Recost Inventory Items

Owned by Stephen Juliano (Unlicensed)
Last updated: Oct 17, 2023 by Stephen Juliano
2 min read

Overview

The re-cost inventory screen is used to update the average cost of inventory. The average cost of inventory is the purchase cost that an item is received into inventory and any freight applied against the PO. This screen will allow you to recalculate the average cost of an item if it ever gets off.

INV>Transactions>Re-Cost Inventory Items

How-To

Re-costing an item is simple. Select your branch, enter date, item, and warehouse. Set your New Cost and hit Process Transactions. The system will issue out and receive the inventory to correct the cost. You will see the transactions on the Item transaction history and the Inventory posting to GL.

Step-by-Step

  1. Open the Re-cost screen

    1. INV>Transactions>Re-Cost Inventory Items

  2. Select the Branch to update

    1. This sets the GL accounts

  3. Set the date you want the transactions to occur

  4. Select Item and Warehouse

  5. Enter your new Cost

  6. Process the re-cost

    1. Hit Process Transactions button

Detail

Here is a breakdown of each field on the screen.

  • Branch (dropdown) – This dropdown sets which branch will be affected by the recost. It will change the GL accounts being hit.

  • Re-Cost date – this will be the date of the re-costing transaction, tabbing through will default to the current date.

  • Item - the item that you are trying to re-cost

  • Warehouse – the warehouse that the item is located in, each warehouse has its own set of average costs so you will want to specify the warehouse you are changing. If you leave the warehouse blank you will be prompted that you are updating all warehouses, this in most cases in not ideal so be cautious.

  • Current cost – this will be the current costs in the warehouse that you chose

  • New costs – this will be the new cost that you have calculated.

  • Accrual Account – This field displays the Accrual Account the re-cost will be applied against. Changing the Branch will change this account.

  • Inventory Account – This field displays the Inventory Account that the re-cost will be applied against.

  • Process Transaction (button) – This button will re-cost your item