NetSuite offers robust business management solutions that enable you to oversee your inventory, finances, and other critical business operations. A notable functionality of NetSuite is its capability to monitor and determine the average cost of your inventory products. Nevertheless, there could be occasions where it’s necessary to adjust the average cost of specific items to more precisely represent their authentic value.
Step 1: Access Inventory Management
To begin changing the average cost for an item, you’ll first need to access NetSuite’s inventory management module. From your dashboard, navigate to Inventory > Inventory Management and select the item you want to change the average cost for.
Step 2: Edit Item Record
Once you have selected the item, click on the “Edit” button to open up the item record. From here, you’ll be able to make changes to various aspects of the item, including its average cost.
Step 3: Change Average Cost
To change the average cost for an item, navigate to the “Inventory” tab within the item record. From here, you’ll see a field labeled “Average Cost.” Simply enter in the new average cost that you want to use for this item and click “Save” to update the record.
Step 4: Review Changes
After changing the average cost for an item, it’s important to review your changes to ensure that everything is accurate. You can do this by navigating back to Inventory > Inventory Management and selecting the item in question. From here, you should be able to see the updated average cost reflected in the item record.
Conclusion
Changing the average cost for an item in NetSuite is a simple process that can be done quickly and easily. By following these steps, you’ll be able to accurately reflect the true value of your inventory items and ensure that your financial reports are accurate.