Welcome to the Feature of the Day for Microsoft Dynamics GP 2013. I am happy about this feature. You will now be able to adjust the item cost of a standard cost item.
This tool is very nice but as with most of the tools, they are one off meaning if i have 10 similar items where i need to change the cost, i need to run the program 10 times. it would be a nice enhancement if the program allowed for item id or a combination or class or user-defined fields. for example, if i sell t-shirts and one style has 10 different colors, i would want to change the cost of all colors.
You could use record a GP makro and use mail merge to create one for all of them items on which you want to update the standard cost.
That said, an out of the box solution to bulk update them would be more elegant.
If you can use GP Manufacturing, there is already a full roll-up and revaluation functionality set that posts to the GL. You can also break out material, labor, and overhead if you care about this.Plus, you get standard cost history reporting in the inventroy subledger. This was cool in GP version 8 and is still cool.