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I have a client that has asked about switching from standard cost to actual cost.
Could anyone help me understand what that process might look like?
Thanks,
Scott
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I assume by actual cost you mean current cost? A discussion has to take place with their accountant first before attempting this in GP. This completely changes how costs are managed and hence how profit is determined. This means going from periodic inventory to perpetual and changing the valuation on all your items in inventory. This needs to be timed as you will have items inventory that came in one way and now will go out another. Not to mention changes to your ledger as now costs will change with every receipt as opposed to once per year.
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