The Last Rcvd field displays the date on which the item was last entered on a Purchase Invoice.
This field is automatically updated when a Purchase Invoice is saved that includes the item.
Note: The Last Rcvd field is not changed if the date on the Inventory record is later than the Purchase Invoice date (i.e., if an old Purchase Invoice is edited, or a Purchase Invoice is predated).
See:
Inventory Database - Order Data Screen Fields