Applying standard costs in Canix allows for tracking expected vs actual costs. Currently Canix supports standard costs for both non-cannabis items and cannabis items. When these items are added to a Bill of Materials, the standard costs of these items are summed to provide a total “projected” cost for that output item. Standard costs can also be applied to specific reporting periods. A history of standard costs is tracked for each item, allowing for establishing varying standard costs for specific fiscal periods.
This article will cover how to add Standard Costs to Non-Cannabis Inventory (NCI) and Cannabis Items. There are three methods for setting standard costs for both non-cannabis items and cannabis items, when creating an item, from the item details page, or in bulk from the items table.
In this article well cover:
Adding Standard Costs for Non-Cannabis Inventory (NCI)
When Creating an Item:
From the Web Application
- Navigate to Inventory > Non-Cannabis > Inventory and select “Create Product”. At the bottom of the modal you’ll see an option to add standard costs.
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Add Standard Costs, and Effective Date and optionally an Expiration Date.
From the Item Details:
From the Web Application
- Navigate to Inventory > Non-Cannabis > Inventory
- Select the Item you’d like to assign standard costs to
- Navigate to Standard Cost History and select Add Standard Cost Record
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Add Standard Costs, and Effective Date and optionally an Expiration Date.
From the NCI Inventory Table (Assign Standard Cost in Bulk):
From the Web Application
- Navigate to Inventory > Non-Cannabis > Inventory
- Select one or more Items you’d like to assign standard costs to
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Select Actions > Update Standard Cost
- Bulk apply Standard Costs to all items selected, or individually edit each items Standard Cost, Effective Date and optionally Expiration Date for each item as needed.
- Select Submit
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Adding Standard Costs for Cannabis Items
When changing Standard Costs on a Cannabis Item the change in costs will be reflected on all Packages associated to that Item that are packaged within the dates specified on the Standard Cost. This includes active and inactive Packages.
- For example if Standard Costs are updated from $1 to $2 starting January 1st, 2025 the Cannabis Standard Costs on a Package with a Packaged Date of January 3rd and quantity of 100 will be updated from $100 to $200.
- This change will occur regardless of the status of the Package! Transferred, Inactive, Active, Allocated, etc. will all be updated.
When Creating an Item:
From the Web Application
- Navigate to Admin > Facility Data > Items
- Select Actions > Create Item - At the bottom of the modal you’ll see an option to add Standard Costs.
-
Add Standard Costs, and Effective Date and optionally an Expiration Date.
From the Item Details:
From the Web Application
- Navigate to Admin > Facility Data > Items
- Select the item you’d like to set Standard Costs for
- Navigate to Standard Cost History and select Add Standard Cost Record
- Add Standard Costs, and Effective Date and optionally an Expiration Date.
From the Active Items Table (Assign Standard Cost in Bulk):
From the Web Application
- Navigate to Admin > Facility Data > Items
- Select one or more Items you’d like to assign Standard Costs to
- Select Actions > Update Standard Cost
- Bulk apply Standard Costs to all items selected, or individually edit each items Standard Cost, Effective Date and optionally Expiration Date for each item as needed.
- Select Submit
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Once you’ve set Standard Costs for Non-Cannabis Items and Cannabis Items you’ll see how these Standard Costs compare to your actual COGs on the packages table.