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We’re excited to announce that the 2025 Community Recap is now available! This special recap highlights the amazing contributions and achievements of our members over the year and celebrates the collective success of our community.
Check your personalized recap to see the impact you made in 2025 and how your efforts helped shape our community’s growth and success.
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Thank you to everyone for your passion, collaboration, and support. Here’s to building an even stronger community together in the year ahead!
Inventory Management System Used by NetSuite
Based on US GAAP, there are two inventory systems being utilized by companies: Perpetual and Periodic System.
Perpetual Inventory system keeps a running balance of inventory as time progresses. This means that Receipts of the Inventory will affect the Asset directly, and the Sales will affect the Cost Of Goods Sold Account directly. Under this system, no purchases account is maintained because inventory account is directly debited with each purchase of merchandise.
Periodic, on the other hand, requires physical count to determine the Cost of Goods sold as derived by the formula: (Beginning inventory + Purchase - Ending Inventory). This pertains that Cost of Goods sold will be derived at the end of the period and a Purchase type account will be maintained in the books.