LIFO-PRO Software Users Guide & Usage Steps
LIFO-PRO Software Users GuideLIFOPROUsersGuide
Steps for IPIC Method LIFO Calculations in the LIFO-PRO software
- Cell A2 entry should specify the year end for which the indexes are to be calculated; December, 2010, for example.
- Rows 5-7, columns A-E column headings and rows should be exactly as shown in the table below.
- The column A codes should be the commodity codes used by the Bureau of Labor Statistics. Make sure the leading zeros are shown where applicable for PPI or CPI codes. You can do this by using the apostrophe(‘) Excel label notation or by preformatting column A as text.
- The column B entries should be the year end FIFO or average cost inventory balances associated with the column A code. The column B entries can be entered directly or populated by formula reference to cells in another sheet as long as the formula are not too complicated to be readable when loaded in LIFO-PRO.
- The column C category names are for reference purpose only; these are not required.
- You can enter anything you want in columns D and those to the right of it such as item names, etc.
- All inventory balances for a PPI or CPI code need not be entered on a single row because the program automatically sums repeats of the same code.
- You can give this file any name and it can be located anywhere.
- This file can contain multiple sheets; only the sheet visible will be read by the software. If you have a single company you are making LIFO calculations for, you may want to use the same Excel file for all years and create new sheets for each years’ inventory balances. The advantage of using the same Excel input file each year is that this Excel file will automatically load in step 4 below.
- This file should be prepared in Excel and read from LIFO-PRO after it has been prepared. Data can be entered in this file from LIFO-PRO but the spreadsheet control built into LIFO-PRO does not have many standard Excel features such as copying sheets. Both .xls & .xlsx Excel files can be read by the LIFO-PRO software beginning with Version 5. Large spreadsheets are read much quicker if they are saved as .xls files.
- When the retail LIFO method is used, the retail inventory balances are to be entered in column B and the cost FIFO balances are to be entered in column C.
- The Excel input file need not include a column to specify the applicable LIFO pool for each data row when the IPIC pooling method is used. When the IPIC pooling method is not used, column B of the Excel input file must specify the applicable LIFO pool for each data row and the inventory balance column(s) must be shifted to the right. Note: Column heading can be entered in rows 5-7 (multiple rows can be used as column header; example below uses single row in cells A7:C7 using word wrap formatting in excel).
Shown below is an example of the proper column heading formatting & rows to use when preparing Excel Data input sheets-files for use in the LIFO-PRO Software for IPIC PPI Calculations(IPIC Pooling Method):
2. Start the program – Start LIFO-PRO. From the Company Selection Menu, click on one of the company names displayed to the right of the folder icons. If the company you want does not appear, click on the Specify Top Level Data Path top menu bar option and select a folder that contains the .dat LIFO-PRO data files.
3. Make sure the PPI or CPI index files are updated through the most recent month – All files necessary to run pool index calculations are automatically downloaded from our web server. If you do not have the most recently published PPI or CPI indexes, the software automatically tries to download the most recent files (PPI or CPI index release dates are shown at the bottom of the right side of the IPIC Menu) when you click on the IPIC… command button at the lower right of the Main Menu. If you do not have Web access or a firewall blocks FTP downloads of files from the Web, you will get a message to this effect at that time. If you have an unblocked access to download files via FTP file transfer (through port 21 or 22), the updated PPI or CPI files should be downloaded within a minute or so. If the files download properly, a message to this effect will appear and these files will be displayed on the right side of the IPIC Menu Screen and the months’ indexes included in the files are displayed. If the files cannot be downloaded automatically you should download these files from the Downloads page of the www.lifopro.com Web site. To do this, click on the ppifiles.zip or cpifiles.zip file download link and download this file using the new (in 2010) password. Extract these files to the folder shown on the top row of the PPI or CPI files listing on the right side of the IPIC Menu, overwriting existing files with the same names if they are already present. If you have a company firewall blocking the automatic file downloads, your IT department will need to provide an exception so that file downloads from this site are not blocked. We will send you the IP address and other information about our Web server if you need to do this.
4. Load Excel input schedule prepared in step 1 – Close the file in Excel before you load it into LIFO-PRO (to prevent a file sharing violation). Go to the IPIC Menu (from the Main Menu, click on the lower right command button labeled IPIC…). If you want to load the Excel file which was previously loaded, click on the leftmost of the 4 command buttons at the top of the form. If you want to load a different Excel file, click on the second-from-the-left top row command button and select the folder and file you want to load. Click on the proper sheet, if it is not already selected, and make sure the desired year end is specified in row 2.
5. Run IPIC pool index calculations – Once the input file is loaded and the proper sheet is visible, click on Calculate Pool Indexes command button. If this file was modified after it was loaded, you will be prompted to save the data file. Click on No if no changes were made. Click on Yes to save any changes made. When the calculations are complete, a screen with three or four separate IPIC reports will be displayed for your review. Make sure the total year end FIFO or average cost inventory balance per the first report 23S ties to the input file total.
6. Print IPIC pool index calculation reports – A screen with three or four separate IPIC reports will be displayed for your review. These report numbers 23S, 23, 24 (& 25 in some cases) should be printed to document the IPIC pool index calculation. These reports can also be printed later because the .xlp files (Excel files with a .xlp extension) these reports are saved as can be printed when they are viewed from the Main Menu or IPIC Menu.
7. Close this year end – Click on this Command Button at the top of the IPIC Reports screen. The pool indexes and FIFO balances calculated in the IPIC Reports will be used to update the LIFO layers history.
8. Enter UNICAP (Sec. 263A) rates, when applicable – This is done by going to the UNICAP Rates Screen (accessed from the Main Menu by selecting the command button with this caption). When you print or view the With UNICAP versions of the reports, all the with UNICAP versions of the reports show balances both before and after UNICAP costs so you do not need to run two sets of reports (both before & With UNICAP) since the with UNICAP reports show both before & after UNICAP balances.
9. Print LIFO-PRO history reports -These are reports 16 through 19. The reports can be printed individually or all at the same time. To print all reports at the same time, click on the top menu bar option labeled Print Standard Reports Automatically.
10. Unclose year-end -This step is necessary if any of the current year data used when closing the year-end was not correct. Select the Main Menu command button with this caption to do this. Follow the steps above to input the correct data and close the year-end again.
11. Midyear projection – The software allows users to make quick projections of the next year’s IPIC method LIFO expense using the same inventory mix and balances the prior year end actual balances using the most recent PPI or CPI indexes available. The steps for using the software to make projections are described in detail on the LIFO Projections page of our website. Click the button below to visit LIFO-PRO’s LIFO Projection page.
Added Software Features and Functionality
New feature to determine whether the dollar total per the Excel input file & the LIFO-PRO Report 23S total ties- When you go to the screen where the Excel input file is loaded, there is a message box on the left side at the bottom which reads “Select grand total cell before clicking on Start IPIC Index Calculation command button to provide warning message if grand total cell and output sum do not agree”. This message is self-explanatory. I think that most accountants will appreciate this feature because I think this is the easiest way to force yourself to check to see whether these balances tie. If you want to skip this test, if you click on the Start IPIC Index… Command Button while the mouse cursor is on a blank cell, a message box to that effect will appear and you click on the no option, this test is skipped.
Saving LIFO-PRO reports as PDF files- Starting in 2015 with the Windows 10 operating system, all computers have a factory Microsoft PDF print driver pre-installed that can be found under Devices & Printers in the Control Panel listed as “Microsoft Print to PDF”. This generic print driver will print all LIFO-PRO Reports files within the LIFO-PRO Software. LIFO-PRO uses the Adobe PDF Printer for creating client LIFO reports in the LIFO-PRO Software. The Adobe PDF Printer is preferred because it pre-inserts the appropriate filename in Windows Explorer’s “Save As” Dialogue Box for when prompted for the location to save your LIFO-PRO .pdf file.
Saving LIFO-PRO reports as Adobe .pdf Files
Windows 10 users: You may save LIFO-PRO report files as Adobe .pdf files by clicking the print button within the Automated Report Printing screen (or within any individual report screen) by using the Microsoft Print to PDF print driver. This printer is preinstalled on all computers that have the Windows 10 operating system. To use this printer to save LIFO-PRO reports as an Adobe .pdf file, click the print button and left-click the drop-down menu to the right of the “Name:” label. Select “Microsoft Print to PDF”, and click OK. You will be prompted to provide a name to save your file as.
Note: If using the Microsoft Print to PDF driver in the Automated Report Printing screen, the first file being saved is a log file. Save this file as “delete”, as this pdf will need to be deleted following all other reports being created.
Reference the report screen name/title that appears behind the “save file as” menu screen to name the report that you are saving appropriately. You may also change the folder location of where the Adobe .pdf files are saved within the “Save file as” menu screen as needed.
Saving LIFO-PRO reports as Adobe .pdf files on a Non-Windows 10 device: The LIFO-PRO software will print standard reports automatically as Adobe .pdf files without the Microsoft Print to PDF or Adobe PDF Print Drivers by using doPDF, a free third party Adobe .pdf print driver. The doPDF application operates the same way as your Adobe PDF Printer; LIFO-PRO requires doPDF to be installed in order to save all LIFO-PRO reports as PDF files. LIFO-PRO Software Users may download the doPDF application by clicking the link here: doPDF Print Driver Download (Adobe PDF printer not supported in LIFO-PRO). The doPdf software developer is a Certified Microsoft Partner. Once this print driver has been installed, the doPDF print driver will appear on the list of available printers to use this printer for saving LIFO-PRO reports as Adobe .pdf files.