Manage standard cost variances

To manage standard cost variances

To complete this activity, the nominal account for standard cost variance must be specified on the Default Accounts tab of the POP settings.

Open: Purchase Order Processing > POP Maintenance > Standard Cost Variances.

  1. Select the range of items you want to manage using the Select stock items options. The cost variance values are displayed.

    Note: If you select All stock items, the list is filtered to display only those items using the standard cost method. However, it is possible to select an item by error that does not use standard costing when using the single item or product group options. If this does occur a prompt is displayed.

  2. To generate the Stock Cost Variance report click Print.
  3. Click Reset Variances. The Reset Standard Cost Variances window is displayed.
  4. Use the displayed window to control what you want to do.
    • To reset cost variances only, clear the Post adjustments to the Nominal Ledger check box, and then click OK.

To reset the cost variances and generate nominal adjustments, select the Post adjustments to the Nominal Ledger check box. Accept or amend the displayed date and enter a narrative for the nominal posting and click OK.