This program displays the products by product number or
description order, so that the costs and list prices for products
may easily be changed.
For all sales inventory, the average cost, last cost (cost at time
of last purchase), markup, list price, and serial numbers for
serialized sales parts can be adjusted in the first line, and the
make, model, manufacture date and LCF can be updated in the
expanded detail second line.
For rental inventory, the last cost, markup, list price, and serial
numbers can be adjusted in the first line, and the make, model,
manufacture date and LCF can be updated in the expanded detail
second line.
This utility can be accessed from the Utilities menu for Inventory Control operations.
Note: The average cost for rental inventory can not be changed in this utility as the average is calculated from the Fixed Asset Tags for that rental product. In order to influence the average cost for rental items, adjust the Fixed Asset Tags separately.
The prompts are:
If a class was selected, the Product Group and Product# filter fields do not apply.
If a group was selected, the Product# filter field does not apply.
Sales:
The average cost for sales items is displayed and is accessible
only if Cost by Location is not active, and if Cost by
Location is active then the costs must be updated in the window
provided.
The average cost for sales items is based on a weighted cost by
quantity as outlined in Cost Calculation
Quantity.
An Average Cost by Location window is
provided to view the fields tracked by location, including Average
Cost Each, LCF, Last PO Cost, Landed PO Cost, Last Receipt Date,
and the Cost Calculation Quantity.
The Avg. Cost Each, and the Last PO Cost values can
be updated in this window by location.
Note: If the Cost by Location window is opened, the product line must be fully accepted to complete the calculation before moving to the next product or exiting this program.
Since the average cost reflects both old purchases and new purchases, it is recommended NOT to alter the average cost of your sales inventory as part of routine updating. The average cost should ONLY be altered if the inventory records are SEVERELY out of date.
If the average cost for a product is changed, use Post Product Average Cost Changes to print an audit report and to generate the G/L postings for the change in the Inventory value.
The Last Cost is displayed for rentals and for sales products.
This cost can be updated, unless Cost by Location is
active.
If your firm has activated Cost by Location then the Last PO
Cost can be updated in the window on the Avg. Cost
field.
Alternatively, window to enter a desired margin to be used to calculate the markup % as outlined in Markup Based on Margin Calculator.
Click YES to recalculate the List Price, based on the Last Cost
and the Markup.
Click NO to leave the List Price unaltered by the Markup.
Sales:
For serialized sales parts a Serial Numbers
window is provided on this column to view the associated serial
numbers.
The window button is inactive if the sales part is not flagged to
be tracked by serial number.
A record is then written to the Override file and can be printed from Print Override Report.
For more information on this security feature refer to Override Security Overview.
ACTIONS:
Additional actions provided by buttons on the Update Product
Costs, Make & Model screen include:
Use Case:
The purpose of this action is to speed up the update List
process.
When a new markup percent is entered for a product after which the
operator clicks "ENTER", the prompt to reset the list price
based on markup % is triggered and confirmation is required.
A faster approach that avoids the time consuming prompt on each
record, means the operator can modify each relevant product in the
paging screen and press the down or up arrow after entering each
new markup percent, instead of pressing "ENTER".
This action does not prompt for or recalculate the list price,
until all Markup changes are completed in the paging screen and the
operator clicks the UPDATE LIST button.
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