How to resolve the error: ‘Inventory Revaluation is no longer the first transaction in the item’s history’.

You encountered this message unless the following steps are taken.

1. A Standard Cost Version has been created under Lists > Accounting > Standard Cost Versions
2. A Planned Standard Cost has been assigned to the item under Lists > Accounting > Planned Standard Costs
3. This is not always necessary. If you decide to activate an existing Cost Version, you may manually revalue a single item through Transactions > Inventory > Revalue Inventory Cost
4. Update the standard cost of items with the effective date by running the Inventory Cost Revaluation under Lists> Accounting> Revalue Standard Cost Inventory

You may want to create a saved search to identify which Items and in which Location need to have an Inventory Costing Revaluation. I will walk you through to create a saved search to view Items with no Inventory Cost Revaluation per Location.

1. Create an Item Search (Lists > Search > Saved Searches > New > Item)
2. Under Criteria:
3. Costing Method is Standard
4. Current Standard Cost is Empty
5. Under Results:
6. Item
7. Inventory Location
8. Note: add additional columns as needed.
9. The result lists down Items and the Inventory Location where the Current Standard Cost is Null or Empty.