In reviewing the Dynamics GP documentation, it would appear that the correct way to update Standard Costs would be to use the Inventory Year End Process to update the cost to the inventory cards.
However, in reading a recent post, it makes me wonder if I am missing something.
(Post Reference: http://blog.mygpcloud.com/2012/01/standard-cost-inventory-valuation-in-dynamics-gp/
This thread makes me think that Dynamics GP does not create a GL entry for the YE Standard Cost adjustment. IN testing, I ran the process and the system generated an adjusting JE for the Standard Cost update.
I am in the process of implementing a Standard Cost Inventory (with Landed Costs) and must admit that I have rarely had to do this and looking for any guidance that might be out there.
What is the proper process for updating Standard Costs for a company?
How often can you run the Standard Costs update process?
Feedback on this would be greatly appreciated.
Much thanks,
Michael Cryer