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What are the implications of updating Element Costing information?

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Summary:

Would like to know what the downstream impacts are of UPDATING versus CORRECTING versus CREATING NEW element when there is a need to change the costing information for several elements. And what needs to be taken into account - for example retros.

Content (required):

There is a need for us to change the cost center on several of our elements due to a ledger consolidation and the old one becoming obsolete. This is for our Corporate ledger and all our intracompany charges goes thru it.

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