How to enter Item Cost in inventory item master

[Former Member]

Dear All,

Some of the item in the inventory master has no item cost (i just discover it), may i ask how to enter the item cost (the moving average) into it? as the item is already created, the item cost filed cannot be edited..... please kindly help on this ....

Million thanks...

[Former Member · Accepted solution]

Hi Tac,

If you have items that are managed by Moving Average and there is no item cost, you will need to do a Stock Revaluation.

This can be done by following this menu path Stock Management -> Stock Transactions -> Stock Revaluation.

You enter the item code and the new item cost.

I hope this answers your question.

Regards

Tanveer

[Former Member · Accepted solution]

Dear all,

in the stock revaluation, i tried the Revaluation Type (Price Change) and it can change the item price in the inventory, but what about the "Inventory Debit/Credit" ? i used it but seems there is nothing changed in the item master data, i have read the help file, it said it is used select to revaluate the stock value by changing the stock value which will cause the item cost to change accordingly.

but i really don't understand the Quantity and the Debit/Credit fields.

please kindly help on this...million thanks

[Former Member · Accepted solution]

Hi tac

Please refer Suda comment .Inventory revaluation is generally used for Standard costing method.

Note: Please close this thread and mark it answered if you have got your solution

Thank you

Bishal

[Former Member · Accepted solution]

Inventory Debit/Credit may not apply to you. It only takes care of partial inventory quantity cost modification if any.

Thanks,

Gordon

[former_member583013 · Accepted solution]

When you process an Inventory Debit or Inventory Credit....the transaction is probably using the Moving Avg Cost in the system and that is why you do not see any change.

Can I ask, what you really need ??

A lot of answers have been posted and unless there is a real question, I would be marking this question closed

Suda

[jitin_chawla]

Hi Tac,

Following information is available on Online Help (F1)

Valuation Method : This is relevant for perpetual inventory only.

Select one of the following:

Moving Average u2013 the method is based on the calculation of an average cost for the item in each sales and purchasing transaction.

Standard u2013 the standard pricing system permits the selection of a fixed price, which is then used for all transactions.

FIFO u2013 an additional perpetual inventory system, in which goods purchased first are sold first, regardless of the actual goods flow.

Item Cost : Specify the cost of the item for the standard costing method.

The value is updated and calculated for all inventory entries for Moving Average and FIFO.

Regards,

Jitin

[Former Member]

Hi Tac,

If you inventory valuation is by standard cost, you can use Inventory Revalution under Inventory - Inventory Transactions to enter the item cost.

Thanks,

Gordon

[Former Member]

Dear Gordon,

sorri...may i know what means standard cost? i just know our system is using moving average for the items

million thanks

[former_member583013]

As you are using Moving Average, the Item cost (Moving Avg Cost) are calculated by the system when you post a Goods Receipt transaction. This is also true when you do your initial inventory upload where you import the Quantities first using the StockTaking template and them import the prices (cost) into one of the Pricelists and use this Pricelist in your Initial Stock Reconciliation and this way the cost prices from your pricelist gets updated as the moving avg price to start with

Suda