Changing Unit Cost on Item Card

Roelof

Hi,

It has been probably addressed many times, but I do it one more time:
I'm trying to change my Unit Cost on the Item card to a specific cost price.
The Item has Item Entries and the Costing Method is FIFO.
I'm trying to do that with the Item Journal and Revaluation Journal.
I am able for example to change my InventoryValue or QuantityOnHand but the Unit Cost is hard to fix.

Any help is welcome!

PS: If nothing works I was thinking to temporary change the code in the Item table and manually change the Unit Cost, but I noticed that during the 'Adjust Cost Item Entries' batch the Unit Cost is related to the Average Cost. The Average Cost is a calculated field based on the Item Value Entries. Not sure if I could do that.

ara3n

Once you have done your reevaluation you need to run Adjust Cost-Item Entries batch job.

This will recalculate your "Unit cost"

Roelof

That is what I know. I did all that.
It turns out that it is really hard to change the Unit Cost on the Item card to a specific value.

Any help is welcome!

jonsan21

Are you trying to change the costing method of an item?

BTW, why you want to change the unit cost on the item card? When you post a sale, it won't take the cost from there, you know that right? Well, initially, but after the adjust cost, it should 'fix' the cost with regards to your costing method.

Rgds,

Jon.

Roelof

Well, the problem is that the client 'screwed up'. They haven't had run the Adjust Cost batch for a long time. They probably also didn't have applied properly. So their costing is way off out of wack.
In order to fix it I was thinking to play with postive/negative adjustments in the Item Journal and/or revalue then inventory value in the Revaluation Journal. But all that doesn't work out.
Costing method they have is: FIFO.

Any help is welcome!

Alex_Chow

1. Make sure all received items are invoiced
2. Make sure all shipped items are invoiced
3. Run revaluation journal as of the upcoming Sunday (to ensure no one is working with the sytem)
4. Post the revaluation and run adjust cost.

This will change your unit cost IF your QOH is greater than 0.

sajidhanifkhan

Alex Chow

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1. Make sure all received items are invoiced
2. Make sure all shipped items are invoiced
3. Run revaluation journal as of the upcoming Sunday (to ensure no one is working with the sytem)
4. Post the revaluation and run adjust cost.

This will change your unit cost IF your QOH is greater than 0.

Thanks Alex. You solved my problem I was using Average costing system.

regards to mibuso and all of you guys. I was looking for this solution since very long I even posted here so many times but today I got the answer from Alex.

Once again thank you all and thanks for mibuso.

sajid

Roelof

Hi Alex,

Your solution is when entries are posted and applied correctly. In my case it's not. When I run adjust cost and do all the steps you suggested, I still have a way off Unit Cost.

sajidhanifkhan

Hi Reolf,

In my case it's not. When I run adjust cost and do all the steps you suggested, I still have a way off Unit Cost.

Are you using any Lot number or serial numbers for the items to trace FIFO ?
Could you please let me know the exact scenerio what is the error and what r you expecting?

regards

jmw

Hello Roelof,

where you able to find the solution to changing unit cost on item card?
We have the exact same problem - we are trying to change Unit Cost on item card. Item has ledger entries.
We tried Inventory Journal and Revaluation Journal but it did not work.
Any insights would help

Thank you,

Jasmina

sudhakarsv

To change unit cost on item card.

Use Revalation Journal to adjust/modify the unit cost in corresponding item ledger entries.
Preferably open entries in ILE (remaining quanity>0).

Go to revaluation journal enter the document number,item number and lookup applies to entry number field (select open ILE's) on the line.The exercise to be repeated for each location,multiple lines to created and posted(positive entries would be opened on lookup).

Once this is done.unit cost gets adjusted for +ve entries.After running AICE batch job,unit cost gets adjusted automatically for Negative entries.

Hence unit cost updated automatically on item card.