Changing Inventory Prices and Costs for Version 5.2x and 6.0x

1.____ Backup data files.

2.____ Use the Change Prices function to change prices, if needed.

  • Print the Item Locations List on the Master File Lists menu for Price Information for an audit trail of prices before the change.
  • Print the Price Report on the Reports menu for an audit trail of prices by customer level before the price change.

3.____ To change Base or Standard costs, use the Change Costs function.

Before running this function:

  • Print the Items Locations List on the Master File Lists menu. Select YES for Print Location Information? and Cost Information? and select (P)rinter as the output device to create an audit trail of the Base and Standard Cost field values before any changes.
  • If you use either the Base or Standard costs as an adjustment base to calculate pricing, print the Price Report on the Reports menu for an audit trail of prices before the changes.
  • If you selected Standard for the Inventory option Item Valuation Method, the value of your inventory is changed along with the Standard Cost is changed. Perform the following tasks for an audit trail of the manual entries that should be made to General Ledger to reflect the change in the inventory value:

    a) Print the Valuation Report on the Reports menu before using the Cost Changes function to create an audit trail of standard costs before any changes.

    b) After running the Cost Changes function, print the Valuation Report again and calculate the variance between the old and new values. Use this variance to make manual COGS Adjustment entries in General Ledger to reflect the new value.

4.____ Backup data files.

5.____ Run the Quantity Cross Verification function to verify the total quantity and cost information stored in the Quantity Totals file, INQTxxx, with the quantity and cost detail information stored in the Quantity Locations file, INQLxxx, and the Serial Number Detail file, INSNxxx.