Greytrix has developed a utility that will change the costing valuation method for the inventory serialized items.
If the serialized inventory has been incorrectly set up with a valuation method of either FIFO, LIFO, standard, etc. in a live environment then it becomes virtually impossible to change the valuation method manually. As with most ERPs, the valuation method cannot be changed once the item has been set up & has few transactions against it due to restrictive validations. Users will have to create a new item for this effect to take place which is not feasible as there would be a number of transactions that would have already taken place. Moreover, this would only solve a part of the problem, i.e the valuation method would be changed for future transactions. The already existing Cost Tiers would not be affected in any way which might prove to be contradictory to the recent accounting policies of the organization.
This utility
- Removes the existing cost tiers which are under the existing Valuation methods Set up in the system for the item under consideration.
- Changes the valuation method of the concerned item to Actual.
- Creates new cost tiers for the serials with a specific cost per item number, this cost is the average cost of the lot the serial is present in, simply a 0 or any other cost that is required by the user.
- Creates an unposted “Process Cost Tier Adjustments” batch with a separate cost tier for each serial in lots replacing the cost tiers for the lots. The cost assigned to the serials is in accordance with what was passed to the utility. Now the user can update the cost of each serial separately through the unposted batch created, if required.
Please Refer to the below Screenshot.
On posting the above batch the user would have the cost for each serial separately as in the Actual Valuation Method.
The change in valuation method for the item is also reflected in Maintain Items.
Note:- Although this utility is for serialized items it can be customized for any item and any valuation method as per user requirement.
In case of any assistance feel free to contact us at sage@greytrix.com.
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Greytrix is a one-stop solution provider for Sage ERP and Sage CRM needs. We provide complete end-to-end assistance for your technical consultations, product customizations, data migration, system integrations, third-party add-on development, and implementation expertise.
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For more details on Sage 100 Services, please contact us at sage@greytrix.com. We will be glad to assist you.