|Last Cost Price on Product Update in RME|
|Product prices that have been changed in GRNs will now update when altered in the RME system.|
Release date:30th/31st August 2022
- Enabled by Default? - No
- Set up by customer Admin? - Yes
- Enable via Support ticket? - Yes (for a global setting)
- Affects configuration or data? - Yes
Updating a product's price in RME will now affect those products that have had their price changed in a GRN (using the 'Last Cost Price' setting).
Reason for the Change
To help ensure correct product prices are displayed within Inventory and Ordering.
All Inventory customers using RME and 'Last Cost Price' functionality.
Raise a Support Ticket and ask Fourth to enable this global setting.
- These global settings instructions are for Fourth personnel
- Go to Setup > All Options > Company Admin > Global settings
- Use Module drop-down and select Purchasing
- Expand ORG_GlobalSetting and apply the Use last cost paid as next purchase price setting as required
Fig-1. Enabling “Use last cost paid as next purchase price” global setting
A supplier-level configuration with the same name, Use last cost paid as next purchase price, has also been introduced.
- These supplier settings instructions are for customer admins
- Go to Setup > All Options > Browse Suppliers
- Search for and select a Supplier
- Go to the Edit Details tab, tick the boxes against Supplier can edit GRN and Use last cost paid as next purchase price, and Save
Fig-2. New supplier level config: “Use last cost paid as next purchase price”
The name of the setting Supplier can edit GRN is incorrect and will be changed in a future release. Suppliers cannot actually edit GRNs.
When the 'Last Cost Price' setting is enabled, if a user edits a product price on a GRN then that new price will be used when manually inputting orders, adding new lines on GRNs, and in the supplier returns and ordering screens.
When the same product's price is subsequently updated in RME, its price in Inventory will also change.
I can see the potential of the change as we are one of the customers asking for similar fuctionality.
However i cannot really see how this could works in the way it has been built
I think it will actually lead to more discrepancies between RME and Inventory.
Site member will be able to process invoices without realizing the price changes. This will lead to administrator not being able to be notified about those changes and update RME for Theoretical cost evaluation
In my opinion it should have been avaliable for transfer and returns, not for next purchase
Thank for for your feedback.
The ability to edit last cost price is actually (optional) long-standing functionality used by many customers, for varying reasons.
Your comment regarding discrepancies is correct, but this is a known consequence.
This release is simply adding some refinements to that functionality for those customers using it (and of course any other customers wishing to utilise this functionality):
Solution Director - Inventory Management
Thanks for the explanation.
Following my comment , I believe i can get this enabled at supplier level without enabling it for the next purchases.
That means it would only work for manual imput orders and transfers/returns ( without impacting next purchases and other metrics such as stock evaluation). Is that correct?
If so that would be great.
An additional feedback would be the below:
1) considering those refinements would it be possible to finally get the Theoretical COS hardcoded to the last paid price rather then cost price and model in Starchef?
This will avoid the current paradox where ,assuming i have 2 identic weeks( in terms of sales and sals mix), if in one of the weeks I buy the products at way higher price(from alternatives suppliers), the theoretical COS will be the same for both.
Thats not quite correct.
You can enable the ability to Edit the Price of a GRN utilising the Supplier Can Edit GRN option (soon to be relabelled).
This allows all GRNs for that supplier (Manual or via a Purchase Order created in Fourth), and Supplier Returns to have the price edited. It does not make the Transfer price editable.
If you also enable Use Last Cost Price Paid as Next Purchase price, then Purchase Orders will utilise the most recently edited received price for that supplier instead of the default.
Editing the receiving price will absolutely have an impact on stock valuation as received pricing is utilised in the stock valuation process.
Regarding your other point;I can see you have already raised an idea regarding this, received feedback and it is open for voting.
Solution Director - Inventory Management
Please sign in to leave a comment.