A new Standard Cost Revaluation account is used to handle the transaction.
In order to use this new function, you must set the Standard Cost Revaluation account in one of the following windows where a new account – Standard Cost Revaluation – was added: Item Account Maintenance, Posting Accounts Setup (choose the Display of Inventory,) and Item Class Account Maintenance.
Archer Point has worked with clients to suggest new standards in different ways.
For instance, use the last direct cost from the item card as the new standard.
On Microsoft Dynamics GP 2013, the Change Item Standard Cost window was added.
This allows a user to update the standard cost of an item and update the GL simultaneously.
This function is used on items set up with either the FIFO Periodic or LIFO Periodic valuation method.
If you enter their part number into that field, that would give you a field to key on when you do a vendor price import.
Frank Hamelly MCP-GP, MCT, MVP East Coast Dynamics for the response Frank... What is the best method to update the pricing based on Vendor Item Number.