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Evo-ERP and DBA Classic >> Items >> Last Cost changes
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Message started by LJ on 03/08/07 at 19:15:01

Title: Last Cost changes
Post by LJ on 03/08/07 at 19:15:01

When someone makes an error in an adjustment (for instance) and the incorrect cost is entered, is there anyway to edit that last cost after the adj is posted? It really throws things out of wack and happens more frequently than we would like.

Title: Re: Last Cost changes
Post by Karen Mason on 03/09/07 at 10:03:52

You can edit last cost through IN-K. Change the cost to what you need. Then, if necessary, run UT-K-G to update the book value. A journal entry will be needed to post to General Ledger.

Title: Re: Last Cost changes
Post by Lynn_Pantic on 03/09/07 at 14:43:39

Editing Last Cost will not affect inventory value, Book Value or the GL but only change the Last Cost Reference value. To actually change the value of the items in stock, it is best to use IN-C and make an adjustment to take the stock level down to zero, then another to put them back in at the correct cost.

Changing Average Cost in IN-K is NOT recommended.

Title: Re: Last Cost changes
Post by ddlong on 03/11/07 at 12:04:27

I've used IN-K some to correct the following problem - please advise a better solution.

The Problem: A purchase order is received into stock and immediately issued to sometimes two to three different jobs. Our jobs are usually open for four to six weeks.

A week or more after the receipt of material, the invoice comes. The accounts payable clerk edits a wrong cost on the purchase order, creating a $change. The purchase order is fixed and the average cost is adjusted, but the jobs are showing incorrect costing - sometimes by quite a lot and because the qty on hand is less because some have been issued, the average cost is still incorrect.

What I've done in the past - preferably when no one else is in the system.

1. In IN-K change avg cost back to the cost at which it was received in.

2. Unissue from any jobs that it had been issued to at that cost.

3. Change average cost to what it should have been.

4. Then reissue to the work orders.

Darla Long

Title: Re: Last Cost changes
Post by Lynn_Pantic on 03/11/07 at 17:13:17

If the balance on hand is zero at the time you make the correction to the average cost, that is a fine approach. It will move the cost correction to the work order where it belongs.

Title: Re: Last Cost changes
Post by ddlong on 03/12/07 at 09:35:53

Thanks Lynn,

But if it's not zero, should I adjust to zero quantities - then go through the same steps I went through to correct job costing, then adjust quantities back with correct average cost?

Darla Long