Spares Quick Tip: Updating Part Cost After Initial Import

Sometimes our customers will load in spare parts into L2L with quantity but do not have accurate cost information or load in the spares with $0 so that they can start to manage their spares parts program.  This can be due to a number of factors like having a previous system that did not have a good method of updating cost information.  

But now once you load in your spare parts to L2L, the part cost is an important part of the overall maintenance process and having accurate cost information applied in the system allows you to know how much you are spending on spares and where you are spending the spares cost.  The part cost is also very important in building an accurate cost history and being able to know what your total inventory value is, so it is important to update the cost properly in L2L so that it records the transactions correctly to build the cost history and subsequently the overall inventory value.  It might seem simple, just update the Current Cost on the Part Detail screen right?  WRONG.  If you just update the Current Cost on the Part Detail screen, the system does not create a transaction.

In order to update the part cost correctly after initial import, you will need to go to the Part Orders section of the part detail screen and select the View/Edit Order button for the Initial Import part order:

This will bring you to the Part Order Detail screen for the Initial Import.  You will update the cost in the Purchase Price field, and enter in the Order Quantity that is equal to the Quantity Received.  

When you save this, the system will create an Inventory Adjustment transaction that will add to the inventory value and will update the Import Cost and Current Cost on the Part Detail Screen:

Once this is completed you can continue the using the Spares Order Parts Screen and Spares Receive Parts Screen to order and receive parts into L2L and the system will update the costs and inventory as designed.