Update Product Costs, Make & Model

Utilities Menu -> Inventory Control -> Rates/Costs/Prices -> Update Product Costs, Make & Model

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:

Select one of the following product sorting options:
  • Select Product# to sort the list of products by number.
  • Select Description to sort the products alphabetically by primary description.

To list the products for a single Product Class, enter the class or select it from the Product Class Search window.

If a class was selected, the Product Group and Product# filter fields do not apply.

To list the products for a single Group, enter the group or select it from the Group Search window.

If a group was selected, the Product# filter field does not apply.

Select a product number or look it up in the Inventory Search window to display information for a single product.

Accept the operator default location or enter a preferred location, or type ALL to include products from all locations.
If a specific location is entered, only products with inventory quantities at that given location will be listed.

Resulting Product List:
The selected products will appear in the preferred order.
Note: If the product selection is by class or by group, then any non-bulk rental products that have zero quantity, and a tag status of Missing, Disposed, or Scrapped, are not included in the product list.
The product number displays

The primary product description displays.

The Product Class for this item displays.

The Group for this item displays.

The average cost influences the value of the inventory, and is reflected in the Inventory Value Reports.
The average cost will rise and fall as the purchase cost of this item changes.
  • Rentals:
    The average cost for rental equipment is displayed but cannot be changed, as costs can only be update by specific Fixed Asset Tag for rental products.
  • 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.

    COST BY LOCATION window for Sales Parts:
    Product Average Cost is generally calculated for all locations.
    To use separate average costs for each Location, call Texada Support for assistance. This processing can be activated in the Support Application Parameters.
    All activity for sales parts then uses the location cost. This includes purchases, receiving, sales, transfers, cost adjustments, and over-shipped postings.

    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.

This cost is the cost when this item was last purchased from your supplier. The last cost is used to calculate the List Price.

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.

The markup percentage is used to calculate the List Price.
e.g. Enter a 30% markup as 30.00.

Alternatively, window to enter a desired margin to be used to calculate the markup % as outlined in Markup Based on Margin Calculator.

If the Markup% is changed this prompt is triggered providing the option to also change the List Price.

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.

This is the suggested selling price.
It prints on Price Lists and appears during invoicing.
Any changes made to the List Price or Base List Price are tracked.
Window in the List Price field to view the Price Change History log for this product as outlined in List Price Changes.

BASE LIST PRICE for Non-Bulk Rentals window:
The selling price of a non-bulk rental asset can be calculated on the product's base list price reduced by a percent of the revenue generated by the equipment during its rental life.
This window provides the ability to update the Base List when applicable as outlined in Pricing Changes.

SN #
  • Rentals:
    The window on this column access Asset Tags information for rental equipment.
  • 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.

Expanded Detail
Click the EXP/CON button to view the additional information fields including Make, Model, Manufacture Date, and LCF.

When an average cost change is accepted the operator is prompted for the Cost Adjustment Date that is used to track cost changes reflected in View Average Cost Adjustments.

If the prompt for Reason Codes On Override is activated in the Company Security Parameters the operator must enter a reason code or select a reason code from the window.
Reason codes are defined in Override Reason Codes.

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.

Additional actions provided by buttons on the Update Product Costs, Make & Model screen include:

Topic Keyword: RSPF39
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