IM1701 Inventory Management Material Cost Type/Loc File Maintenance
Material Cost Type/Loc File Maintenance
Application Overview
Material Cost Type/Loc File Maintenance allows you to keep track of inventory cost by material cost type within a particular location. If you are using multiple warehouses and you wish to track costs within warehouses, simply enter a material cost type account for each warehouse. The Customer Order Processing package will post the cost of each item sold to the correct inventory asset account. The Purchase Order package will utilize the asset account when purchase orders are entered. Inventory Transaction Processing will also use the asset accounts to distribute transactions.
The purchase price variance account will be used by the Accounts Payable package to accumulate differences between an item's invoiced amount and its received cost in the Purchase Order and Receiving package. It will also be used if I/M Setup is set to create automatic distributions during the posting of physical count tags.
Run Instructions
Select Material Cost Type/Loc File from the pull down I/M Maintenance window. The following screen will then be displayed:
Material Cost Type/Loc File Maintenance Entry Screen
The following options are available:
- Select the desired mode from the Material Cost Type/Loc Acct File menu bar
- Enter the data requested on the screen
To return to the menu bar, press the ESC or F10 key. To leave this application, press X for EXIT when positioned at the menu bar.
Entry Field Descriptions
Name | Type and Description |
1. Material Cost Type | 1 alphanumeric character. Enter a valid material cost type number or code. The material cost type description will display automatically. Press the F7 key to search for material cost type. |
2. Location | 2 alphanumeric characters. Enter the location for the material cost type. The location description will display automatically. Press the F7 key to search for location. |
3. Inv Asset Acct | A standard account format. Enter the inventory asset account for this material cost type at the above location. The entered account must be a valid I/M account. Press the F7 key to search for the account-by-account number or press the F8 key to search for the account by description. |
4. Purchase Price Variance Acct | A standard account format. Enter the purchase price variance account for this material cost type at the above location. The entered account must be a valid I/M account. Press the F7 key to search for the account-by-account number or press the F8 key to search for the account by description. This account is used in Accounts Payable to accumulate variances from the received cost of the item in the Purchase Order and Receiving package and the actual invoiced amount in Accounts Payable. It is also used to create distributions during posting of physical count tags if flag #24 in I/M Setup is set to Y. |
Material Cost Type/Loc File Maintenance
Related Articles
CP1101 Customer Order Processing Product Cat/Loc Acct File Maintenance
Product Cat/Loc Acct File Maintenance Application Overview This application allows you to assign sales and cost of goods sold account numbers to product categories by location. In Customer Order Processing, sales account numbers and cost of goods ...IM0000 Inventory Management Package Overview 2
Changing Inventory Cost Methods If you wish to change the method by which you value your inventory you must use one the following procedures depending on what method you are using now and which method you want to change to. Use the following ...IM0000 Inventory Management Package Overview 4
Startup Setup Procedure In order to begin using the Inventory Management system, the following steps must be completed after Company Setup and the Inventory Files have been initialized through the File Utilities application. For extensive ...IMIMSITM Inventory Management Item Import Utility
Item Import Utility Application Overview The purpose of this utility is to provide an easy way for a third party application to add items into Elliott. It can also be used for transferring the item master records added in a different company or ...IM1601 Inventory Management Material Cost Type File Maintenance
Material Cost Type File Maintenance Application Overview The Material Cost Type File Maintenance application maintains a convenient table of inventory item material cost classifications, i.e. raw materials or finished goods. The material cost type is ...