Updating costs in the Part Maintenance window

Updating costs in the Part Maintenance windowContrary to what most new VISUAL users think, the costs in the Part Maintenance window are not automatically updated based on inventory transactions.

Depending on the part type (purchased and/or fabricated), there are varying levels of user-intervention required to keep these costs current.

Bear in mind that these cost fields have different meaning depending on the accounting environment of the system.  In an ACTUAL environment, they represent the estimated costs.  In a STANDARD environment they represent the standard costs.

Updating these costs can have a significant accounting impact under STANDARD principals.  The impact is less dramatic under ACTUAL

 

5 ways to update the part unit costs:

1. “Update Vendor/Part Unit Price” – from Purchase Order Entry
This option can be found under the OPTIONS menu of the Purchase Order Entry window.  When turned on, 2 checkboxes will be enabled at the line item level that will allow the user to update the part costs, the vendor cost or both.  Simply check the appropriate checkbox and the system will update the costs when the purchase order is saved.

Purchase Order Grid


2. “Implode Costs” – from Part Maintenance

This option can be selected from the MAINTAIN menu of the Part Maintenance window. This will update the costs of a fabricated part based on its engineering master.  You can run this procedure on a specific part or you can process all top-level parts at once.

Implode Costs


3. “Recalculate Standard Costs…” – from Costing tools

This option is available under the OPTIONS menu in the Costing Tools window (accessed under the Admin menu).  This option will update costs based on inventory receipts during a specified date range.

 

Recalculate Standard Costs


4. Cost Simulation Window

The Cost Simulation window is located under INVENTORY of the main menu.  Once a simulation has been created and saved, you have the option to update part costs based on new calculated costs in the simulation.

Cost Simulation


5. Manually maintain costs in Part Maintenance window

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