Adjust wrong standard cost transactions

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Posted on by Pola Wagih

Dear All,

Appreciate your guidance regarding the below case,

our factory controller posted the wrong standard cost for one item, and he realized that after ten days then, he changed it to the correct standard cost. Our issue is that all transactions happen to this item within ten days with the wrong standard cost.

So, is there any way to correct these transactions?

Regards,

Pola

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Pola Wagih 5 on at

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RE: Adjust wrong standard cost transactions

Ok, Thanks Andre.

i"ll try
André Arnaud de Cal... 291,240 Super User 2024 Season 2 on at

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RE: Adjust wrong standard cost transactions

Hi Pola,

I intended to mention that you can't change already posted transactions. You would need to create reversing entries with the old incorrect cost price. Then adjust to the new correct price and post the transactions again. This would be a cumbersome task with a risk of creating again wrong transactions.
Pola Wagih 5 on at

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RE: Adjust wrong standard cost transactions

Hi Andre,

Do you mean to put a new standard cost?

I already did that, but I have a lot of big numbers in the GL that I need to reverse them by anyway.

Regards,

Pola
André Arnaud de Cal... 291,240 Super User 2024 Season 2 on at

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RE: Adjust wrong standard cost transactions

Hi Pola,

You can only revaluate the on-hand value. There is no option to change already posted transactions. You can consider creating reversing transactions with the old value and repost them with the new cost, but I wonder if it would be worth the effort. If you do so, suggesting you to first test it carefully in a non-production environment.