Hi Tom
Let's work through a scenario. Item 111-3718 only exists in the Item Master application. Therefore, it does not exist in any storerooms. I create a PO to buy it from the vendor IR @ 5.23 to be deposited into the Central storeroom. I approve the PO and receive the goods into the storeroom. This causes the Central store to have a new item with:
Standard cost = $5.23
Average cost = $5.23
Last receipt cost = $5.35
But also, if you look over at the Reorder Details tabs, the ID vendor has a last receipt of $5.23
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Now, I create a second PO, same supplier, same storeroom. So, the unit price updates twice. Once when I mention the item number, and again when I mention the storeroom. You don't see that, as they are the same unit price. I increased the price to $5.27 and completed the order and the receiving.
The result is that the average is recalculated to $5.24 and both the last receipt cost and last price - $5.27.
Do the same, but use a different vendor increasing to $5.29
This results in:
Last price = $5.29
Last receipt -= $5.29
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Okay, to stop and to give you can answer. The last receipt on the Inventory tab = Last Price for LAST Vendor from which the item was ordered from.
In the above screenshot, you can that $5.29 is the last unit price for IR i.e, and in the screenshot below, you can see that the receipt cost is $5.29.
They are both the last unit cost for that item.
It's all in aid of getting the last buy price quickly. If there is no storeroom, then there is no last buy price. If you do mention the storeroom, then is the last buy (receipt) price if there is no previous buying from that vendor i.e. brand new vendor, in which case you need to enter a buy price. However, it you had previously bought the item from that vendor, it will use the last buy price from that vendor. Noting that this scenario excludes any price agreement POs.
So, do not panic and I hope that this waffle gives you the information needed to answer your question.
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Regards, Craig Kokay
Princpal Consultant, COSOL
https://cosol.global/Ph: +61-411-682-040
email:
craig.kokay@cosol.global#IBMChampion
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Original Message:
Sent: Sat April 05, 2025 06:11 AM
From: Tom M
Subject: Inventory Application - Last Receipt Cost vs Last Price
Could somebody tell the how the 'Last Receipt Cost' in Inventory Costs section is linked to 'Last Price' on a vendor record in Vendor section?
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Tom M
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