Italian fiscal law dictates that the dealer must include a parts stock valuation as part of their End-of-Year (EOY) profit calculations. This can be based on either the parts average cost price or LIFO (Last In First Out). Which method is used depends on the individual dealer, but most dealers in Italy use LIFO. For a dealer to change from LIFO to Average Cost, certain criteria must be met and a period of notice must be given to the fiscal authorities. To produce the LIFO report, a program is run that calculates the SM EOY log totals on the file, SM.eoylg, and prints the report. This program is run as part of the dealership's EOY procedures.
The End of year options menu is displayed when you select the End of year options option from the SM SYSTEM MAINTENANCE menu. From this menu, you can view the SM.eoylg file.
View SM eoylg file: Allows you to display the End-of-Year log file.
Calculate SM eoylg totals: This option is run automatically by EOY procedures to update the values on the End-of-Year log file and print the LIFO report.
