Create Rate Information

Rate Information

This page allows you to create information related to the rate or value of items. Tell me more...

Select the “ Rate Information” link at the bottom of the “Create And Authorize Opening Balance” page

The “Rate Information” page appears.

The system displays the following:

Status	The status of the opening balance transaction.
Transaction No.	The unique number identifying the opening balance transaction.
Transaction Date	The date on which the transaction took place.
Warehouse Code	The unique code of the warehouse.

Enter the following:

Item Code	Use the drop-down list box to select the unique code identifying the item. The item codes of all items, whose costing method is not Standard Cost and for which atleast one “Valuated” stock status is given will be displayed here. The system displays the first value in the list of item codes by default.
Variant Code	Use the drop-down list box to select the variant code of the selected item. All the variant codes applicable for the item and specified in the main page will be displayed here. The system displays the first variant code by default.

The system displays the following:

Total Qty.

The quantity of all items in valuated stock status.

Item Variant Desc.

A textual description of the item/variant.

Costing Method

The valuation method used to determine the value of the stock. The system displays one of the following:

LIFO (Last In First Out) - indicates that the parts are issued at the latest price. Issues thereafter are made at previous prices. A strict chronological order is followed.
FIFO (First In First Out) – indicates that the parts are issued at the earliest receipt prices. Issues thereafter are made at recent prices. A strict chronological order is followed.
Weighted Average – indicates that the issue prices are calculated by dividing the average of the receipt values weighted by the receipt quantities.
LFL – indicates that issues and receipts are made at the rate specified for the items in each lot.

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

Lot No.

The unique number identifying the lot in the warehouse. The lot number is displayed only if the costing method is LFL.

Enter the following in the “Rate Information” mutiline:

Qty.	The number of units of the item for which you wish to specify the rate (Integer). Mandatory. Ensure that the value entered in this field is greater than zero. The sum of all the quantities in the multilane must be equal to the total quantity displayed in the header.
Rate	The rate at which the item was received into the warehouse (Integer). Ensure that the value entered in this field is greater than zero.
Value	The value corresponding to the quantity of item received into the warehouse (Integer). Ensure that the value entered in this field is greater than zero.

Note: You need to enter only the rate or value of an item. If you choose to enter both the rate and value for the item quantity, the value must be equal to the product of quantity and rate. However, if you leave both the fields blank, the system displays an error message.

Ref. Doc. No.

The number identifying the reference document based on which the rate or value is specified (Alphanumeric, 18).

Click the “Submit Rate Information” pushbutton to save the rate information for the selected item.

The system saves the rate information individually for each lot number if the costing method is LFL.

The system saves the rate information individually for each row in the multiline if the costing method is LIFO/FIFO.

The system calculates the weighted average rate by dividing the total value by total quantity and saves it if the costing method is weighted average.

Click the “Submit And Authorize Opening Balance” pushbutton to save and authorize the opening balance transaction.

The system saves the rate information and sets the status of the opening balance transaction as “Authorized”.

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

Create Rate Information – An Overview

In this page you can create information related to the rate or value of items. You can enter the rate or value for the quantity of the item only if the costing method is Weighted Average, LFL, LIFO or FIFO. If the valuation or costing method is Standard Cost, the system retrieves the standard cost defined in the Item Master and displays the rate. The costing method is defined at the OU/inventory location level. Therefore, it is not possible to define different costing methods for different warehouses in an OU.

You can specify the item/variant codes, quantity, rate and value for the quantity of item in a given lot. You can specify the rate or value only if at least one of the stock statuses given in the main page is “Valuated”. The rate can be specified only for stocks that have value associated with them. Non-valuated stocks will not be shown in the stock ledger and do not have value associated with them.

This page is launched only if the costing method of at least one of the items in the main page is not standard cost.