Although MP2 will allow you to change the cost of an inventory item by simply overwriting the 'Unit Cost' field, you need to be careful in order to avoid losing important transaction history. Unlike other stuff that you do with inventory (issues, receipts, transfers, etc.) that always creates transaction records, changing an inventory cost does what I call a "magic wand" transaction. That is, MP2 simply changes the cost without any record of it being changed. This does not provide adequate traceability. If you were to later look at the item's transaction history, you'd find a hole (see the illustration below). I really wish that MP2 would stop you from doing this, but... I'm not the programmer.
The key to avoiding this is to ensure that the actual change happens while the quantity is zero. That's because a cost change for zero quantity doesn't result in any change in inventory value. Doing the following steps in order, you'll accomplish the cost change and create a proper audit trail (again, see the illustration below). MP2 will show that you checked out all the items at one cost, then checked them back in at the new cost - no "Magic Wand".
1. Open the item in the 'Inventory' application. If you need to, make a note of the quantity on hand so you don't forget it.
2. On the 'Stock' tab, change the quantity on hand to zero. Click the 'Refresh' button.
3. Move to the 'Costs' tab, and make the desired change to the unit cost and the adjusted unit cost. Click the 'Refresh' button.
4. Move back to the 'Stock' tab and change the quantity back to what it was before.
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