Cost Update Process

1. Navigate to the Cost Update window. The Start Cost Update Process window displays automatically. This window lets you begin the update for a specified calendar, period, and cost method. Specify the criteria by which OPM will select the costs to be processed.
2. Enter the Legal Entity. Transactions for all organizations linked to this legal entity are selected and included in the cost update process.
3. Enter the code for the Calendar for which the cost update is processed. Costs are updated for the legal entity and the cost type linked to this calendar. Required.
4. Enter the cost Period for which the cost update is effective. Note that closed cost periods are locked from the Cost Update process. Required
5. Period Status displays the status of the calendar period (either Open, Closed, or Frozen). You cannot edit this field.
6. Enter the Cost Type. This should be the same cost type specified on the Fiscal Policy window.
7. If you enter that the update is Final, then the period is marked as frozen at the end of the process. This locks the component costs for the specified period.
   When the costing period is frozen, the following situations apply:
   
   • You cannot update the same period costs again (however, you can update new item costs)
   • You can only inquire on cost component details for the current period (however, you can enter new cost details)
   • Only the costs of new items may be calculated and updated.
   • You can copy costs From a frozen costing period, but not To a period that is frozen.
   • Overhead details may be queried only.
   • Resource cost details may be queried only.
8. Enter the date and time that the Cost Update process will start in Start Date. To start the process immediately, click Now. To start the process at a particular date, click Specific Date. Enter the date you want the cost update to run.
9. Click Accept to run the process.
   A reference number is generated by OPM. Note the reference number.
10. Cost Update Reference Number displays a unique identifier number for each individual cost update process assigned by OPM. You cannot edit the entry