The items with costing method as standard cost have to have their first transaction as inventory cost revaluation. In other cases, an error will occur as: “Inventory Revaluation is no longer the first transaction in the item’s history” In order to not get this error, all the items with standard costing method should be revaluated.… Continue reading Standard Cost revaluation
Tag: Revaluing Standard Cost
Inventory Cost Revaluation considered in recording Production Variance
The Inventory Cost Revaluation considered by the system for recording of variances is effective as of date of Work Order Close. The Inventory Cost Revaluation effective as of Work Order Completion is the record used in recording the cost of the asset but the recording of the variance is based on Work Order Close date. As a best practice, ensure there are no open work… Continue reading Inventory Cost Revaluation considered in recording Production Variance
Things to check for Item if it doesn’t show up on standard cost revaluation
This article shows the checks to do if an item does not show up in cost revaluation
Standard Costing setup in NS
This article contains the method to setup the standard costing in NetSuite account.