The account set that an item uses determines its item valuation (or costing) method. This means that assigning or changing the item valuation method really involves two steps:
- Use the I/C Account Sets screen to assign the item valuation method to the account set, creating a new account set for the valuation method, if necessary.
- Use
the I/C Items screen
Before you start
- If you are updating an existing account set, print the Item Status report, including the Profile information for the account sets you want to change so you know which items will be affected.
- If you are assigning an existing item to an account
set that uses a different costing method:
- Print the Item Valuation
report for all items that are changing.
You need to transfer the asset amount of all items that you change from the old inventory control accounts to the new control accounts in the General Ledger after updating item records.
Run Day End Processing.
Note: Inventory Control displays an error message if you try to change an item's account set while there are posted transactions for the item for which Day End Processing has not been run.
- Print the Item Valuation
report for all items that are changing.
To assign the inventory valuation method to an account set:
-
Inventory Control > I/C Setup > Account Sets.
- On the I/C Account Sets screen, either:
- Add a new account set with the costing method that you want to use.
- Select an existing Account Set and change the costing method .
- Click Save.
To assign or change the inventory costing method for an item:
-
Inventory Control > I/C Items and Price Lists > Items.
- Enter or select the item number.
- In the I/C Items screen on the Items tab for Account Set Code, select the account set that uses the costing
method you want to assign to the item.
Tip: To see the available account sets, click
, and then select an account set. - Click Save.
After changing costing methods
- Print the Item Status report, including the Profile information for the account sets to check the items that you changed.
- Transfer the asset amount from the old inventory control accounts to the new control accounts in the General Ledger after updating item record account sets. (Otherwise, you will have old balances that are never reconciled.)