Revalue Inventory Cost : Average Cost

Hi,

Can you please help me, if you have experience on how to revalue cost.

Currently, our setup is average cost, and then there are transactions that don’t have cost in it. we need a way to revalue our cost moving forward.

Appreciate your help 🙂

John RC

Beginner Asked on November 20, 2019 in Inventory.
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1 Answer(s)

Basically your options are either:

  1. Use the Adjust Inventory Worksheet (more like “this is now the quantity and cost, I don’t care what happened before”)
  2. Enter Inventory Adjustment transactions (more like “oops, inventory quantity/cost is wrong for these item(s) because [insert reason here], let me just make an update to that”)

Take a look at “Adjusting Inventory”  SuiteAnswers Id: 27981.  It describes in detail the difference between these two functions and walks you through the process.

Side note: If you know why certain transactions have zero cost (e.g. you intentionally brought the items in with a zero cost) then please ignore me and carry on about your day, but if you’re unclear as to why certain transactions have zero cost, look into the transaction timing.  If you have a lot of items going in/out or being moved around a bunch of times on the same day, sometimes they can get ordered by the costing module incorrectly leaving you with a zero cost transfer/fulfillment.  I had this issue a ton at my last job, and we had to do a monthly process to manually clear those up (by changing transaction dates) so that the item cost would get properly calculated in NetSuite.

Hope that helps!

Intermediate Answered on November 22, 2019.
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