how to demonstrate NetSuite is configured to automatically record Cost of Goods Sold and Inventory following shipment of products.

AI generated answer (using internal Slack threads):

To demonstrate that NetSuite is configured to automatically record Cost of Goods Sold (COGS) and Inventory following the shipment of products, you can follow these steps: 1. Create a Sales Order: This is the initial step where you record the customer's order of your products. 2. Fulfill the Sales Order: Once the Sales Order is created, you can then proceed to fulfill it. This is where you record the shipment of the products. In NetSuite, this is done by creating an Item Fulfillment record from the Sales Order. 3. Check the Impact on Inventory: After the Item Fulfillment, you can check your Inventory Detail report. You should see that the quantity of the shipped products has been deducted from your inventory. 4. Check the Impact on COGS: Simultaneously, NetSuite automatically records the COGS. You can verify this by checking your Profit & Loss report. You should see an increase in your COGS corresponding to the cost of the shipped products. 5. Create an Invoice from the Sales Order: Finally, you create an Invoice from the Sales Order. This records the revenue from the sale of the products. 6. Check the Impact on Revenue: You can verify the recording of the revenue by checking your Profit & Loss report again. You should see an increase in your revenue corresponding to the selling price of the shipped products. Remember, the COGS and Inventory are automatically updated upon the fulfillment of the Sales Order, not upon the creation of the Invoice. This is because the COGS and Inventory are associated with the shipment of the products, not with the receipt of payment. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******