Tag: Standard costing

STANDARD COST IMPORT SETUP

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… Continue reading STANDARD COST IMPORT SETUP

Standard Cost revaluation

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

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