New to peachtree need a little help

[spook1911]

Hello and thank you for at least reading this. I was recently given the task of updating unit costs in peachtree. So I looked in the index file and really could not find anything. When I go to Maintain > Inventory Items... the Last Unit Cost is greyed out not allowing me to change it. How on earth is one supposed to change this figure??? If you need any more information please post a reply I will be checking this very often.

[captainship]

Unit costs for inventory items are related to previous purchases. It gets updated when you enter a new PO with your new price and receive in the inventory.

[spook1911]

There is no other possible way of doing this? Some how when the year end was done, inventory items got mixed around and costs got switched. We have narrowed it down to about 80 items but need to change the to the correct cost. I was once told that you can do this by going to Tasks > Inventory Adjustments... but was also told everyone needed to be out of the system to do so. It has a spot in Inventory Adjustments that shows and allows you to change the Unit Cost, but I have not been able to find anything saying that it will for sure change the cost that I input.

[jriehl]

You can change unit cost by doing the following. Make and inventory adjustment to zero out your unit qty. Then make another adjustment using the correct cost and qty.

You'll need to be careful because this will affect profit and cost numbers. Also pay attention to the dates of the adjustments.

[JaneB]

Last Unit Cost - What a headache! First, I am more technical than I am an accountant, so run this by your financial person for their OK.

We have several cost increases a year that can affect several thousand items. I finally figured out a process that works for us, importing Inventory Adjustments (Import/Export function for Inventory/Adjustment Journal). This is run in single-user access mode - everyone has to be off.

1. If needed, export from Peachtree to a CSV file all the Item information needed to update the new cost. You can then open this file as an Excel file. Our cost is based on a percent of the lowest price level, so I needed to calculate that out via an Excel worksheet.

2. Once you have your new cost for each Item ID, set up an Excel worksheet with the following required fields:
Item ID; Reference (comment field); Date; Reason to Update (another comment field); G/L Source Account(your Cost of Sales account for that Item ID); New Last Unit Cost; Quantity (1); Amount (Cost * Qty * -1, because it is a credit, it must be negative). It is helpful to keep the first row as headings.

3. Save this as a .CSV file.

4. Go to File...Import/Export...Inventory...Adjustments Journal, and select Import. On the Fields Tab, make sure you select and line up your fields in the same order as the fields in your file. Run some tests with only a few records at first. On the Options Tab, update with the name of the file you saved (.csv format), and check Import Options / First Row Contains Headings. Save this import as a new name if you want to use it again, and then OK to run it.

5. Time depends on size of data.

6. Using the same layout, setup the Excel file with a different Reference and/or Reason if you want to track it, and with a Quantity of -1 and a positive Amount (Unit Cost * Quantity * 1). This backs out the first adjustment, keeps the Unit Cost the same, and posts a debit.

7. Run the Inventory Adjustment Journal, filtering for the time period, to see a good audit trail of what you did.

I hope this was clear. For accountants, if you are using FIFO, it stills takes out of inventory at the original price is was brought in at, but all PO's will have the new Last Unit Cost on it, making it an easier process to Receive and pay.

[ray125]

We Have Some Items That Imported With Average As The Default Which Was Wrong, I Have Used These In Assemblys And Sold Finished Product.. Ect. My ? Is How Do You Change To Fifo After The Fact. I Changed In Lineitem File Costing Method Only To Find It Has Been Posted That Was, I Don't Want New Item Id's As Our Cad Drawings Would Then Need To Be Revised, I Have 1899 Parts That Are Average That Need To Be Fifo, And Total Parts, Sub Assemblys Ect = 9800 Or So. I Have The Sdk But Will Pawcom Do This For Me?
It's Not Mission Critical I Can Run This Way Till Jan 1 When Pt2008 Kicks In And I Can Rip And Tear Like Every Year. I Just Like To Retain My History And Item Ids As Is.

Ray

[ray125]

thanks Jane,
I see that I can get the last unit cost in line, but is there a way to change the accounting type on an iventory Item that is LIFO to FIFO. On maintain an item screen it's greyed, I have about 10000 parts that are used in 750 or so assembly's and finished items, after importing our parts we built our assembly's, 1 out of 5 of us who set it up our stuff defaulted to lifo on those parts, I need those to be FIFO in the future, is there a way to change it after the fact, or do I wait for the new year and well rebuild it all.... a real task as 1 item we sell has over 475 parts and 50 or so sub assemblys... also the retension of our history and purchases of those items.. we are up and running 5 days a week and I can't shut down peachtree in the office except on fridays and the weekend.. 2 days it's insane to imagine reentering it all, it took a couple of weeks to originally set up and well it's awesome.. just need that FIFO..

Ray