Initializing with Existing Data
To initialize Periodic Costing before first use, run the Period Costing Initialize (30.5.1.23) to begin calculating the period costs for a specific GL period.
Periodic Costing Initialization only needs to be run once before using PC for the first time. Subsequent uses do not require initialization.
When initializing Periodic Costing, specify:
• Effective Date
Important: You run the initialization as of the day before the Periodic Costing start date. So, this is the last date of the GL period not using Periodic Costing.
• Cost Set
Reference cost set of item unit costs to be copied for the initial cost valuation. The default is the Standard cost set.
When entering a cost set, you may enter a current cost set, a standard cost set, or a simulation cost set. Make sure that you define the item price for each item in the cost set. You can create a simulation cost set by copying the standard cost set.
You enter Standard for the cost set. For Item A in standard cost, the material portion is 1 and the overhead is 0.5. In Periodic Costing Initialize, you enter a date of 05/31/2010. The system creates a new cost set for the period May 2010. If you enter the Periodic Costing template PCTEMPL for the cost set, the cost set for May 2010 would be PCTEMPLUSD1005001, and the cost for Item A for cost set PCTEMPLUSD1005001 is 1 for material and 0.5 for overhead.
Periodic Cost Initialize (30.5.1.23)
