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Any method, hack, trick I can use to revalue avera...
# general
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Any method, hack, trick I can use to revalue average costing.
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If you use the Inventory Adjustment worksheet you can revalue your items as of a certain day and it will use that value going forward until the next purchase or build
For example if item 123 has an avg cost of $10 and you want it to be $15 Go to Transactions > Inventory > Adjust Inventory Worksheet Set the date to (whatever date you want to start the new cost on) Then set your account (this will be the offsetting entry account in the posting) Find Item 123 in the list NetSuite will give you the On Hand Qty and Total Value of this item on the day you selected Let’s say it’s qty 10 and total value of $100 Leave the qty at 10 but make the total value be $150 Then Save An adjustment will be posted that does not effect qty but now Item 123 will have a cost of $15 on the day you selected. Then average costing will start calculating going forward using the 10 @ $15 each cost
k
I'm pretty partial to doing an inventory adjustment that brings total on hand to zero, and then doing an inventory adjustment in 2 calendar days later to bring it at correct amount.
My problem with inventory worksheets is there isn't a way to statically lock it in - so if some jackass backdates something on me, the inventory worksheet automatically adjusts for it, which creates it's own set of issues if it's not expected.
However, advantage to the inventory worksheet is that you don't have to adjust if someone backdates something.
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@AI1 How come I only see a few items on my adjustment work sheet?
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It’s a sublist so I think it only shows 50 on a page. And (like demand planning) it maxes out at 10,000 total I had to make a custom checkbox on the item record and check it Then customize the Adjust Inventory Worksheet page to only show items with my custom checkbox checked Or if you have other ways to narrow it down use that when you customize the Adjust Inventory Worksheet
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I literal only have 5 out of 900 items. Does it matter that they are lot numbered or use bins?
Apparently not for lot numbered items. shame.
@KevinJ of Kansas will I have issues if I do it one after another?
Why do I have to wait two days?
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Oh bummer. Sorry I have never used lot or serialized items @KevinJ of Kansas ‘s idea is probably the better approach
k
inventory has to sit at 0 for a calendar day for NS to completely adjust inventory
so I set the date on a Friday to bring it to 0 and then on Sunday I bring it back to actual levels
you don't have to physically do that - just the transaction dates
you can do the uploads literally at the same time
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I don't have any days where we don't ship anything. What are the consequences if I backdate it?
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Hey @Alan Fitch, this can be handled with some scripting. We just helped a business add a button that’ll help them do this since the material volatility cost issues don’t seem to be going away anytime soon. Have you talked to your NetSuite partner? They should be able to help you write something
k
It'll revalue everything that comes after the backdating.
but with the way you are handling assembly of your items in relation to shipping - it probably is creating costing issues for you anyways.
The other thing is if you are using lot specific average costing you only need days where a lot hasn't been transacted with for it to work correctly.
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NetSuite Partner? What's that?
@Dany Capodieci
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NetSuite partner, as in the business that helped your company implement NetSuite. Most companies either work directly with NetSuite support or have a 3rd partner contractor that they call for on demand help
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I skd the entire implementation myself.
*did
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Oh wow, that’s impressive.
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You haven't seen the quality (or lack thereof) of the implementation...
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@jgreen
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