We went live with IFS in January and no longer have the consultant who was heavily involved in costing. I see there are three ways to set standards for new costs (as explained by IFS help). Bullet point three is occurring but I may want to utilize bullet point two. I would like someone to confirm that this is the estimated cost field they are referencing. THANK YOU!
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Yes, that is it, there are several places it can be seen, but update from the inventory part unit cost.
You can see it on the Part Costs overview
You will want to prepare costs in this manner:
Enter the estimated material cost (our buyers typically do this after deciding the price from the primary supplier)
Calculate the cost in cost set 2 (done by the cost accountant or sometimes the material planner depending on the site and responsibility)
Copy the cost to cost set 1 (this sets the standard cost AND revalues inventory if there is QOH, this should be controlled by finance or a designee that understands when according to accounting requirements WHEN it is correct to do this)
We normally attempt to avoid letting the system just pick up on the first receipt.
