Hey team, how do you track cost for non-inventory item in NetSuite? Any best practice?

AI generated answer (using internal Slack threads):

In NetSuite, tracking costs for non-inventory items can be achieved by using the Purchase Order system. When a non-inventory item is purchased, it can be recorded using a non-inventory item pointing to an expense account on the item record. This is considered best practice as it provides control and reduces the opportunity for errors. For example, if you're purchasing a service for 6 months at a total cost of $60,000, you can use a non-inventory item with a quantity of 6 and a rate of $10,000. This way, when you receive an invoice for $10,000, the accountant can enter a bill for 1 quantity, effectively "receiving" 1/6 of the total service. It's important to note that the user should be updating the quantity on the Bill and not just changing the RATE. For instance, leaving the quantity as 1 and changing the rate from $60,000 to $10,000 can cause problems as NetSuite would consider that Purchase Order to be fully billed based on the quantity. For internal consumption of items, there isn't a clean way in NetSuite. However, you can adjust the item out of inventory and leave a memo that it's for internal consumption. Then when you go to file for use tax, pull all of your inventory adjustments that were made for internal consumption to get the totals. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******