New PO using the sell price instead of the buying price

Hi Maree06 

 

Thank you for your post, I'd like to extend you a warm welcome to the Community Forum, I hope you find it a valuable resource.

 

When creating a purchase for an item, the system will populate the transaction with the Last Purchase Price of the item by default. This value can be found within the Buying details of the item - inventory>>Item>>List>>Select the Item>>Buying Details>>Last purchase price. 
 

 

While in the buying details of that item, you also see a Standard Cost. This value can be used by the Enter Purchase window as the price of that item. The standard Cost of an item is a user-entered field on the Item's card. Both of these options are up to the user. It is likely because the last purchase recorded for that item did not use the Standard Cost or was manually updated before recording. 
 

 

In terms of correcting the situation, it does depend on what value is not showing as you would like.

 

• If the Standard Cost is not correct you would need to navigate to the Buying Details of the Item and update the record.
• If the Last Purchase Price is incorrect, you would want to update that price on the next purchase you do record to ensure that you have the correct price. 
• Alternatively, enter a dummy purchase of that item with the required price and then delete the transaction after recording it.

 

You also might want to ensure that Setup>>Preferences>>Inventory>>Use Standard Cost as the Default Price on Purchase Orders and Bills is set accordingly to your requirements. 

 

Let me know if you require any further assistance with this. I'm happy to assist you.

 

If my response has answered your inquiry please click "Accept as Solution" to assist other users find this information.

 

Best Regards, 

Cel