What are best practices for standard costing in NetSuite?

AI generated answer (using internal Slack threads):

****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ****** Based on the conversations, here are some best practices for standard costing in NetSuite: 1. Consider Your Business Needs: Standard costing might not be the best fit for every business. Some businesses find that average costing provides a more realistic overview for sales, purchase, and accounting, even with low transaction amounts. 2. Complexity of Products: If you have high dollar value systems with complex Bill of Materials (BOMs), you might want to consider whether standard costing is the best approach. 3. Outsourcing and Labor Costs: If you use contract labor and are planning to use the outsourcing feature, be aware that it might not integrate smoothly with standard costing in terms of including labor costs. 4. Landed Costs: If landed costs are a small percentage of your total cost, you might want to evaluate whether the additional effort required to add them in a Purchase Order (PO) is worth it. 5. Inventory Adjustments: If you need to reduce the inventory value (not quantity) for serialized inventory items, you might want to consider using inventory adjustments. Remember, the decision to use standard costing should be based on your specific business needs and the complexity of your products. It's always a good idea to ask questions and seek advice from others who have experience with cost accounting and standard costing in NetSuite.