Here’s how to resolve the NetSuite error: “Inventory Revaluation is no longer the first transaction in the item’s history.”
This article covers how to resolve when you are creating a transaction for an item with standard costing in NetSuite and the error “Inventory Revaluation is no longer the first transaction in the item’s history” occurs.
About the Inventory Revaluation Error
After the conversion of a non-inventory item to an inventory item, the user tries to purchase and receive the converted item into inventory but encounters the above error when trying to save the Item Receipt.
Since the item was converted recently, there are no previous inventory cost revaluation records that NetSuite can use to calculate the value of the inventory on transactions.
Resolving the Inventory Revaluation Error
An Inventory Cost Revaluation record must be created for the item. Navigate to:
- Transactions > Inventory > Revalue Inventory Cost.
- Select the Subsidiary, date, and the item in question.
- Enter a cost for each cost component and click Save.
An inventory cost revaluation record with the new unit cost field highlighted.
Now, you can return to your item receipt and successfully save it.
Note: If you are trying to enter a transaction and backdate it, you will also need to backdate your Inventory Cost Revaluation record so that its date precedes the date on your transaction.