Edit Standard Cost Revaluation

This page allows you to modify or delete a standard cost revaluation transaction. Tell me more

Select the “Edit Standard Cost Revaluation” link at the top of the “Select Standard Cost Revaluation” page.

The “Edit Standard Cost Revaluation” page appears.

The system displays the following:

Status	The status of the standard cost revaluation transaction. All transactions except those in “Authorized” and “Deleted” status can be modified.
Transaction No.	A unique number identifying the standard cost revaluation transaction.

Modify the following if required:

Transaction Date	The date on which the standard cost revaluation transaction took place (Date Format). Mandatory. Ensure that this date is not greater than the current system date and the last closed financial period. The system sets this date to the current system date by default.
Ref. Doc. No.	The number identifying the reference document based on which the transaction is recorded. (Alphanumeric, 18).
Ref. Doc. Source Point	The location or organizational unit from where the reference document has been raised (Alphanumeric, 16).

Modify the following in the “Default Entries” group box if required:

Usage For A/C Code

Use the drop-down list box to select the account code to be credited for the value of the item corrected through the standard cost revaluation transaction. All the account codes defined for the standard cost revaluation transaction type in the “Account Rule Definition” component will be displayed here. The system also displays “Blank” as one of the values and sets this field with the value as defined in the created transaction by default.

Note: If the account code is not mapped to any cost center, then the usage for usage cost center must be blank. If the account code is mapped to even one of the cost centers, the usage for cost center must be retrieved from the “Cost Center Rule Definition” component.

Usage For CC

Use the drop-down list box to select the cost center for the standard cost revaluation transaction. All the cost centers defined for the standard cost revaluation transaction type in the “Cost Center Rule Definition” component will be displayed here. The system also displays “Blank” as one of the values and sets this field with the value as defined in the created transaction by default.

The system displays the following in the “Reason For Return” group box:

Reason Code

The code identifying the reason for returning the standard cost revaluation transaction.

Enter the following in the “Item Information” multiline:

Item Code

The unique code identifying the item (Alphanumeric, 32). Mandatory.

Help facility available.

Note: If the item is of non-stockable type such as capital, model, kit, service or reference item or if the item type is not allowed in the specified warehouse, then the standard cost revaluation transaction cannot be generated. For sundry item types, the item/variant must be stockable. Else, the system displays an error message.

Variant Code

Variant code of the item (Alphanumeric, 8). Ensure that the variant code is entered if the item is variant enabled.

Help facility available.

The system displays the following in the “Item Information” multiline:

Item Variant Desc.	A textual description of the item variant.
	Zoom facility available
Current Std. Cost	The standard cost of the item as defined in the “Maintain Item – Basic Information” activity of the “Item Administration” component.

Enter the following in the “Item Information” multiline:

New Std. Cost

The new standard cost of the item (Integer). Mandatory. Ensure that the value entered in this field is greater than zero. This value must not be equal to the current standard cost.

The system displays the following in the “Item Information” multiline:

Stock UOM	The unit of measurement in which the item is stocked in the warehouse.
Current Stock Qty.	The total quantity of stock available across all the warehouses in an OU. The system retrieves the total quantity of stock available in all the non-capital warehouses for the login OU. The system retrieves the stock details only for those items for which the “Valuated” parameter is set.
Current Stock Value	The value of the stock, calculated as the product of current stock quantity and current standard cost.

Note: If the costing method of the items is other than standard cost, then the system retrieves the value of the stock from the “Stock Maintenance” component for the item variant in the login OU and displays it in the current stock value field.

New Stock Value	The revised value of the stock, calculated as the product of current stock quantity and new standard cost. If the costing method is other than standard cost, then new stock value will be the same as the current stock value.
Diff. In Value	The difference in value, calculated as the difference between new stock value and current stock value. If the difference in value is obtained as negative after calculation, the system displays the value preceded by a minus or negative sign.

Note: If the difference in value is positive, then the transaction type will be positive std. cost revaluation (SCR). If the difference in value is negative, then the transaction type will be negative (SCR).

Modify the following in the “Item Information” multiline if required:

Usage For A/C Code

Use the drop-down list box to select the account code to be credited for the value of the item corrected through the standard cost revaluation transaction. All the account codes defined for the standard cost revaluation transaction type in the “Account Rule Definition” component will be displayed here. The system displays the value as chosen in the header in all the rows of the multiline by default.

Usage For CC

Use the drop-down list box to select the cost center for the standard cost revaluation transaction. All the cost centers defined for the standard cost revaluation transaction type in the “Cost Center Rule Definition” component will be displayed here. The system displays the value as chosen in the header in all the rows of the multiline by default.

Check the “Select” column in the multiline for viewing item details, modifying financial information, attaching notes, and inquiring stock information for OUs.

Click the “Update Std. Cost Revaluation” pushbutton to update and save the standard cost revaluation transaction.

The system displays the message “Transaction updated successfully”. The system sets the status of the transaction as “Active” on successful submit of all modified details, if the status is “Returned” on launch of the page.

The system sets the status of the transaction as “Draft” if analysis/sub analysis code is defined for atleast one of the account codes. Else, the system sets the status of the transaction as “Active”.

The system sets the status of the transaction as “Active” in the following cases:

The system parameter “Analysis/Sub analysis Code applicable” is set as “No”. If the parameter is set as “Yes”, then account codes must have been mapped to the analysis/ sub analysis codes. The costing method of all the items is non-standard cost.

If the costing method of atleast one of the items is standard cost, then the system performs the following:

The system retrieves the item account group from the “Item Administration” component. The system retrieves the account codes from the “Account Rule Definition” component if the item has item account group defined. Else the item code is to be retrieved. If the system parameter “Std. Cost Revaluation based on Revaluation Account” is set as “Yes”, the system retrieves the revaluation account from the “Account Rule Definition” (ARD) component. Else, the system retrieves the stock adjustment account from the ARD.

The system checks whether the account code s mapped to any of the cost centers. If so, the cost center code is retrieves and the system updates the “Cost Center Rule Definition” component.

Click the “Edit And Authorize Std. Cost Revaluation” pushbutton to modify and authorize the standard cost 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 adjusts the new stock value in the finance book to which the warehouse is associated. If more than one warehouse is associated with the finance book, then the system calculates the sum of all stock values for the warehouses and adjusts the cumulative value in the finance book.

The system updates the new standard cost of the item variant in the “Item Administration” component with which the “Stock Adjustment” component is interacting. The system saves the login id of the user and the current system date in the last modified by and last modified date fields in the corresponding pages.

Click the “Delete Std. Cost Revaluation” pushbutton to delete the standard cost revaluation transaction

The system sets the status of the transaction as ”Deleted”.

The system deletes the details of the selected transaction and saves the login id of the user and the date of creation along with the modification details.

The system displays the following:

Created By	The login id of the person who created the standard cost revaluation transaction.
Created Date	The date on which the standard cost revaluation transaction was created.
Last Modified By	The login id of the person who last modified the standard cost revaluation transaction .
Last Modified Date	The date on which the standard cost revaluation transaction was last modified.

To proceed, carry out the following

Select the “View Item Details” link at the bottom of the page to view details of items.
Select “Financial Information” link at the bottom of the page to modify the financial information for the std. cost revaluation transaction.
Select “Attach Notes” link at the bottom of the page to attach notes for the standard cost revaluation transaction.
Select the “View Stock for Stocking Point” link at the bottom of the page to query the OU stock details.

Edit Standard Cost Revaluation – An Overview

Stock adjustment is performed when there is a discrepancy between the system stock and actual physical stock and the reason for the discrepancy cannot be ascertained. This page allows you to modify the standard cost created using the “Create & Authorize Std. Cost Revaluation” page for items with std. cost valuation method. However, this page is applicable for all items irrespective of costing methods but for standard cost items, the stock value will be adjusted to the new stock value after revaluation and necessary financial postings will be performed.

You can modify only those standard cost revaluation transactions that are not in “Authorized” or “Deleted” status. You can modify the new standard cost for the item. This value will be applicable throughout the OU. The system calculates the new stock value as the product of new standard cost and quantity. You can also modify the account code and cost center to be credited for the standard cost revaluation transaction.

Standard cost revaluation transaction can be created and authorized based on the permissions granted to the user. The user must have the requisite “Authorize” permissions to authorize the std. cost revaluation transaction.