Hi everyone,
I hope this message finds you well.
I am reaching out to seek assistance in finding a solution within ERPNext for handling actual cost revaluation of finished goods during period closing. Our company frequently encounters the following scenario:
- We produce and stock finished goods, initially valuing them based on material costs and planned operating expenses.
- Later, we incur additional actual expenses (e.g., wages and utility payments) that may differ from the estimated costs entered during the production process.
- We need to allocate these actual expenses proportionally to the cost of specific finished goods to ensure accurate valuation.
While exploring ERPNext, I’ve observed that automatic methods, such as Landed Cost Voucher, are not applicable for internally manufactured goods. Additionally, we want to ensure the cost adjustment process is aligned with period closing procedures.
Could someone please advise:
- Is there an existing feature or workflow in ERPNext that allows for the revaluation of finished goods to include actual expenses after the initial stock entry?
- How can this be incorporated into the period closing process to update the cost of goods sold (COGS) accurately?
- Are there any recommended best practices or workarounds to achieve this goal?
Thanks in advance