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TC-00104 : FIN - ITEM - New Item Setup - Revalue Standard Cost Inventory
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Process Area : Design to Build
Steps To Execute
Role: Kimray Cost Accountant, Kimray Cost Supervisor 1. Navigate to Lists > Accounting > Revalue Standard Cost Inventory (note: depending on role, this may be under the Financial > Cost Accounting menu). 2. It is suggested to add additional filters to the page the first time using this page. Click the Customize button, and add filters for "Type" and "Name" for Item Type and Item Name. Save. 3. Select the Standard Cost Version(s) for the applicable Location(s) for this request, and the Effective Date. 4. Confirm the Adjustment Account is correct. Acct 130240 will default based on the system Accounting Preferences. 5. Mark the checkbox "Revalue Assemblies Based on Components" if you want updated Component Item costs to rollup to associated Assembly Items. Unmark this box if you do not want updated Component Item costs to rollup to associated Assembly Items. 6. Select the Items you wish to run the Revalue Standard Cost Inventory process for. Optionally, select the box for All Items. 7. Click Submit and wait for the process to reach Completed status.
Expected Results
1. Inventory Cost Revaluations created 2. GL Impact Debit Inventory (based on the QOH at the new standard cost) Credit Inventory (based on the QOH at the prior standard cost) Debit or Credit Cost Adjustment Reserve (based on QOH and the variance between prior/new standard cost) Debit WIP (based on the quantity issued to open WOs at the new standard cost) Credit WIP (based on the quantity issued to open WOs at the prior standard cost) Note: Any open Work Orders impacted by the Cost Revaluation transaction can be viewed under the "Work Orders" subtab of the Inventory Cost Revaluation transaction. 3. New inventory impacting transactions created on or after the date of the cost revaluation will begin using the new standard cost.