RM Material Phase Out

Hi,
How do you phase out a material, then Phase IN another material?  The scenario is, i need to Phase out Material A on 12/31/2008 then replace the it with Material B on 01/01/2009 so that, the FG will use this Material B in its BOM on that date. 
Thanks for your valuable inputs in advance!
Piscasio

Hi Sumeet,
Thanks for the valuable input.  The Disc. Indicator and the Eff Out solves my problem. 
I have a follow up question though, I do see that there are validity dates for each material/item at the BOM.  But how do I change these validity dates? They are gray-ed out and un-editable. 
Thanks in advance.

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