For most of our inventory items, our valuation method is Average Cost.
However, for many of our POs or inventory adjustments we had incorrectly issued at $0 and therefore our average cost is significantly skewed and incorrect.
The true correct average cost for our items is actually our Last Cost.
Is there any way of manually updating average cost?
How can we go about rectifying these incorrect average cost values?
Hi
You can adjust the item cost by entering an Inventory Adjustment, using the instructions below:
Thanks!
Hi
You are right. The Average Cost on the Stock Items screen will not update unless you adjust out quantity and receipt it back in.
I’m sorry for the confusion. :)
To do a cost adjustment, you specify the Ext. Cost (4e) in above screenshot - no quantity or unit cost is specified.
I have this same issue with one item. Cost is over $70.00, but average cost is just $6.00. I did an Adjustment with the Ext. Cost being the correct cost of over $70.00, but it only raised the average cost up $2.00 - I’m still $60.00+ short of the true average cost. Am I missing a step?
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