Inventory Items configured with Supply Type = Purchase Default Cost set and Inventory Cost Template assigned (if applicable) Assembly Items configured with Supply Type = Build BOMs defined Routings defined Standard Cost Versions defined and assigned to Locations Role: Kimray Cost Accountant Planned Standard Cost Rollup Setting Planned Standard Cost Navigate to Lists ; Accounting ; Planned Standard Cost Rollup Select Standard Cost Version In this example use "Cleburne | Corpus Christi" and "DCItem Default" Select the Effective Date In this example select 10/1/2024 Mark the box to Update Inventory Cost Mark the box to Rollup Assemblies Based on Components Unmark this box if you do not want updates to component items to roll up to assemblies Select the Items you wish to run the planned standard cost rollup for. Optionally select the box for All Items. Click Submit Wait for the process to reach a completed status. After the process has completed Planned Standard Cost records are created. To review the planned standard cost for a given item use a saved search such as "AAR OKC Mfg Planned Standard Cost". Use the Item Name and Location filters to narrow down the results. Revalue Standard Cost Inventory After updating planned standard cost run this process to set Item Standard Costs based on Planned Standard Costs. This process will also create Inventory Revaluation transactions to adjust inventory values to reflect their new standard costs. Navigate to Lists ; Accounting ; Revalue Standard Cost Inventory Select Standard Cost Versioning this example use "Cleburne | Corpus Christi" and "DCItem Default" Select the Effective Date In this example select 10/1/2024 Mark the box to Revalue Assemblies Based on Components Unmark this box if you do not want updates to component items to roll up to assemblies The Adjustment Account should default as Acct# 130240. Override the account if desired. Select the Items you wish to run the revaluation process for. Optionally select the box for All Items. Click Submit Wait for the process to reach a completed status. After the process has completed navigate to an item record that you ran the process for. Under the Accounting tab the Current Standard Cost and Current Standard Cost Effective Date are displayed. Click on the Related Records tab and filter on Type = "Inventory Cost Revaluation" to view cost revaluation records. GL impact of revaluations Debit or Credit to the Item's Inventory Account Debit or Credit to the Revaluation Account selected upon submission.