What is standard price procedure in SAP MM-IV - Invoice Verification?

SAP Term: standard price procedure

• Component: MM-IV

• Component Name: Invoice Verification

• Description: A procedure for material valuation. In the standard price procedure, all quantity movements are valuated at the valuation price in the material master record. Price variances at the time of goods or invoice receipt are posted through the price difference accounts.

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• Key Concepts: 
  Standard price procedure is a feature of SAP's Materials Management (MM) Invoice Verification component. It is used to define the pricing conditions for goods and services that are purchased from vendors. The standard price procedure allows the user to set up a standard price for each item, which can then be used as a reference when creating purchase orders and invoices.
  
  How to use it: 
  The standard price procedure is set up in the SAP system by defining the pricing conditions for each item. This includes setting up the base price, discounts, and other pricing conditions. Once the standard price procedure is set up, it can be used as a reference when creating purchase orders and invoices. The standard price procedure can also be used to calculate the total cost of an item, including taxes and other fees.
  
  Tips & Tricks: 
  When setting up the standard price procedure, it is important to ensure that all pricing conditions are accurate and up-to-date. This will help to ensure that the total cost of an item is calculated correctly. Additionally, it is important to review the standard price procedure periodically to ensure that it is still relevant and accurate.
  
  Related Information: 
  For more information on setting up and using the standard price procedure in SAP's Materials Management (MM) Invoice Verification component, please refer to SAP's official documentation. Additionally, there are many online resources available that provide detailed instructions on how to use this feature.