Patent ID: 8060417
Filing Date: 2011-11-15
Classification: G06Q

Abstract:
1. A method of tracking costs in an accounting system operating on a computing device, the computing device comprising a processor configured to execute computer executable instructions and memory storing computer executable instructions of the accounting system that, when executed by the processor, cause the accounting system to perform steps comprising: storing, in the memory, a quantity on hand (QOH) of an item and a unit cost of the item for the QOH of the item; storing, in the memory, a receipt record (n) for a receipt transaction, the receipt record (n) including a quantity of the item received in the receipt transaction (OR recording, in the receipt record (n), an original date effective adjusted unit cost of the item for the receipt transaction (AUC storing, in the memory, a plurality of sales records for sale transactions that occurred after the receipt transaction, each sales record including a quantity of the item sold, a date of sale, and an original unit cost of the item sold which is set to the original date effective adjusted unit cost of the item for the receipt transaction (AUC storing, in the memory, a next receipt record (n+1) for a next receipt transaction that occurred after the plurality of sale transactions, the next receipt record (n+1) including a quantity of the item received in the next receipt transaction, a receipt date of the next receipt transaction, and a unit cost of the item for the next receipt transaction; recording, in the receipt record (n), a date effective QOH of the item for the receipt transaction (QOH storing, in the memory, a previous receipt record (n−1) for a previous receipt transaction, the previous receipt record (n−1) including a quantity of the item received in the previous receipt transaction, a receipt date of the previous receipt transaction which is prior to the receipt date of the receipt transaction, and a unit cost of the item for the previous receipt transaction; calculating a date effective adjusted unit cost of the item for the previous receipt transaction (AUC recording, in the receipt record (n), a revised date effective adjusted unit cost of the item for the receipt transaction (AUC recording, in the receipt record (n), a revised date effective QOH of the item for the receipt transaction (QOH recording, in the each of the plurality of sales records between the receipt record (n) and the next receipt record (n+1), a revised unit cost of the item sold which is set to the revised date effective adjusted unit cost of the item for the receipt transaction (AUC recording, in the each of the plurality of sales records between the receipt record (n) and the next receipt record (n+1), an adjustment to a general ledger which is calculated by multiplying the quantity of the item sold in each sales record by a difference between the original date effective adjusted unit cost of the item for the receipt transaction and the revised date effective adjusted unit cost for the receipt transaction to reflect that the original unit cost of the item sold was understated in each sales record; recording, in the next receipt record (n+1), a date effective adjusted unit cost of the item for the next receipt transaction calculated by multiplying the quantity of the item received in the next transaction by the unit cost of the item for the next transaction, adding the revised date effective QOH of the item for the receipt transaction multiplied by the revised date effective adjusted unit cost of the item for the receipt transaction, and dividing by a sum of the quantity of the item received in the next transaction and the revised date effective QOH of the item for the receipt transaction; and recording, in the next receipt record (n+1), a date effective QOH of the item for the next receipt transaction which is calculated by subtracting quantities of the item sold from all sales records between the receipt record (n+1) and a subsequent receipt record for a subsequent receipt transaction from the sum of the quantity of the item received in the next receipt transaction and the revised date effective QOH of the item for the receipt transaction.