COST field in Maintain Parts

SOLVED

We just upgraded to BusinesWorks 2013.

So far all my data seems fine, but for some reason the COST field in Maintain Parts is greyed out and I cant see what my cost is! 

I also tried to recieve a purchase order thinking that putting my cost in there would then be reflected in the COST FIELD, but it's not. 

Is there a setting I need to change so that I can see my Cost??? sorta really necessary!

thanks

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  • 0

    Look at your Inventory Status - its in the IC Utility menu

    Depending on your COSTING Method  (Standard, FIFO, LIFO, Average ) is how the COST field behaves

    Copied from the online help in BW 2013 (below)

    Basic terms & costing methods

    Each physical good that you sell or include with a service is called a part. The amount you pay for a part is the cost, and the amount you charge your customers for a part is the price. To expedite your sales, you may need to keep some parts in stock. All together, the parts that you have in stock make up your inventory. (For more definitions, see How I/C & O/E terms differ.)

    Using the available cost information, the system can compute the value of your inventory by any of four costing methods:

    Standard costing: An arbitrary figure you assign to a part indicating what its value should be.

    Average costing: If you use average costing, the system calculates a new unit cost each time parts are received.

    First-in, first-out (FIFO): Under FIFO, parts are received and issued at their actual cost, and the oldest parts are assumed to be issued first.

    Last-in, first-out (LIFO): Under LIFO, parts are received and issued at their actual cost, and the newest parts (most recently received) are assumed to be issued first.

    We recommend you discuss costing methods with your accountant before deciding on the costing method you use because the way you value your inventory can have a dramatic impact on your financial reports.

    The Sample transactions show how the different costing methods affect the valuation of your inventory.

Reply
  • 0

    Look at your Inventory Status - its in the IC Utility menu

    Depending on your COSTING Method  (Standard, FIFO, LIFO, Average ) is how the COST field behaves

    Copied from the online help in BW 2013 (below)

    Basic terms & costing methods

    Each physical good that you sell or include with a service is called a part. The amount you pay for a part is the cost, and the amount you charge your customers for a part is the price. To expedite your sales, you may need to keep some parts in stock. All together, the parts that you have in stock make up your inventory. (For more definitions, see How I/C & O/E terms differ.)

    Using the available cost information, the system can compute the value of your inventory by any of four costing methods:

    Standard costing: An arbitrary figure you assign to a part indicating what its value should be.

    Average costing: If you use average costing, the system calculates a new unit cost each time parts are received.

    First-in, first-out (FIFO): Under FIFO, parts are received and issued at their actual cost, and the oldest parts are assumed to be issued first.

    Last-in, first-out (LIFO): Under LIFO, parts are received and issued at their actual cost, and the newest parts (most recently received) are assumed to be issued first.

    We recommend you discuss costing methods with your accountant before deciding on the costing method you use because the way you value your inventory can have a dramatic impact on your financial reports.

    The Sample transactions show how the different costing methods affect the valuation of your inventory.

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