How to Change Effective Date (Retroactively) on Overhead Rate of an Item
Modified on: Mon, Dec 12, 2016 at 2:56 PM
||How to Change Effective Date (Retroactively) on Overhead Rate of an Item
In order to reflect the overhead rate of an item at a differenct price effective at a retroactive date, you must do the following steps:
1) Print a "Transaction & Valuation" report before starting (for the specified items)
- Inventory Module - Item Reports - Choose specific items
2) Changed the Overhead rate in the Item Card - Invoicing tab
3) Run the Adj. Cost Item /Entries
(for the specified items, choose the costing method Ex. FIFO and choose the Last Direct cost) in Financial Mgmt - Inventory - Costing menu
4) Run the Adj. Cost Item with TODAY'S date in order to adjust all transactions after retroactive date (i.e. Dec 1/05) to present (Jan 1/05),
in Financial Mgmt - Inventory - Costing menu
5) Run Post Cost to G/L to update the correct GL Accounts for the 'net change' X qty used
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