS PPI/CPI-derived index) together with the current-cost ending inventory.
Base-dollar deflation — divides the current-cost ending inve
Base-dollar deflation — divides the current-cost ending inventory by the cumulative index to express it in base-year dollars.
Increment / liquidation detection — compares the deflated
Increment / liquidation detection — compares the deflated ending inventory with the sum of the existing layers. A rise creates a new layer at this year's index; a fall peels prior layers off in LIFO order.
Layer valuation — every layer carries the index
Layer valuation — every layer carries the index of its origin year, so the LIFO inventory value is the sum of layer base dollars × layer index.
LIFO reserve — current-cost inventory minus LIFO inventory,
LIFO reserve — current-cost inventory minus LIFO inventory, with the year-over-year change that drives the journal.
Balanced adjusting entry — one click posts a
Balanced adjusting entry — one click posts a two-line account.move (move_type entry): the change in the reserve is debited to the LIFO adjustment expense / cost-of-goods-sold account and credited to the LIFO reserve (contra-inventory) accou
Why Choose This Module
Everything stays inside Odoo Accounting. Nothing is transmitted to any tax authority and no registration or certification is required — this is a working-paper and posting tool for your accountant.
Specifications
- Compatible: Odoo 18.0 / 19.0
- License: OPL-1
- Languages: 35+
- Author: Pokutsoft
- Dependencies: account
- Support: support@pokutsoft.com
Update date: 2026-07-02
| Availability |
Odoo Online
Odoo.sh
On Premise
|
| Odoo Apps Dependencies |
•
Invoicing (account)
• Discuss (mail) |
| Lines of code | 1050 |
| Technical Name |
us_lifo_inventory_lifo_reserve_worksheet |
| License | OPL-1 |
| Website | https://pokutsoft.com |
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