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Standard Cost Implementation Best Practices

When implementing items with the Standard Costing method, we highly recommend using the following steps:

  1. Use the Import Item Template to initialize the standard base cost for all items.

  2. Import the Item Formulas.

  3. Import the Item Routings.

  4. Check the values in these fields before you continue:

    1. The Replenishment System is Work Order for items that have Item Formulas, and Purchase for other items that you purchase..

    2. Standard Base Cost is entered for all purchase items and service items.

    3. Inventory Class is entered for all finished goods, subassembly, and raw materials items. You can use Finished Goods as Inventory Class for service items.

  5. Run the Item Calculate Low-Level Code.

  6. Process the Standard Cost Worksheet to update the standard cost for Work Order items.

  7. Import the Beginning Inventory. Compare the inventory value in GoldFinch with the import spreadsheet provided by the client. This may be slightly different but should be close.

  8. Import or enter opening Sales Orders, Purchase Orders, and Work Orders.

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