what is scrap account

AI generated answer (using internal Slack threads):

A scrap account in NetSuite is a General Ledger (GL) account that is used to record the value of inventory items that are deemed to be scrap or waste. This could be due to damage, obsolescence, or other reasons that render the items unsellable or unusable in their current state. When an item is marked as scrap, the value of that item is moved from the inventory asset account to the scrap account. This allows the business to accurately reflect the loss of value in their financial records. The scrap account is typically set up under the Order Management section of the Set Up Accounting page (Setup > Accounting > Set Up Accounting > Order Management > Returns). Please note that the ability to post scrap for individual components may be limited depending on your NetSuite setup. In some cases, you may only be able to post scrap for the completed assembly. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******