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Hi Ari and All,
I appreciate your and all other responses !!! I was expecting a technical suggestion but also getting lot of suggestions on accounting treatments of inventory !!
I will like to inform that there are things called Variances in standard costing system and these variances are " inventorised " over stock turn over period of the materials.
Setting standards helps the management to control costs and monitor performances of various functions, and variances have to be appropriately responded by the respective manager. Standards are set for a defined period , one year and measure the performance for that year against the standard. Thats how it works even for deciding individual's monetary incentive (Variable pay you may call ) !!!!
I will not request anyone to check with the companies that follow standard costing system across the world and their process (including India, in some companies, and even for cost and stat audit you can value goods in standard and report variances), as this is not my purpose of posting the query here in IT Tool box.
In any case, I thank you all from my heart for the time spent on this topic and your valuable suggestions.
I will continue to post here my queries, and expect your support in all times,
Cheers and thanks,
Keyiyer.
| | | ---------------Original Message---------------
From: ARI
Sent: Tuesday, November 30, 2010 12:58 PM
Subject: Moving Average Prices update in Material Master for data migration
Toolbox sap-acctHi Keyiyer,
I should really appreciate you, for writting something which you are completely ignorant
and yet giving the reply with full confidence.
For your information, it is not only your local laws which advice to maintain raw material at MAP, but for all
countries and all around the world.
I promise you that if you can mail me one accounting standard/country in the world where raw materials are
maintained at standard price (you can leave aside SAP, and refer any software), i will stop posting in this forum..........!!!
Its a promise
Take care
ARI |
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