Change the Standard Cost of Items

Use the following procedure to change the standard cost for standard cost valuated items with Standard Cost Adjustment Selection or Standard Cost Adjustment Entry. Use Standard Cost Adjustment Selection to automatically change the standard cost for items with a specified criteria. You can also use Standard Cost Adjustment Entry to manually change the cost for one item at a time.

Standard Cost Adjustment Selection and Standard Cost Adjustment Entry can be used together; you can enter a new cost rate/amount to be applied to a range of items using Standard Cost Adjustment Selection first, and then change the new standard cost for specific items within the range using Standard Cost Adjustment Entry. Standard Cost Adjustment Selection can also be used to populate the grids in Standard Cost Adjustment Entry with pre-selected items.

Because either window can be used to select items for standard cost change, if the same item is selected in both tasks, any new selections will not overwrite the previous selection. The standard cost is not changed until you select to update the standard cost after printing or previewing the register.

Note You can only change the standard cost for items using the standard cost valuation method. For items using all other valuation methods, use Automatic Cost and Price Change.

Before You Begin

You must have the appropriate security setup to access the Standard Cost Adjustment tasks.

Note Only one user at a time can access these tasks.

To change the standard cost of items

Use Standard Cost Adjustment Selection to automatically change the standard cost for a selected range of standard cost items. To change the standard cost for one standard cost item at a time, skip to step 2.

Select Inventory Management Utilities menu > Standard Cost Adjustment Selection.
In the Cost Change Method field, select the change method to apply to standard cost items. For more information, see Standard Cost Adjustment Selection - Fields.
In the Cost Change Rate/Amount field, enter the percentage or amount to increase or decrease the standard cost. Enter a positive value to increase or a negative value to decrease the cost.
In the Operand and Value fields, enter the item codes, product lines, price codes, and/or primary vendor numbers to select the standard cost items that you want to change the standard cost for.
Click Proceed. A message appears prompting you to enter another selection or proceed to the Standard Cost Adjustment Entry window.
Perform one of the following:
Click Yes to enter another selection and repeat steps a through e.
Click No to proceed to step 2.

Use Standard Cost Adjustment Entry to change the standard cost for an individual item.

Select Inventory Management Utilities menu > Standard Cost Adjustment Entry.
In the Item Code field, enter the standard cost item code that you want to change the standard cost for. For more information, see Standard Cost Adjustment Entry - Fields.
In the New Standard Cost field, enter the new cost for the item, and then click Accept.
Perform one of the following:
To select another standard cost item to change the standard cost for, repeat steps b and c.
To apply the new standard cost to all standard cost items selected, click the Print button. Proceed to step 3.

Note If you decide not to change the standard cost for an item already selected, click on the row for that item and select Delete Row. To clear all selected items from standard cost changes, at the Delete Row button, click the drop-down button and then select Delete All Rows and click Accept in the Standard Cost Adjustment entry window, or click Clear in the Standard Cost Adjustment Selection window.

In the Standard Cost Adjustment Register window, enter the posting date and select the printer or output method for the register. Click Print or Preview. For more information, see Printing Dialog Box (Journals and Registers) - Fields.
After the register is printed or previewed, a message appears, asking to update the standard cost adjustment register. Click Yes.

The standard cost for the selected items is changed, and the system activity log is updated with a description that the Standard Cost Adjustment Utility was run.