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How to clean up Inventory Asset account in relation to Inventory Valuation
When we first started using NetSuite, we did not have items set up in inventory so I entered checks to vendors to the Inventory Asset account for inventory items (Debit to 1200). Now that we have items set up in inventory, I need to get the lump sum amounts from 1200 assigned to the items. I want to be sure I do this correctly and right the first time.
Example 1:
Check was paid to Vendor A for $34,000 - credit to checking, debit to Inventory Asset
Inventory Adjustment was done to add item count of 50 each to item 123456-000-000 @ $680 each. Is my Adjustment Account my COGS account?
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