Summary
This article walks through how current cost and standard cost are different in StockIQ, and how they are used.
Applies To
All items that have a "cost" supplied from your ERP
Process
Current Cost in StockIQ is a display-only field read in from some ERP systems that maintain a current cost that is separate from the Standard Cost used for valuing inventory. This is used for display purposes only and is not used in any calculations in StockIQ. Clients like to use this to see what was last paid for a particular shipment of an item.
When used in StockIQ, the Standard Cost refers to a standard cost for which your inventory is being valued. Standard Cost is used in:
- For determining current and projected inventory values
- For determining historical inventory values if history is unavailable
- Approximating COGS when doing classing