User is looking at the Item Master Definition (PMA) going into Item Maintenance Page 2 and would like to know how we get to populate the Latest Cost.
User has found an issue in supply chain where the latest cost/last price field is not updating when an invoice is processed.
Two Parts have been purchased since the end of last year, plenty of invoices have been processed, yet the field for last price/latest cost is blank.
The price updates when adding the Purchase Order (PO) line to the register; not at the point of posting the invoice to accounts from the register. If you have added multiple POs on separate lines or separate invoices, it will be the line that was last added/update that will match the Latest cost, not the invoice posted to accounts.
The Latest Cost can be typed in and can be updated from Purchase Order or Works Order Processing and the settings are in the relevant System Parameters. To get to the Parameters:
Select the System menu item
Then Application Configuration
Pick System Parameters
Option Purchasing
Page 2
Update Latest Material cost either Y or N
Option GS Sub Contract Order entry - on entry
Option FS Purchase Order Entry - on entry
Option XB Purchase invoice Register - on creation
On Receiving into stock can select to Update Latest Material cost with New Average Material Cost. In System Parameters
Select Option Works Orders
Page 3, update Latest cost on item master from Job costs during kit issues which you select with a tick box