Stock Valuation – Standard Costing

Standard Cost: There are multiple ways for stock valuation like FIFO, LIFO, Weighted Average, Moving Weighted Average, Last Purchase Rate and standard Cost. A fixed rate, called as Standard Cost is used for Stock valuation whenever the user chooses to specify a fixed rate for each item as arrived by herself externally. This can be done in just 3 easy steps Step1: Standard settings configuration Step2: Specifying the Standard cost Step3: Stock Valuation with Standard Cost. Step1: Click Costing Module>Masters>Cost Analysis

Under Cost Analysis Tab

Create Code e.g., STDCOST
Create Name e.g., Standard Costing
Select Type as Standard
Select the dates e.g., 01Apr2017-31Mar2018
Fill the Standard check box for the fields- Rate type, Material, Process, Resource
Click save

Step2: Costing >Masters>Product cost Estimate

Under Product Cost estimate

Select cost analysis as Standard costing
Click Add Row
Select the Item, SKU e.g., Disel
Enter the Rate
Click Save

Step3

Click Stores Module >Reports>Stock position> Detail>Item
Item-wise Stock Position opens up
Click the Filter icon on the Right

Filter for item-wise Stock-position details opens up

Select Cost type as Standard

Click Report tab
Selct Report format as Stock position Detail with Qty and Value

Click Apply

Stock value with standard cost is displayed

In the Reports Screen , select Pdf under settings to get your report.

Contents

Revisions

August 23, 2017 @ 09:52:09 [Current Revision] by editor
August 22, 2017 @ 04:53:40 by arul
August 22, 2017 @ 04:52:05 [Autosave] by arul
August 18, 2017 @ 04:25:42 by arul
August 17, 2017 @ 13:06:55 by arul
August 17, 2017 @ 11:47:40 by arul
August 17, 2017 @ 11:22:54 by arul
August 17, 2017 @ 11:17:33 by arul
August 17, 2017 @ 10:17:11 by arul
August 17, 2017 @ 10:13:57 by arul
August 17, 2017 @ 10:10:55 by arul
August 17, 2017 @ 10:07:08 by arul

Revision Differences

August 17, 2017 @ 10:10:55	Current Revision
Title
Deleted:	Added: Stock Valuation - Standard Costing

+Added: <strong>Standard Cost:</strong> There are multiple ways for stock valuation like FIFO, LIFO, Weighted Average, Moving Weighted Average, Last Purchase Rate and standard Cost.
-Deleted: <strong>Standard Cost: </strong>A fixed rate, called as Standard Cost is used for all Stock valuation. This method is mainly used for manufactured items where the Stock valuation is done with a rate fixed by the manufacturer himself .<em> </em>
+Added: <strong> </strong>A fixed rate, called as Standard Cost is used for Stock valuation whenever the user chooses to specify a fixed rate for each item as  arrived by herself externally.
-Deleted: <strong>This can be done in just 3 easy steps</strong>
+Added: This can be done in just 3 easy steps
-Deleted: <strong>Step1:</strong>  Standard settings configurationc
+Added: <strong>Step1:</strong>  Standard settings configuration
 Unchanged: <strong>Step2:</strong> Specifying the Standard cost
-Deleted: <strong>Step3:</strong> Look for the Reports in the Stores Module.
+Added: <strong>Step3: </strong> Stock Valuation with Standard Cost.
 Unchanged: <strong>Step1:</strong>
 Unchanged: Click Costing Module&gt;Masters&gt;Cost Analysis
-Deleted: <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost1.png"><img class="alignnone size-medium wp-image-7828" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost1-300x202.png" alt="std cost1" width="300" height="202" /></a>
+Added: <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost1.png"><img class="size-medium wp-image-7828 aligncenter" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost1-300x202.png" alt="std cost1" width="300" height="202" /></a>
 Unchanged: <strong>Under Cost Analysis Tab</strong>
 Unchanged: <ul>
-Deleted:  <li><strong>Create Code e.g., STDCOST</strong></li>
+Added:  <li>Create Code e.g., STDCOST</li>
-Deleted:  <li><strong>Create Name e.g., Standard Costing</strong></li>
+Added:  <li>Create Name e.g., Standard Costing</li>
-Deleted:  <li><strong>Select Type as Standard</strong></li>
+Added:  <li>Select Type as Standard</li>
-Deleted:  <li><strong>Select the dates e.g., 01Apr2017-31Mar2018< /strong></li>
+Added:  <li>Select the dates e.g., 01Apr2017-31Mar2018</li>
-Deleted:  <li><strong>Fill the Standard check box for the fields- Rate type, Material, Process, Resource</strong></li>
+Added:  <li>Fill the Standard check box for the fields- Rate type, Material, Process, Resource</li>
-Deleted:  <li><strong>Click Update</strong></li>
+Added:  <li>Click save</li>
 Unchanged: </ul>
-Deleted: <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost2.png"><img class="alignnone size-medium wp-image-7829" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost2-300x209.png" alt="std cost2" width="300" height="209" /></a>
+Added: <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost2.png"><img class="size-medium wp-image-7829 aligncenter" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost2-300x209.png" alt="std cost2" width="300" height="209" /></a>
-Deleted: Step2:
+Added: <strong>Step2:</strong>
-Deleted: <strong>Costing </strong><strong> à</strong><strong>Masters&gt; </strong><strong>Product cost Estimate</strong>
+Added: <strong>Costing &gt;</strong> <strong>Masters&gt;</strong> <strong>Product cost Estimate</strong>
-Deleted: <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost3.png"><img class="alignnone size-medium wp-image-7830" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost3-300x137.png" alt="std cost3" width="300" height="137" /></a>
+Added: <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost3.png"><img class="size-medium wp-image-7830 aligncenter" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost3-300x137.png" alt="std cost3" width="300" height="137" /></a>
 Unchanged: <strong>Under Product Cost estimate</strong>
 Unchanged: <ul>
-Deleted:  <li><strong>Select cost analysis as Standard costing</strong></li>
+Added:  <li>Select cost analysis as Standard costing</li>
-Deleted:  <li><strong>Click Add Row </strong></li>
+Added:  <li>Click Add Row</li>
-Deleted:  <li><strong>Select the Item, SKU, UOM e.g., Disel </strong></li>
+Added:  <li>Select the Item, SKU e.g., Disel</li>
-Deleted:  <li><strong>Enter the Rate specified </strong></li>
+Added:  <li>Enter the Rate</li>
-Deleted:  <li><strong>Click Save</strong></li>
+Added:  <li>Click Save</li>
 Unchanged: </ul>
-Deleted: <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost4.png"><img class="alignnone size-medium wp-image-7831" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost4-300x91.png" alt="std cost4" width="300" height="91" /></a>
+Added: <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost4.png"><img class="size-medium wp-image-7831 aligncenter" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost4-300x91.png" alt="std cost4" width="300" height="91" /></a>
 Unchanged: <strong>Step3</strong>
 Unchanged: <ul>
-Deleted:  <li><strong>Click Stores Module &gt;</strong> <strong>Reports</strong>< strong>à</strong> <strong>Stock position</strong> <strong>à</strong><strong> Detail</strong> <strong>à</strong><strong> Item</strong></li>
+Added:  <li>Click Stores Module &gt;Reports&gt;Stock position&gt; Detail&gt;Item</li>
-Deleted:  <li><strong>Item-wise Stock Position </strong><strong>opens up</strong></li>
+Added:  <li>Item-wise Stock Position opens up</li>
-Deleted:  <li><strong>Click the</strong><strong> Filter</strong><strong> icon on the Right</strong></li>
+Added:  <li>Click the Filter icon on the Right</li>
 Unchanged: </ul>
-Deleted: <strong> <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost5-1.png"><img class="alignnone size-medium wp-image-7832" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost5-1-300x65.png" alt="std cost5" width="300" height="65" /></a></strong>
+Added: <strong>                                 <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost5-1.png"><img class="size-medium wp-image-7832 aligncenter" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost5-1-300x65.png" alt="std cost5" width="300" height="65" /></a></strong>
 Unchanged: <strong>Filter for item-wise Stock-position details </strong><strong>opens up</strong>
 Unchanged: <ul>
-Deleted:  <li><strong>Select Cost type as Standard</strong></li>
+Added:  <li>Select Cost type as Standard</li>
-Deleted:  <li><strong>Click Apply</strong></li>
 Unchanged: </ul>
-Deleted: <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost6.png"><img class="alignnone size-medium wp-image-7833" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost6-300x204.png" alt="std cost6" width="300" height="204" /></a>
+Added: <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost6.png"><img class="size-medium wp-image-7833 aligncenter" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost6-300x204.png" alt="std cost6" width="300" height="204" /></a>
+Added: <ul>
+Added:  <li>Click Report  tab</li>
+Added:  <li>Selct Report format as Stock position Detail with Qty and Value</li>
+Added: </ul>
+Added: &nbsp;
+Added: <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost-6.jpg"><img class="size-medium wp-image-7849 aligncenter" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost-6-300x85.jpg" alt="std cost 6" width="300" height="85" /></a>
+Added: <ul>
+Added:  <li>Click Apply</li>
+Added: </ul>
+Added: &nbsp;
+Added: Stock value with standard cost is displayed
-Deleted: <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost7.png"><img class="alignnone size-medium wp-image-7834" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost7-300x25.png" alt="std cost7" width="300" height="25" /></a>
+Added: <a href="http:// help.goodbookserp.com/wp- content/uploads/ 2017/08/std- cost7.png"><img class="size-medium wp-image-7834 aligncenter" src="http://help.goodbookserp.com/ wp-content/uploads/2017/08/ std-cost7-300x25.png" alt="std cost7" width="300" height="25" /></a>
+Added: &nbsp;
+Added: In the Reports Screen , select Pdf under settings to get your report.

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