|
Item Master Setup: Item Costs |
|
|
|
|
Sun Documentation -
Inventory Management
|
he Item Costs function is used to:
- Take on initial costs on implementation.
- Enter, amend and view standard costs or defined average costs as required.
- Override and view latest or weighted average costs.
- Enter user defined costs which are processed as for standard costs.
|
Click here to see a screenshot
Item Code and Description
These fields are populated automatically from the item record currently open in Item Master.
Cost Type Code and Short Heading
The type of cost for the item, for example, goods cost, carriage, insurance or delivery. These must already have been set up using Cost Types Setup (CTS).
Currency Code
The code for the currency that the costs are held in.
Transaction Currency
Used if Multi-Currency is in use. Depending on your selection in Inventory Costing Setup, costs can be maintained for some or all the base, reporting and transaction currencies. This field indicates whether or not this cost is in a transaction currency rather than either the base or reporting currency. The transaction currency is identified in the Currency Code field.
Costs maintained in base or reporting currency reflect all item receipts because all transactions include these currency values. Costs maintained in transaction currency only reflect the receipts purchased in that currency.
Note: If receipts are entered either using the base or reporting currency as the transaction currency, two costs will be maintained for that currency. For example, if the Reporting Currency is US Dollars and a receipt is entered with USD as the transaction currency, you will have two costs: US Dollars (reporting) holding the current values for all receipts in US Dollars; US Dollars (transaction) holding the current values of receipts purchased in US Dollars only. The two figures are likely to be different.
Cost Analysis Id
The cost analysis that these costs apply to. Up to nine different cost analyses can be set. See the Cost Classifications and Cost Combinations section in this Help for more information. If no cost combinations are in use, this field defaults to No Analysis.
Standard Cost (STD)
Cost of an item which is updated by user action or batch routine.
Defined Average Cost (DAV)
The true average of all receipts for a defined period, which is calculated in a batch process. The user must state whether it applies to future time periods only, or whether it can be applied retrospectively. Once calculated it can be applied to movements in the next time period, or applied retrospectively to movements in the time period on which it is based.
Weighted Average Cost (WAV)
The average cost calculated on receipts by taking the existing quantity in the inventory, that is, unissued stock, multiplied by the existing weighted average cost from the item record. The incoming quantity is then multiplied by its actual unit cost. These two values are totalled. The existing quantity balance is then taken plus the incoming quantity. The total value is then divided by the total quantity.
That is:
[ (QTY1 x COST1) + (QTY2 x COST2) ] / QTY1 + QTY2
Where :
QTY1 = existing quantity currently in inventory, that is, unissued stock
COST1 = existing Weighted Average Cost from the item record
QTY2 = incoming quantity
COST2 = incoming actual unit cost
Note: In order to avoid negative average cost problems, if the inventory quantity used to calculate WAV is negative, WAV is set to the same value as Latest Actual Cost which is set as normal.
Latest Actual Cost (LAT)
The most recent Actual Cost. This appears as an Item Cost and may be an Issue Cost if there are no allocations.
You can also apply a user defined cost to an item which has previously been set up using User Defined Cost Setup (UDC). From the Action menu within Item Costs Setup select Item UD Costs. The form contains the following fields:
Item Code, Description, Cost Type Code, Currency Code, Transaction Currency and Cost Analysis
These fields are populated automatically from the item record currently open in Item Master.
User Defined Cost Definition Code and Short Heading
The user defined cost code to be used.
Period
The period that the user defined cost belongs to. You can set up costs for different periods. For example, Period 10/200X has a user defined cost of ё100 and in period 11/200X it has increased to ё120. This field is optional and is used in modules such as Inventory Revaluation.
Item User Defined Value
The user defined cost for this item for this currency, Cost Type and Cost Analysis combination.
Date
A user defined cost may have a date associated with it such as the date it was set up or the date when it was last amended. This field is optional.
|
Weighted Average by Item and by Locatio
Written by Guest on 2008-08-06 05:36:33
Is it possible to set SunSystems for calculation WAV by Item and by Location? |
Only registered users can write comments.
Please login or register.
|
Sun Documentation 
