Changing Your Costing Method
If you have inventory and you want change your costing method, you cannot automatically apply LIFO or FIFO costing to your current inventory.
To change your costing method:
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Manually close each existing inventory item by adjusting its inventory to zero.
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Inactivate the item record.
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Recreate the item record with the appropriate opening balance.
All new inventory items you create automatically use your new costing method.