Page Comparison

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1. Click Specify Lots in the Sell transaction.
2. Select Auto Select for lot assignment options:

   • FIFO

 - This option will select the first lot as the one to use for the sale.LIFO - This option will select the last lot as the one to use for the sale

3. • (First-In, First-Out)

     In a FIFO system, the oldest items are the ones that get sold first. This is common in businesses where goods are perishable, like food industries. Using FIFO means the oldest stock (first to be received) gets sold first, ensuring that you don't have old stock lying around.

     Example: You buy 10 units of Item A at $1 each. Then you buy another 10 units of Item A at $2 each. If you sell 15 units of Item A, FIFO would dictate that the first 10 units sold are the ones bought at $1, and the next 5 are from the batch bought at $2.

   • LIFO (Last-In, First-Out)

     In a LIFO system, the newest items are the ones that get sold first. This is less common but might be used in industries where items are non-perishable, or where the cost of holding inventory is high. LIFO is more likely to leave older items in stock.

     Example: You buy 10 units of Item A at $1 each. Then you buy another 10 units of Item A at $2 each. If you sell 15 units of Item A, LIFO would dictate that the first 10 units sold are the ones bought at $2, and the next 5 are from the batch bought at $1.

   • Minimum Gain - This option will select the lot that will result in the smallest amount of gain.
   • Maximum Gain - This option will select the lot that will result in the largest amount of gain.
   • Custom - This option appears when selecting different lots for sale that don't match any of the other options.
4. You can also enter the number of shares to sell for each lot under the Shares to Sell column.

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