INVENTORY control
Ensuring inventory valuation accuracy
When inventory costs are updated on an ongoing basis, your financial statements more accurately reflect the true state of your business. This enables you to make more informed decisions about current and future inventory profitability.
Why do costs change? Here are a few possibilities:
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Changes to the cost of standard items
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Adding actual landed costs to a purchase
- Entering back-dated transactions
You can ensure that your inventory valuation remains accurate by enabling Maintain inventory valuation (MIV) costing updates to run nightly. When this option is enabled, Sage Intacct automatically checks for cost differences and ensures all related transactions which impact inventory valuation are processed correctly.
Details
New subscribers to Inventory Control will see that MIV is pre-configured to automatically update nightly. This setting cannot be disabled.
Existing subscribers who modify their configuration settings will be advised to enable MIV, but this remains an optional setting.
How it works
Configure Inventory Control to run MIV costing updates nightly.
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Go to Inventory Control > Setup > Configuration and go to the Accounting section.
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To enable Maintain inventory valuation (MIV) costing updates, select Automatically run updates nightly.
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Select Save.
Permissions and other requirements
| Subscription |
Inventory Control or Supplies Inventory |
|---|---|
| Regional availability |
Supplies Inventory is currently only available in Canada and USA.
|
| User type |
To configure: Business user with admin privileges |
| Permissions |
Administration
|
