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When a Prod Order was finished, the cost from the subassembly item 'B' did not roll up to the finished item 'A' at the time the output transaction was performed. I believe this might have been because the "Update Unit Cost" checkbox was not selected. A shipping transaction was carried out using the finished item 'A' and this was posted at zero cogs. The subassembly item 'B' is currently in the finished good inventory report.
My question: Is there a way to roll the cost of the subassembly item 'B' into the finished item 'A'. The costing method of finished item 'A' is Specific.
When you created Item A have you rolled-up the BOM to establish a standard? I know your Item A is specific costed and yes, you would check the Update Unit Cost to reflect the actual dollars on the specific Prod. Order. Also, make sure Item B, which is a BOM is rolled-up too so that Item A reflects Item B's current cost value.
There are times that you need to revalue an Output Journal entry due to an error in processing. If the Output Journal entry is left with the incorrect cost, Inventory and COGS entries for future (or already processed) sales shipments will be stated incorrectly if the processing error is not corrected. Follow the steps below to revalue that Output Journal Entry:
1. Find the Item Ledger Entry that needs to be corrected. This can be done several ways, but one way is to filter on the Item Ledger entry records using the following criteria:
2. Open the Revaluation Journal by following the links: Warehouse > Inventory > Revaluation Journal.
3. Populate the Revaluation Journal by entering the following fields:
4. NAV will populate the balance of the fields.
5. Populate the Unit Cost (Revalued) field with the correct Unit Cost for this transaction. Populating this field will:
6. After reviewing this transaction to make sure the new Unit Cost revalued field is correct, you can post the journal.
7. This will now correct the inbound cost of the item ledger entry. The entries that will be created are:
8. Be sure to run the Adjust Cost Item Entries report after posting this journal. The adjust cost item entries report would find any transactions that have consumed this inbound transaction, and adjust the cost of those entries to match the new unit cost. This means all the COGS entries that were created for this item at the wrong cost will be corrected.
Hope this helps.
Thank you, Steve.
The above suggestion was very helpful in answering my question. The revaluation will be carried out in our sandbox environment to make sure it is done correctly. We have all information from the item ledger entries, and we will also be reviewing the Inventory and COGS entries for the inbound transactions that were posted after the output of item A was done. I will be back with a final note of the corrections that were done to resolve this issue.
We ran into a small snag with the revaluation journal, the posting date on the item ledger entry for the finished item 'A' is in January 2021, and this is preventing us from moving forward.
When you state 'preventing us from moving forward' do you mean you cannot post? If you want the entry to post to January 2021, then make sure your User Setup shows your user the Allow From and Allow To posting dates reflecting January 2021. If you want the entry to post in February, you will need to update the Posting Date.
Yes, we got the poting date error message. Please see the screenshot below. I went ahead with your second suggestion, the posting date on the revaluation journal page 5803 is non-editable, but I did go directly into the table to update the date. We will try both suggestions regardless as the second would require more questions to be asked by our NAV developers and manager.
OK the message relates to allowed posting date ranges. If you are the user posting, go to the User Setup page. Locate your User ID and Edit the Allow From and Allow To fields. These fields must include the posting date range you are using in the Revaluation Journal, in other words, enter 1/1/21 as From and To 2/28/21, which brings you too the end of February. You can update the Allow From and To after you post to include March as well.
Yes, I did exactly as you suggested, and we have completed the revaluation of the finished item 'A'. We are now looking into reports and entries to make sure they recording what is expected. Thanks again Steve
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