Handling FET on POs and Receivings

If federal excise tax is assessed on an item, you need to track the cost of FET each time the item is received. When you place an item on a purchase order or receiving document, TireMaster uses one of the following values as the FET:

The average of the item’s federal excise tax
The FET from the item’s last receiving

To define which value to use, set the control Use Next FET for POS/Receivings. In addition to identifying how FET is handled on purchase orders and receivings, this setting also determines which value to use as the FET for items added to quotes or work orders.

Note: By default, TireMaster uses the average cost of an item’s federal excise tax as its FET.

To set FET handling

1. From the Setup menu, select System Controls. The System Controls screen appears.

2. Click the Inventory tab.

3. Select Use Next FET for POS/Receivings and press Enter.

4. Select one of the following:

To use the average cost of an item’s federal excise tax, select YES.
To use the FET from an item’s last receiving, select NO.

5. Click OK.

6. Close the System Controls screen.

Note: You can view both the average cost of an item’s FET and the last FET in an item’s settings. The last FET is the amount of federal excise tax you paid for the item the last time it was received. The next FET is the average cost of the item’s federal excise tax.