Last Purchase Price on Item Record

Accounting Preferences> Items/Transactions> Inventory 

Enable this preference to include the landed cost amount for the last purchase price. 

• Item costs displayed on item records include landed cost. 
• Gross Profit transactions apply the last purchase price including landed cost. 
• Purchase orders and other transactions default to use the last purchase price including landed cost when no default purchase price is found. 

Disable this preference to exclude the landed cost from the last purchase price amount. 

• Item costs displayed on item records do not include landed cost. 
• Gross Profit transactions apply the last purchase price excluding landed cost. 
• Purchase orders and other transactions default to use the last purchase price excluding landed cost when no default purchase price is found. 

For Example: 

1. Set Accounting Preference:  Landed Cost in Last Purchase Price is unchecked. 

2. Create a Purchase Order#01 for Item A with following details:  Quantity 1, Unit Price/Rate as 10 dollars. 

3. Create a bill for the landed cost, amount is 1 dollar. 

4. Receive the Purchase Order# 01 in Location 1 by creating Item Receipt#01 

5. Add the landed Cost in the Item Receipt#01 

6. Click Save 

7. Reload Item A. The Last Purchase Price in Location 1 is 10 dollars 

8. Set Accounting Preference:  Landed Cost in Last Purchase Price as checked (I.e., True) 

9. Reload Item A. The Last Purchase Price in Location 1 is 11 dollars which includes the landed cost of 1 

Key Points: 

• When a Non-Inventory Item does not contain a Purchase Price or a Preferred Vendor with Pricing details, the Last Purchase Price of the said Item will be used by NetSuite when a new Purchase Order is created. 
• On item record, Last Purchase Price amount is different under the Purchasing Tab and Location Subtab. 

If the account is NetSuite OneWorld and the subsidiaries have different base currencies, the Last Purchase Price available in the Purchasing tab, will show amounts using the Parent Subsidiary’s base currency.  This is the current design of the system. 

On the other hand, since Locations are subsidiary-specific, the Last Purchase Price available on the Location subtab, will be reflected using the base currency of the subsidiary to where the location belongs to. 

• If the Last Purchase Price showing on the Inventory tab of the Item Record is not correct, create a new Inventory Worksheet to set the proper desired quantity for this item at the specific location and the correct last purchase price.