When a user creates a transaction for an item with Standard Costing Method, an error message comes up: "Inventory Revaluation is no longer the first transaction in the item's history."
This message is encountered unless the following steps are taken:
1. A Standard Cost Version has been created under Lists > Accounting > Standard Cost Versions
2. A Planned Standard Cost has been assigned to the item under Lists > Accounting > Planned Standard Costs
3. Update the standard cost of items with the effective date by running the Inventory Cost Revaluation under Lists> Accounting> Revalue Standard Cost Inventory
1. Additional information can be taken from the Help Guide for more information on the three necessary steps that needs to be taken