Cost Price Updates

Owned by Michael Hanlon
Jul 07, 2023
2 min read

Cost Price Updates can be performed in batches, so the change effects a number of part numbers at once. It’s accessed from the Inventory > Utilities menu.

For each part number, stock on hand lines are selected and returned to the grid. Each line of stock has the new cost price set and the resulting journal posts to the ledger account attached to 'Cost Price Adj' label for that item.

Stock lines that have been received on GRNs or shipment book in forms, BUT not yet invoiced, will NOT appear for selection. The invoice needs to be activated first before the cost price of the lines can be changed.

Steps

  1. Inventory • Utilities • Cost Price Update

  2. Click New to create a new batch

  3. Type in or search for the part number and select the required stock line(s) that are displayed

  4. Enter in the new cost to be applied

  5. Repeat steps 2 and 3

  6. Save and review

  7. Activate the form so the stock on hand records costs are updated and the journal posted to reflect the change.

    1. A new stock on hand record is created for what remains of the original stock, with the new cost

    2. The original stock on hand record, the difference between Qty In and SOH, is reduced to 0 at the original cost.

    3. The field Reference is updated with [Split from UCPC]