In NetSuite, the Last Purchase Price and Purchase Price fields on item records serve distinct purposes, yet they often intersect in purchasing processes. Understanding these differences is crucial for effective procurement and inventory management. Here’s a breakdown of these fields and their functionality. Last Purchase Price The Last Purchase Price reflects the most recent price… Continue reading Differences Between Last Purchase Price and Purchase Price in NetSuite
Tag: last purchase price
Understanding the Last Purchase Price in NetSuite item records
Last Purchase Price (LPP) in NetSuite refers to the most recent price paid for an item, based on the latest inventory-related transaction such as an Item Receipt or Inventory Transfer. This price is updated each time an item is received into inventory and serves as a benchmark for future purchases. Key points to understand about… Continue reading Understanding the Last Purchase Price in NetSuite item records
Item Rate in Purchase Order and Vendor Bill when no Purchase Price was Set in the Item Record
The purchase price of non-inventory items can be specified in each individual item record. However, if no purchase price is specified for a Non-Inventory Item for Purchase, the “Rate” field behaves in a persistent manner. This means that whenever a new Purchase Order is generated, the Rate field automatically adopts the rate used in the… Continue reading Item Rate in Purchase Order and Vendor Bill when no Purchase Price was Set in the Item Record
Updating Item Purchase Prices
NetSuite enables you to update the purchase price on selected items to the price on the most recent purchase of that item. This price reflects the most recent transaction for the item added to inventory. For example, a purchase receipt, inventory transfer, or inventory adjustment. This does not include item returns or assembly unbuilds. You… Continue reading Updating Item Purchase Prices
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… Continue reading Last Purchase Price on Item Record