Dynamics 365 – Updating the Standard Cost
So the Standard Cost is wrong in Dynamics 365… What do you do now? Don’t panic. You have options!
Create a Cost Version
Create a standard cost version to be used for the purpose of updating standard costs throughout the year. This Costing version is in addition to the normal Annual standard cost version used to set initial standard costs for the items. Consider a naming convention such as ‘2020 STD Updates’.
Navigate to the Cost management module and select Costing versions, located under the Predetermined cost policies setup to do this.
Update the Standard Cost
Next, enter the updated standard cost(s) manually or by data management process.
Navigate to the Released product in question.
Product information management > Products > Released products
Select the Item number, and navigate to Manage costs > Set up > Item price
Click the ‘Pending prices’ tab, and click New.
Select Price type Cost.
Select the Cost version created for updating standards throughout the year.
Select the Site. Site in mandatory.
Enter the Cost price in the Price field.
Update the From date, if needed (it defaults to current date).
Save.
Activate the Standard Cost
We are not done yet!
The new standard cost has to be activated and this is where there are options.
Option A:
Activate the new standard cost item by item:
While in the released product form, the new standard can be activated immediately by clicking the Activate pending price(s) function.
Option B:
Activate any new standard costs that have been updated since the last activation job, by scheduling a batch process:
From the Costing version setup form, select the Costing version created for updating standard costs, and click Activate. Populate the parameters, including the Run in background tab, and the Recurrence settings.
Click OK.
Note: The Costing version cannot be blocked for Activation if the batch processing option is selected. See the Costing version setup Blocking policies for the specific Costing version in question.
