Adjusting Standard Cost in 3.60

What is the procedure to adjust standard cost in 3.60. Is it a 2 step process? 1. Revalue the inventory through the revaluation journal. 2. Change the standard cost on the item card? It gives a warning that there might be things open that will be impacted from this change. I was hoping by changing the cost in the RJ that it would carry back to the card. Thanks