Change Default Cost Estimate Type on Item Record

When creating an Inventory Item record, the default Cost Estimate Type is set to Average Cost. User wants to set the default Cost Estimate Type to a different type (e.g. Purchase Price).

Currently, there's no Accounting Preference that would allow user to change the default Cost Estimate Type when creating a new item record. The steps below is an Alternate Solution:

Feature Required: Gross Profit (Setup > Company > Enable Features > Transactions tab > Sales section > Gross Profit).

1. As Administrator, navigate to Customization > Scripting > Workflows > New.

2. Set the following:

 Name: Provide a Name (e.g. Set Cost Estimate Type)
 Record Type: Item
 Sub Types: Select Item Type (e.g. Inventory Part)
 Release Status: Released
 Initiation > Event Based: On Create
 
3. Click Save.

4. Click New State then click Save.

5. Click the State created in Step# 4. In the Actions tab, click New Action.

6. In the Workflow State Type, select Set Field Value.

7. Set the following:

 Basic Information > Trigger On: Before Record Load
 Basic Information > Event Type: Create
 Parameters > Field: Cost Estimate Type
 Value > Static Value > Selection: Select the default value you want to set (e.g. Purchase Price)

8. Click Save.

To test, navigate to Lists > Accounting > Items > New > Inventory Item then check the Sales/Pricing tab to verify if the Cost Estimate Type field would show the expected default value.

Note: Issue# 153698 has been filed as an Enhancement Request to Add a preference to set a default cost estimate type on new items created.