Inventory Valuation

[EveSat]

Hello,

We're very new to ACCPAC. We are doing our inventory valuation for the first time. Last quarter, we only did the quantities as we are still learning the ropes. This quarter what we did is enter & post first only the quatities thinking that we will do the unit cost adjustment later. But when we run the next worksheet, it does not allow changing the adjustment unit cost unless the quantity is changed. Is there a way at this point to change only adjustment unit cost and leave the quantities as ease as they are now correc?

Thanks for the past help.

 

[ettienne]

Heck that's a backward way of doing things, never in my 20 years of consulting have I seen that. Anyway, you can do IC adjustments to change the cost. Note that you must do a cost increase and you must enter the total cost for all quantities - not the unit cost.

 

[EveSat]

sorry, but there's hundreds of items that we are seeing the unit costs have gone out of wack.

We just would like to put them back to their original cost so that when we run the next inventory, they are now in line with what it should be.

Again, as mentioned we're still very new and need some guidance here.

If we do IC adustment then we have to do for each item, ie cost increase or decrease?

 

[ettienne]

Correct you have to adjust each item. You have to run the IC day end, then print out the Item Valuation using Location Detail Costs (not Transaction Costs). Take the difference between the total cost on the item valuation report and the total cost you want and use that as the adjustment in your cost increase/decrease. Run IC day end after you post the adjustment and then print out the item valuation (Location Detail Costs) again.

 

[EveSat]

With quite a number of items to be corrected, doing the IC adjustment is really time consuming.

I still again would prefer if it can be done via Physcal Inventory if it is possible to change only the unit cost even without changing the quantity. By posting the inventory reconciliation,(cost variance) a resulting adjustment entries would have been created then updating the GL. To me, that simplify the manual entries. But then only if such procedure is allowable.

 

[ettienne]

Have you tried it?

 

[ettienne]

I just read your first post again...
No you cannot do cost only adjustments in PI, you have to do a cost adjustment for that. You could write a macro, but that is a different tiger to saddle. You could also import adjustments from Excel.

 

[EveSat]

No, I'm not going into writing a macro for that, but I'm interested in importing from excel. How to do that?

 

[EveSat]

So is this the only way to value inventory and update unit cost?

 

[Jay Converse]

Of course. You took a shortcut when you started, now you have to do the work.