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Attention: Customers with NetSuite Electronic Bank Payment (EBP) SuiteApp, version 2020.2 QA (ID 315896) must UPDATE (do NOT uninstall) their bundle to the Production version 2022.1 (ID 416781) by December 31, 2022. Note: If users fail to manually update the Electronic Bank Payments SuiteApp within the given time window, this version of the SuiteApp (ID: 315896) will be deprecated and the account will not be updated to Leading version (2022.1) of the Electronic Bank Payments SuiteApp. Please refer to the campaign email sent to impacted customers for more information.
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Last Purchase Price does not reflect current cost for Standard Costing

edited Sep 5, 2022 4:37PM in Ask A Guru 6 comments

For Items that have not been recently purchased, the Last Purchase Price does not contain the current cost/price of that Item, so Standard Costing is incorrect.

What is the recommended approach to having Standard Costs correctly use the Current Cost of an Item not the Cost of the Item the last time we purchased it.

This issue is impacting our ability to perform Standard Cost and Pricing Analysis. We need to know how much it cost to make it today (Labor, Overhead & Materials), based upon today's costs, not the cost of the materials the last time we purchased them.

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