{"id":5105,"date":"2013-11-18T05:35:17","date_gmt":"2013-11-18T05:35:17","guid":{"rendered":"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/?p=5105"},"modified":"2013-11-18T05:35:17","modified_gmt":"2013-11-18T05:35:17","slug":"standard-cost-functionality-in-sage-300-erp","status":"publish","type":"post","link":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/","title":{"rendered":"Standard cost functionality in Sage 300 ERP"},"content":{"rendered":"

Standard costing is an important aspect of cost accounting.Standard costs are usually associated with company\u2019s cost of direct material, Consumables, Direct labor and overhead.
\nRather than taking actual cost of direct material, Consumables, Direct labor and overhead many companies prefer taking expected or standard cost in their books of accounts.
\nBy adopting standard costing method, inventories and cost of goods sold will reflect the standard cost, not the actual cost of product.
\nWe can configure standard costing Method in Sage 300 ERP with few easy steps. We need to follow further step to configure standard cost in Inventor control module of Sage 300 ERP.
\n\u00a0 \u00a0 1. Selection of Standard cost in Inventory account set.<\/b><\/p>\n

\"Account<\/a><\/p>\n

New Stuff :\u00a0<\/strong><\/em>Make Use of Custom Directory to Print Same Report in Different Formats<\/a>
\nIn Account set we should create one account set by selecting Costing method Standard Cost from drop down.
\n<\/b>\u00a0 \u00a0 \u00a0 2. Mapping of Standard cost Account set for items for which you want to \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0configure\u00a0<\/b>standard costing method.<\/b><\/p>\n

\"Untitled\"<\/a><\/p>\n

In Inventory module at the time of creation of IC items we should select account sets for which costing method configured by us as Standard Cost.
\n\u00a0 \u00a03. Fixing of standard cost to Inventory items<\/strong>
\nInventory control >> IC Items and price list >> Location details.<\/p>\n

\"Location<\/a><\/p>\n

In location detail we have to configure Standard cost of product as mentioned in above screen shot.
\nIn respect of above example in Sage 300 ERP, company\u2019s inventory will Debit on the basis of actual cost but cost of goods sold will be debited on the basis of configuration in location details under the column Standard cost.<\/span>
\nWe will visit\u00a0 the effects of this costing method and cost variance analysis in our next post.<\/span>
\nAlso read:<\/strong>
\n1.<\/strong>\u00a0Different Costing methods in Sage 300 ERP<\/a>
\n2<\/strong>.\u00a0Sellable and Non-sellable items in Sage 300 ERP<\/a>
\n3<\/strong>.\u00a0Location Wise I\/C Item Details<\/a>
\n<\/a>4<\/strong>.\u00a0I\/C Physical Inventory Reconciliation Process<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Standard costing is an important aspect of cost accounting.Standard costs are usually associated with company\u2019s cost of direct material, Consumables, Direct labor and overhead. Rather than taking actual cost of direct material, Consumables, Direct labor and overhead many companies prefer taking expected or standard cost in their books of accounts. By adopting standard costing method,\u2026 Read More »<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[79,565,567,877,2357,2735],"class_list":["post-5105","post","type-post","status-publish","format-standard","hentry","category-sage-accpac","tag-accpac","tag-cost-variance","tag-costing-method","tag-erp","tag-sage-300-erp","tag-standard-cost"],"yoast_head":"\nStandard cost functionality in Sage 300 ERP - Sage 300 ERP \u2013 Tips, Tricks and Components<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Standard cost functionality in Sage 300 ERP - Sage 300 ERP \u2013 Tips, Tricks and Components\" \/>\n<meta property=\"og:description\" content=\"Standard costing is an important aspect of cost accounting.Standard costs are usually associated with company\u2019s cost of direct material, Consumables, Direct labor and overhead. Rather than taking actual cost of direct material, Consumables, Direct labor and overhead many companies prefer taking expected or standard cost in their books of accounts. By adopting standard costing method,\u2026 Read More »\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/\" \/>\n<meta property=\"og:site_name\" content=\"Sage 300 ERP \u2013 Tips, Tricks and Components\" \/>\n<meta property=\"article:published_time\" content=\"2013-11-18T05:35:17+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2013\/11\/Untitled10.png\" \/>\n<meta name=\"author\" content=\"sage300\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"sage300\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/\",\"url\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/\",\"name\":\"Standard cost functionality in Sage 300 ERP - Sage 300 ERP \u2013 Tips, Tricks and Components\",\"isPartOf\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2013\/11\/Untitled10.png\",\"datePublished\":\"2013-11-18T05:35:17+00:00\",\"author\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#\/schema\/person\/1aced4e22c30ccf606960de27c9542f5\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/#primaryimage\",\"url\":\"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2013\/11\/Untitled10.png\",\"contentUrl\":\"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2013\/11\/Untitled10.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Standard cost functionality in Sage 300 ERP\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#website\",\"url\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/\",\"name\":\"Sage 300 ERP \u2013 Tips, Tricks and Components\",\"description\":\"Explore the world of Sage 300 with our insightful blogs, expert tips, and the latest updates. We\u2019ll empower you to leverage Sage 300 to its fullest potential. As your one-stop partner, Greytrix delivers exceptional solutions and integrations for Sage 300. Our blogs extend our support to businesses, covering the latest insights and trends. Dive in and transform your Sage 300 experience with us! \",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#\/schema\/person\/1aced4e22c30ccf606960de27c9542f5\",\"name\":\"sage300\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c3b4325cb326e36467f945b9b9adf2bb85e907fe092d42eb36b39743b492e626?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c3b4325cb326e36467f945b9b9adf2bb85e907fe092d42eb36b39743b492e626?s=96&d=mm&r=g\",\"caption\":\"sage300\"},\"url\":\"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/author\/sageaccpac\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Standard cost functionality in Sage 300 ERP - Sage 300 ERP \u2013 Tips, Tricks and Components","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/","og_locale":"en_US","og_type":"article","og_title":"Standard cost functionality in Sage 300 ERP - Sage 300 ERP \u2013 Tips, Tricks and Components","og_description":"Standard costing is an important aspect of cost accounting.Standard costs are usually associated with company\u2019s cost of direct material, Consumables, Direct labor and overhead. Rather than taking actual cost of direct material, Consumables, Direct labor and overhead many companies prefer taking expected or standard cost in their books of accounts. By adopting standard costing method,\u2026 Read More »","og_url":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/","og_site_name":"Sage 300 ERP \u2013 Tips, Tricks and Components","article_published_time":"2013-11-18T05:35:17+00:00","og_image":[{"url":"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2013\/11\/Untitled10.png","type":"","width":"","height":""}],"author":"sage300","twitter_card":"summary_large_image","twitter_misc":{"Written by":"sage300","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/","url":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/","name":"Standard cost functionality in Sage 300 ERP - Sage 300 ERP \u2013 Tips, Tricks and Components","isPartOf":{"@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/#primaryimage"},"image":{"@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/#primaryimage"},"thumbnailUrl":"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2013\/11\/Untitled10.png","datePublished":"2013-11-18T05:35:17+00:00","author":{"@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#\/schema\/person\/1aced4e22c30ccf606960de27c9542f5"},"breadcrumb":{"@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/#primaryimage","url":"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2013\/11\/Untitled10.png","contentUrl":"http:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-content\/uploads\/2013\/11\/Untitled10.png"},{"@type":"BreadcrumbList","@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/2013\/11\/18\/standard-cost-functionality-in-sage-300-erp\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/"},{"@type":"ListItem","position":2,"name":"Standard cost functionality in Sage 300 ERP"}]},{"@type":"WebSite","@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#website","url":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/","name":"Sage 300 ERP \u2013 Tips, Tricks and Components","description":"Explore the world of Sage 300 with our insightful blogs, expert tips, and the latest updates. We\u2019ll empower you to leverage Sage 300 to its fullest potential. As your one-stop partner, Greytrix delivers exceptional solutions and integrations for Sage 300. Our blogs extend our support to businesses, covering the latest insights and trends. Dive in and transform your Sage 300 experience with us! ","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#\/schema\/person\/1aced4e22c30ccf606960de27c9542f5","name":"sage300","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c3b4325cb326e36467f945b9b9adf2bb85e907fe092d42eb36b39743b492e626?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c3b4325cb326e36467f945b9b9adf2bb85e907fe092d42eb36b39743b492e626?s=96&d=mm&r=g","caption":"sage300"},"url":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/author\/sageaccpac\/"}]}},"_links":{"self":[{"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/posts\/5105","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/comments?post=5105"}],"version-history":[{"count":0,"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/posts\/5105\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/media?parent=5105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/categories?post=5105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.greytrix.com\/blogs\/sageaccpacerp\/wp-json\/wp\/v2\/tags?post=5105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}