When a user creates a transaction for an item with Standard Costing Method, an error message comes up: “Inventory Revaluation is no longer the first transaction in the item’s history.”
steps to solve it
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. Update the standard cost of items with the effective date by running the Inventory Cost Revaluation under Lists> Accounting> Revalue Standard Cost Inventory