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In Items Costing I saw this 4 different costing, may I know what are the difference and how each of these derive their costing amount?
For Direct Unit Cost Excl. GST, I have gotten this from the Purchase Order column, may I know how does it derives its amount?
Costing Method - Select the way that the item's cost flow is managed. The most common method is FIFO, which means First-in-First-out. With this method, the items that werepurchased first are always sold first. The FIFO costing method values the inventory decrease by using the value of the first inventory increase. The costing methoddetermines how costs are calculated and how inventory is valued.Cost is adjusted - This status field indicates if the item's unit cost is adjusted for differing unit costs between inbound and outbound item transactions over time.Cost is Posted to G/L - This status field relates to the concept of cost reconciliation.Standard Cost - This field shows the calculated item cost if you are using standard costing method.Unit Cost - When creating a new item, enter the cost for each unit that you expect to pay for the item. Later, the program updates the field so it contains the item's current(possibly adjusted) cost. This field always reflects the most recent direct unit cost of the item on inbound transactions and related outbound transactions.Overhead Rate - Enter an amount to cover the indirect costs for the item.Indirect Cost % - Enter a percentage that corresponds to the indirect costs (freight and warehouse handling, for example) associated with the purchase of the item.Last Direct Cost - When creating a new item, enter the cost for each unit that you expect to pay for the item. The value is then automatically inserted in, for example, the Direct UnitCost Excl. VAT field on a new purchase line.
Hope this helps.
Thank you for your reply.
You mentioned that for Last Direct Cost - When creating a new item, enter the cost for each unit that you expect to pay for the item. The value is then automatically inserted in, for example, the Direct Unit Cost Excl. VAT field on a new purchase line."
I have a strange case not sure if you are aware why.
Our Item price is around 2 decimal placing. i.e USD$43.56. however, in Direct Unit Cost Excl. VAT we notice it will become ie USD$43.45822, up till around 4 decimal placing. Any idea why it becomes this way? It also affected out Unit cost, which change from USD$43.56 to USD$43.45822 !
This shouldn't have happen since our vendors and customers relies on this to make purchase. Hope you can advise.
Go to the General Ledger Setup and see what is set for the Unit-Amount Rounding Precision$. Mine is 3 decimal places and when I the Invoice Posts it will round to 2 decimal places.
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