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This page allows you to create the financial information for the standard cost revaluation transaction. Tell me more
Select “Financial Information” link” at the bottom of the “Create & Authorize Std. Cost Revaluation” page.
The “Create Financial Information” page appears.
The system displays the following:
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Status |
The status of the standard cost revaluation transaction. |
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Transaction No. |
The number identifying the standard cost revaluation transaction. |
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Transaction Date |
The date on which the transaction took place. |
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Ref. Doc. No. |
The number identifying the reference document based on which the transaction is created. |
The system displays the following in the “Financial Information” multiline:
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Item Code |
A unique code identifying the item. |
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Variant Code |
Variant Code of the item. |
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Item Variant Desc. |
A textual description of the item/variant. |
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Finance Book |
The finance book that has posted the transaction. |
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Cost Center |
The cost center to be credited for the items for which revaluation value is specified. |
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Account Code |
The account code to which the value of the item being revaluated must be credited. |
Enter the following in the “Financial Information” multiline:
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Analysis Code |
The analysis code of the account to which the value of the item being revaluated must be credited.. (Alphanumeric, 5) Help facility available. |
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Sub Analysis Code |
The sub analysis code of the analysis code to which the value of the item being revaluated must be credited.(Alphanumeric, 5) Help facility available. |
The system displays the following details in the “Financial Information” mutiline
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Revaluation Value |
The revaluation value of the item |
Click the “Submit Financial Information” pushbutton to save the financial information of the revaluation transaction.
The system saves the analysis/ sub analysis codes for the account codes specified. The system also checks whether the account code is valid for the transaction date and if the analysis and sub analysis codes are properly mapped to their corresponding higher levels.
Click the “Submit And Authorize Std. Cost Revaluation” to save and authorize the revaluation transaction.
The system sets the transaction as “Authorized”. The system saves the loin id of the user and the date of creation along with the modification details. If the standard cost revaluation is positive, the system debits the stock account and credits the revaluation account or adjustment account depending on whether the “Std. cost revaluation based on revaluation account” is set as “Yes” or “No”. If the standard cost revaluation is negative, the system credits the stock account and debits the revaluation account or adjustment account depending on whether the “Std. cost revaluation based on revaluation account” is set as “Yes” or “No”.
The system checks whether the system parameter "Prevent Transactions during Period Closing" is set as “Yes”. If so, transactions must be recorded for the closed financial period. Else, the system displays an error message.
The system updates the new standard cost of the item variant in the “Item Administration” component with which the “Stock Adjustment” component is interacting.
Create Financial Information – An Overview
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Stock correction is an ongoing process in inventory management usually carried out when there is difference between the system and physical stock quantities. You need to enter the analysis and sub analysis codes if the account code is mapped to any analysis/ sub analysis code. The system checks to see if the analysis code is mapped to the specific account code. Else, the system displays an error message.
If the standard cost revaluation is positive, the system debits the stock account and credits the revaluation account if the “Std. cost revaluation based on revaluation account” is set as “Yes”. If the standard cost revaluation is positive, the system debits the stock account and credits the adjustment account if the “Std. cost revaluation based on revaluation account” is set as “No”. If the standard cost revaluation is negative, the system credits the stock account and debits the revaluation account depending on whether the “Std. cost revaluation based on revaluation account” is set as “Yes” or “No”. If the standard cost revaluation is negative, the system credits the stock account and debits the adjustment account depending on whether the “Std. cost revaluation based on revaluation account” is set as “Yes” or “No”.
