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- actual cost
- A cost method that tracks the actual cost of each receipt into inventory. When depleting inventory, the processor logically identifies the receipts that are consumed to satisfy the depletion, and assigns the associated receipt costs to the depletion.
- analysis group
- Contains analysis code classifications for particular reporting purposes, for example fixed and variable costs analysis group.
- cost book
- A view or method of cost accounting for inventory transactions. You can create multiple cost books and assign them to a cost organization for different financial and management reporting purposes.
- cost element
- A cost that you can associate with an item so that you can monitor the cost through the inventory and accounting life cycle. For example, you can monitor the material cost, overhead cost, and tax cost of an item. You can monitor each of these costs as a separate cost element.
- cost organization
- A grouping of inventory organizations that indicates legal and financial ownership of inventory, and which establishes common costing and accounting policies.
- cost organization book
- Designates which cost book a cost organization uses for different costing and reporting purposes. For example, the Canada cost organization may use a perpetual average cost book and a primary cost book. In this case, there are two cost organization books: Canada-Perpetual Average, and Canada-Primary.
- cost profile
- Defines the cost accounting policies for items, such as the cost method and valuation structure.
- Abbreviation for deferred cost of goods sold. Portion of cost of goods sold not recognized on the income statement, and deferred to a future accounting period, when matching revenue is recognized.
- Abbreviation for exchange rate variance. The difference between the exchange rate used for receipt accrual and the exchange rate used for reversing the accrual.
- Abbreviation for first in, first out. A material control technique of rotating inventory stock so that the earliest inventory units received or produced are the first units used or shipped. The ending inventory therefore consists of the most recently acquired goods.
- inventory organization
- A logical or physical entity in the enterprise that tracks inventory transactions and balances, stores definitions of items, and manufactures or distributes products.
- Abbreviation for invoice price variance. The difference between the invoice price and the purchase order price.
- layer inventory cost
- Inventory valuation that is based on the receipt layer cost, including overhead absorption and cost adjustments.
- perpetual average cost
- The average cost of an item, derived by continually averaging its valuation after each incoming transaction. The average cost of an item is the sum of the debits and credits in the inventory general ledger balance, divided by the on-hand quantity.
- Abbreviation for purchase order.
- receipt cost
- The transaction cost of a purchase order receipt or a miscellaneous receipt, including additional acquisition cost or other cost adjustment.
- receipt layer
- Unique identification of delivery or put away of an item into inventory.
- Abbreviation for return material authorization.
- standard cost
- An inventory valuation method in which inventory is valued at a predetermined standard value. You track variances for the difference between the standard cost and the actual transaction cost, and you periodically update the standard cost to bring it in line with actual costs.
- Abbreviation for tax exchange rate variance. Tax component of exchange rate variance (ERV).
- Abbreviation for tax invoice price variance. Tax component of invoice price variance (IPV).
- Abbreviation for tax rate variance. Difference between tax rates in purchase order document and invoice document.
- valuation structure
- Defines inventory control attributes that are used to calculate the cost of an item. For example, the valuation structure of an item can be inventory organization and subinventory, or lot, or grade.
- valuation unit
- Defines the set of values for the control attributes that are used to calculate the cost of an item. For example, valuation unit V1 is defined by cost organization A, item I1, and lot L1.