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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / update standard cost i...
Microsoft Dynamics GP (Archived)

update standard cost into finished goods inventory cards

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Posted on by barbL 75

Hi

Each year we manually update the standard costs for our raw materials (ie manually key in the new standard cost on the inventory card) - these are the costs our budget is based on.  However, we have just realised that the standard cost field on the finished goods inventory cards has not automatically updated for quite some time.

Apparently in earlier versions of GP the printing of the BOM reports somehow automatically triggered the inclusion/update of the new standard cost onto the inventory card (for all inventory items which had BOMs associated with them).

We are using GP10.  Can anyone tell me how to trigger the update of the standard cost field on the inventory card? - by an ordinary user (ie preferably not getting into integration nor other behind-the-sceens programing). 
[at this stage, my best option is to run BOM reports showing the standard cost, and then manually update the inventory card with these amounts (probably collate the new std costs and input by macro)]

Any simple solution (is that an oxymoron?) would be most appreciated.

Barb

*This post is locked for comments

  • Bill Campbell Profile Picture
    Bill Campbell on at
    Re: update standard cost into finished goods inventory cards

    Ok, I thought that was the case - however, I am not sure what I am doing wrong then.

    In my case I have

    raw material - CONAL1

    raw material - CONHI00

    subassembly - 13110010

    subassembly - 12112920

    finish good - 14111007

    14111007 - has no current cost and is made from 1 of each of the subassembly items

    13110010 - has no current cost and is made from 14,400 of CONAL1

    12112920 - has no current cost and is made from 14,400 of CONHI00

    CONAL1 has a current cost of .00250 per unit - purchased out side

    CONHI00 has a current cost of .00428 per unit - purchased out side

    When I do an Assembly build of the 13xxxx and or 12xxxx items, the system generates the desired qty and the expected current cost of the 13xxxx or 12xxxx is rolled into that item from the raw material.

    When I then do a build for the 14xxxx item, the qty is built but there is no current cost rolled up - I am posting the build as I go - this is development as a picture of live.

    Hope this explains the situation.

    Bill C

    billc@misltd.ca

    billc.edmonton on Skype

  • Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 46,317 Super User 2025 Season 1 on at
    Re: update standard cost into finished goods inventory cards

    Bill, the Inventory BOM will update Current Cost upon posting of an assembly transaction.  Standard Cost will not be affected.

  • Bill Campbell Profile Picture
    Bill Campbell on at
    Re: update standard cost into finished goods inventory cards

    Frank is there a simple reason that GP would not update the current cost of a Finished good that is made up of 1 Sub A item and 1 Sub B item - both of which have current and standard costs?

    We are not using manufacturing, we are using Inventory BOM and Inventory Assembly, we are using GP10.

    Thanks for the time.

  • Suggested answer
    Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 46,317 Super User 2025 Season 1 on at
    Re: update standard cost into finished goods inventory cards

    Bron asked a couple of great questions that I may have made an incorrect assumption on.  If you're using the FIFO valuation method, then you are not really using Standard Cost in GP.  It sounds like you're just populating the Standard Cost field in the Item Card.  If you're using the Inventory BOM, you access that through the Inventory menu.  Are you using Assembly Transactions also?  If so, that's another indicator that you're using the Inventory BOM.

    Assuming that's the case, then there is no way to have the BOM rollup update the Standard Cost field in the Item Card.  

  • barbL Profile Picture
    barbL 75 on at
    Re: update standard cost into finished goods inventory cards

    Valuation method = FIFO.

    BOM module - no idea - suspect "Inventory" as we have no mention of "Manufacturing" in any of my menus - how does one tell?

  • Bron Profile Picture
    Bron 2 on at
    Re: update standard cost into finished goods inventory cards

    Couple questions........

    GP has 2 different Bill of Material Modules - are you using GP Manufacturing or Inventory bills of materials?

    What valuation method are you using?

  • Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 46,317 Super User 2025 Season 1 on at
    Re: update standard cost into finished goods inventory cards

    Barb, Item Maintenance = Item Card.  Use the GoTo button in the upper right corner to navigate to the Standard Cost Maintenance window, the use the GoTo button in the upper right corner of the Standard Cost Maintenance window to navigate to the Rollup and Revalue window.  The same window is available under Manufacturing>>Routines>>Rollup and Revalue.

    Hope this helps,

  • barbL Profile Picture
    barbL 75 on at
    Re: update standard cost into finished goods inventory cards

    Sorry to be blonde – but where is the “Item maintenance” window?

    BTW: I do item maintenance under cards >> inventory >> item, under Utilities I have inventory - but nothing to do with item maintenance and under Transactions I have a heap of daily stuff (assemblies, disassemblies, transfers, adjustments….).

    We’re on GP10 – might it be under a different name?

    Cheers
    Barb

    Hi Frank - trying again - no mention of "manufacturing" under any of my windows/menus? i stumped.

  • Suggested answer
    Frank Hamelly | MVP, MCP, CSA Profile Picture
    Frank Hamelly | MVP... 46,317 Super User 2025 Season 1 on at
    Re: update standard cost into finished goods inventory cards

    Barb, you need to perform the Rollup and Revalue routine to update standards on your manufactured items.  You can find this window under Item Maintenance>>(Go To) Standard Cost Maintenance>>(Go To) Rollup and Revalue.

    Hope this helps,

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