Purpose
The purpose of this Quick Reference Guide (QRG) is to provide a step-by-step explanation of how to Maintain and Adjust Item Costs in the North Carolina Financial System (NCFS).
Introduction and Overview
This QRG covers how to maintain or adjust item costs in NCFS.
User Tip
The following are prerequisites to maintain or adjust item costs:
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Cost Accountant views the average cost of Item(s) in inventory and the daily average cost change report.
Maintain or Adjust Item Costs
To maintain and adjust item cost in NCFS, please follow the steps below. There are 12 steps to complete this process.
Step 1. Log in to the NCFS with your credentials to access the system.
Step 2. On the Home page, under the Supply Chain Execution tab, click the Cost Accounting app.
Step 3. Click the Tasks icon. In the Item Costs section, click Manage Cost Adjustment.
Step 4. In the Cost Adjustments field, click the Create radio button. From the Cost Adjustment Type drop-down choice list, select Perpetual Average Item Cost. Click the Next button.
Step 5. In the Search: Perpetual Average Item Cost section, enter the Cost Organization, Cost Book, and Item details. Click the Search button.
Step 6. Select the Item Record link.
Step 7. Click the Done button.
Step 8. Click the Next button.
Step 9. Select Manual Adjustment from the Reason Code drop-down choice list. Select the Adjustment Date as the current date of the Cost Adjustment. Enter the new cost, amount change or percent change details in Valuation Unit: Cost Details field. Click the Next button.
Step 10. Review the Cost Adjustment and click the Save button.
Step 11. Click the OK button.
Step 12. Click the Submit button.
Note: Cost Adjustment must be repeated for all the cost books i.e., Cash Book, Accrual Book, and Modified Accrual Book so that cost remains in sync across all three cost books. The New Item cost will be reflected in the system once the costing processes runs through Batch Schedule, typically the next day.
Wrap-Up
Maintain and adjust item cost using the steps above to view the updated average cost of Item(s) in inventory and the daily average cost change report.
Additional Resources
- Virtual Instructor-Led Training (vILT)