Hello! I posted the below in general, but wanted t...
# inventoryr
RForrest
03/29/2023, 4:58 PMHello! I posted the below in general, but wanted to see if anyone in here had any insight?
We went live with NetSuite in July of 2022 and have been using two systems since (now March 2023).
I want to do away with our old system, but in order for me to completely go live with NetSuite, I need to re-cost all inventory to make it match the old system. My ACS team is telling me that I have to zero out inventory and re-enter in the inventory as an inventory adjustment with the new cost. The problem is I am trying to do this as of 12/31/22, and we do not allow inventory to go negative. We also use LOT numbered items as serial numbers.
Any and all help or insight is greatly appreciated
d
David B
03/29/2023, 8:04 PMinitial suggestion is to CSV import. some questions for you:
Do you use bins?
Do you use inventory status?
What item types do you need to adjust? (standard, lot, serial, assembly?)
r
RForrest
03/29/2023, 8:06 PMHi David,we do not use BINS; only LOT. We do have different locations. The items needing to be adjusted are all items; standard, lot/serial, and assembly items.
d
David B
03/29/2023, 8:07 PMnot having to deal with bins helps a lot
How many SKU/location/lots are you looking at having to adjust (i.e. 100's, 10,000s)
r
RForrest
03/29/2023, 8:27 PMThankfully it's about 800 items using 3 different locations. Locations are only used for steel.
d
David B
03/29/2023, 8:57 PMstill worth doing via CSV for that many I think.
You'll have to consider multiple things, incl Backdating Transactions to a Closed Period, how your account's Costing Method will effect how the inventory adjustment, etc.
David B
03/29/2023, 9:04 PMfor example, if you're using Average cost, you should probably do the adjust out on 12/30/22 and the adjust in on 12/31/22 because otherwise the costs will average (because of the order transaction costs are considered when posted to the same day)
David B
03/29/2023, 9:04 PMlet me know how you go and if you have any other questions
r
RForrest
03/30/2023, 1:21 PMI am trying it in my Sandbox this AM and will revert back when I complete my test.
RForrest
03/30/2023, 1:22 PMalso while I am testing this out, is there a way to get a cost/unit on the inventory valuation report for the future?
RForrest
03/30/2023, 1:42 PMHi David - OK. So I did this in test and for example, I have 1706 units at $4.75 each cost on 12/31/22 - which is now correct. However on 01/03/23 I used 319 units in builds and the average cost is $4.64; which is incorrect. It should be $4.75. How do I re-calculate the average cost through Netsuite so the cost is correct?
d
David B
03/30/2023, 8:00 PMthe inventory costing recalculation might still be pending/running. Ours only runs once per night (here's info about how to check when yours will run)
You can specifically check the Cost Accounting Status on the Item Record that you adjusted
r
RForrest
03/30/2023, 8:42 PMThis was really helpful David. I appreciate your help! Thank you so much!
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