diff --git a/setup/doctype/global_defaults/global_defaults.txt b/setup/doctype/global_defaults/global_defaults.txt
index f68c6d3..6c47b61 100644
--- a/setup/doctype/global_defaults/global_defaults.txt
+++ b/setup/doctype/global_defaults/global_defaults.txt
@@ -5,7 +5,7 @@
 	{
 		u'creation': '2012-07-03 13:30:02',
 		u'docstatus': 0,
-		u'modified': '2012-10-23 10:57:41',
+		u'modified': '2012-10-26 16:42:29',
 		u'modified_by': u'Administrator',
 		u'owner': u'Administrator'
 	},
@@ -175,6 +175,15 @@
 
 	# DocField
 	{
+		u'doctype': u'DocField',
+		'fieldname': u'default_valuation_method',
+		'fieldtype': u'Select',
+		'label': u'Default Valuation Method',
+		'options': u'FIFO\nMoving Average'
+	},
+
+	# DocField
+	{
 		'colour': u'White:FFF',
 		'description': u'Applicable only if valuation method is moving average',
 		u'doctype': u'DocField',
diff --git a/stock/doctype/item/item.txt b/stock/doctype/item/item.txt
index a605821..a656b74 100644
--- a/stock/doctype/item/item.txt
+++ b/stock/doctype/item/item.txt
@@ -5,7 +5,7 @@
 	{
 		u'creation': '2012-07-12 22:19:45',
 		u'docstatus': 0,
-		u'modified': '2012-10-23 11:02:09',
+		u'modified': '2012-10-26 16:39:16',
 		u'modified_by': u'Administrator',
 		u'owner': u'Administrator'
 	},
@@ -293,6 +293,16 @@
 
 	# DocField
 	{
+		u'doctype': u'DocField',
+		'fieldname': u'valuation_method',
+		'fieldtype': u'Select',
+		'label': u'Valuation Method',
+		'options': u'\nFIFO\nMoving Average',
+		'permlevel': 0
+	},
+
+	# DocField
+	{
 		'colour': u'White:FFF',
 		'default': u'0.00',
 		'description': u'You can enter the minimum quantity of this item to be ordered.',