REQUIREMENT:
Context: The client is using a Standard Cost for both the Assembly and Inventory (its components). The count of Assembly is around 1k, the count of Inventory (RM) is around 3k.
Concern: I need to perform Inventory Adjustments to the newly imported Assembly and Inventory (RM); however, upon saving Inventory Adjustment transaction I get this error: “Inventory Revaluation is no longer the first transaction in the item’s history”.
First Solution Attempt:
I noticed that when I do the Inventory Adjustment, the Unit Cost is disabled. Thus, I performed this:
- On the Default Cost field per location, I imported a cost value.
- I went back to Inventory Adjustment, then I still see that the Unit Cost does not have any value.
Second Solution Attempt:
- I created a Standard Cost Version.
- I created a Planned Standard Cost for one Inventory item with cost input.
- I performed Revalue Standard Cost.
- I created Inventory Adjustment, I am finally able to save it.
QUESTION: How can I efficiently setup the Standard Cost of each Assembly and Inventory (RM) without having to do the MANUAL setup on Planned Standard Cost? Is it possible via import? Please guide me on how I can properly setup Standard Cost.
ANSWER:
Here is an Alternate Solution:
This can be useful for customers who has thousands of items and it will be too impractical for them to manually create Planned Standard Cost Records individually. This Alternate Solution will be just to create the Planned Standard Cost Records, Original/Current Standard Costs on the Item Records will be restored, depending on the discretion of Customer.
1.Create a Saved Search to keep the Current Standard Cost Values.
Lists > Search > Saved Searches > New > Item.
Criteria Tab:
–Type is Inventory Item
–Costing Method is Standard
–Location Standard Cost is not empty
Results Tab:
–Internal ID
–Inventory Location
–Location Standard Cost
Rename the Saved Search: Current Standard Costs
Save & Run
Export to CSV
Save CSV File as “Current Standard Costs.csv”
2. Prepare the Planned Standard Cost Data.
Using the same file downloaded in Part 1, Change the Standard Cost with what Standard Costs would you want to set on your Planned Standard Cost Records.
Save the File under a new Name: “Planned Standard Cost Version 1.csv”
You may save as many version as you want. Each Version may represent a Standard Cost Version that will be used to identify Planned Standard Cost Record per Item.
3. Create the Standard Cost Version.
Go to Lists > Accounting > Standard Cost Versions > New.
Name: Planned Standard Cost Version 1.
Set Location. You may select multiple Locations per Standard Cost Version.
Inventory Standard Cost: Item Default
Save.
You may create as many Standard Cost Version as desired.
4. Update the Item Records via CSV.
Go to Setup > Import/Export > Import CSV Records.
Import Type: Items
Record Type: Inventory Itrem
Click Select… Button
Select “Planned Standard Cost Version 1.csv” (created in step 2.)
Click Next.
Select Update.
Click Next.
Please see below suggested mappings:
Internal ID = Internal ID
Inventory Location = Item Locations Folder > Item Locations 1 Subfolder > Location
Location Standard Cost = Item Locations Folder > Item Locations 1 Subfolder > Standard Cost
Click Next.
Import Map Name: Planned Standard Cost Version 1
Save & Run.
Click Import Job Status Link.
Click Refresh Button until you get a Complete Status (100%)
5. Mass Create Planned Standard Cost Records
Go to Lists > Accounting > Planned Standard Cost Rollup
Click Customize Button > Additional Filters > Mark Costing Method > Click Save.
Select Standard Cost Version: Planned Standard Cost Version 1 (created in Step 3.)
Set Effective Date.
Set Costing Method Filter = Standard
Update Inventory Cost = T (This will include items with existing Planned Standard Cost Records)
Click Mark All Button.
Click Submit.
You will now have 1 Planned Standard Cost Record for each of all the marked items.