Standard Cost Valuation Rate

Is it possible to maintain a constant valuation rate instead of the fifo, lifo or moving average in erpnext.

In ERPNext, you can maintain a constant valuation rate for your stock items using the FIFO (First In First Out), LIFO (Last In First Out), or Moving Average methods.

But i want to use standard cost

With this method, the value of the item in your inventory will always be based on the standard cost that you have set, regardless of the actual cost of the item when it was received into stock. This can be useful if you want to maintain a constant value for your stock items for financial reporting purposes, or if you want to set a specific target cost for your items.

Please is there such feature or their a workaround to it.

Workaround: You can add a custom field in the Item Master for Standard Rate & then use this in reports (You may have to customize script reports like Stock Ledger, Stock Balance etc)

Yes, but the customization will not affect General Ledger… I want the Stock at hand in the Chart Of Account to be valued by the standard cost. and then possibly post a variance value for the difference between the actual cost to the standard cost to a different account

In that case, you can use server scripts to create additional accounting entries as you wish.

ok. pls ,can you help me on how to go about it