Question

Clarification on "Modify Date Applied" Feature in Inventory Transactions History Screen

  • 9 April 2024
  • 1 reply
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Hi Community,

We are seeking your insight to address the following questions raised by one of our IFS customers regarding the "Modify Date Applied" feature available within the 'Inventory Transactions History Screen'.

  1. Could you please explain the design concept behind "Modify Date Applied" feature?
  2. Since the purpose of ‘Modify Date Applied’ is to move transactions from one financial period to another without changing the values in the postings, what is the significance behind changing the financial period?

Following is the customer’s business requirement:

Customer has a different effective cost in March compared to that of April. For a specific transaction registered in the system in April, customer expects to view the cost values in the postings in ‘Inventory Transactions History Screen’ in corresponding to March accounting period. Does IFS have this functionality?

Thank you,
Manthila Perera

1 reply

M
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An example of using ‘Modified Applied Date’ is when Purchase Orders are received after the month end cut off date in the system even though the actual goods or service would have received in the previous month. May be due to a back log of processing receipts they would have received it lets say on the 1st or 2nd of the next month. In this scenario, you would want the cost to be in the previous month, so you can use the ‘Modified Applied Date’ to move the cost to the previous month.

In Regards to the costing, it is quite complex, depending on the inventory valuation setting and costing methods, things can be different. The customer may require some functional consulting from a SCM guru.

 

Cheers!

 

Malik

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