Item Master Data

[Former Member]

Good Morning All,

I'm getting an error "Item price in warehouse is not defined" when creating an item. This error does not stops me to add an item, the system is accepting the item after I click OK on the error message. Please advise as soon as earlier.

Thanks,

Balaji

[Former Member]

If the GL account determination Inventory master is set per Item level, then we should give item cost. So, the account determination to be changed to moving average or FIFO to avoid this error.

Thanks,

Balaji

[Former Member]

Hi Balaji,

You can safely ignore this warning if you don't have item cost on hand yet. However, you have to remember to revalue it before any transaction occur to those items.

Regards,

Gordon

[JesperB1]

Hi Balaji,

This will happen when the company database has been dfefined with continuous stock and the Item you are adding is set to Valuation Method 'Standard'.

Please note that this is not an error message but a system message, system messages usually informs you if something is defined in a way that might lead to problems.

For a standard item it is a good idea to define the cost price when you define the item, if not it will be purchased and sold at a zero cost price.

Hope it helps.

Jesper

[Former Member]

This is because of the following setting

Administration -> System Initialization -> Company Details -> Basic Initialization tab ->Manage Item Cost Per Warehouse is selected.

This setting determines that inventory pricing is calculated for each warehouse

[Former Member]

Sir,

I've not selected that. Can you please advise the other areas to be checked while creating an item and item group.

Thanks,

Balaji

[Former Member]

Balaji,

Jesper is 100% correct. This occurs when you use Standard Costing and when the cost is not defined for an Item. It is very important to have cost defined otherwise, your transaction are not going to post the correct value to Inventory.

Rather than ignoring the message please understand the implecation and act accordingly by defining a standard cost.

Suda