With our new costing engine, costing for transactions that include FIFO or LIFO item(s) is handled in the same way as serialized or lot numbered items. Upon the save of a transaction, two things take place: 1. The average cost is used when the transaction is saved 2. The costing program runs and recalculates the correct FIFO… Continue reading Reason why NetSuite Changes Costs on FIFO/LIFO Transactions
Tag: FIFO
PART 3.5 – Cost of Goods Sold (COGS) GL Impact
COGS are not expense accounts, but they function like an expense. These are the costs directly associated with the sale of goods or services. This includes the cost of the product for resale, raw materials, packaging, etc. General selling expenses, such as salaries, rent, utilities, and advertising expenses, are not considered part of the cost… Continue reading PART 3.5 – Cost of Goods Sold (COGS) GL Impact
How to Fetch FIFO Cost in NetSuite Based on a Date
Currently, NetSuite does not have an option to directly show the FIFO cost for an item (and also bin if required). The saved search below also helps to find out the stock of an item as of a date along with FIFO costing. Here’s how to create a transaction-based saved search and set following criteria… Continue reading How to Fetch FIFO Cost in NetSuite Based on a Date