Cost Update

Automatic Cost Updates

Functionality is provided to automatically update Cost and Inventory Prices from the Transaction Types that are used for procurement. Prices are updated when the Transaction is updated to the selected Status or when the Price changes while the Transaction is in the selected Status. Ideally the Status used for updating will be the final and read-only Status.

Navigation

Main Menu > Setup > Transaction Types > Cost Update

1. Transaction Types - Cost Update Transaction Type will be shown here.

2. Update - This sets which Price is updated when the selected transaction is set to a specific Status:

   • Supplier Price - The Supplier Price will be updated if the Supplier, Currency and Unit are matched. The Supplier Price can in turn update the Cost Price.

   • Cost Price - If the Cost Price is set to update from Supplier Price, it won't be changed.

   • Inventory (Last Price) - The Inventory Unit Price will be updated to the Transaction Unit Price.

   • Inventory (Average Price) - The Inventory Unit Price will be updated to a weighted average price. Negative Inventory quantities are ignored when calculating the Average Unit Price. Note: The Stock needs to be updated before the Inventory Cost is updated - ie. The Status to update Stock needs to be lower or the same as the Status that triggers the Cost Update.

3. Status - This determines when the Price will be updated: Pending, Active, Complete, or Cancelled. Eg, a completed Purchase Order then updates the Supplier Price on the added Item.