Costing Versions are used within Dynamics AX to store the costs of your products, and are also used by the BOM cost calculations as reference costs. You can have as many costing versions as you like and can separate them out as Standard, and Planned versions. You can use them to track historical costs, actual production costs, and also financial costs used for analysis.

NOTE: This is part of the Configuring Costing and Cost Sheets in Dynamics AX 2012 blueprint series where we show how to configure costing within Dynamics AX, and also how to set up a costing sheet to better view and analyze the costs. If you want to see all of the other posts in this series, click here.

How to do it…

To set up a Costing Version, follow these steps:

1. To access the costing versions, select the Costing versions menu item from the Costing folder in the Setup group of the Inventory and warehouse management area page.
2. When the Costing versions maintenance form is displayed, click on the New button in the menu bar to create a new record.
3. From the Costing type drop down, select the Standard cost option.
   
4. Assign a Version and Name to your new Costing Version.
   

   Tip: If you want to use this Costing version within other cost roll ups, then you may want to set the Block activation field to No.
   

   Tip: If you access the Recording tab on the Costing Version form, you can define a default Site and also turn on or off the ability to use the Costing Version for Purchasing, Costing, and Sales. In this example we will just allow it to be used for Costing.
   

   Tip: Also, if you access the Calculation tab on the Costing Version form, you can define a Fallback principle model.
   This allows you to define what other cost the Costing Version will use if there is no explicit cost defined against the product.
   

5. When you have finished, click on the Close button to exit the form.