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STANDARD COSTING WEBINAR | Questions and Answers
Here are the list of the questions sent in about the topic and their corresponding answers.
Questions by NetSuite Support Community Members before the session:
User_H1S6J: What is the recommended organizational structure for maintaining standard cost in NetSuite? Adding new items in NetSuite is typically done by users in innovation or purchasing not cost accountants, but the standard cost requirements make that difficult. Who is supposed to be responsible for each step in the process?”
Establishing of standard costs is typically a combined effort of accountants, purchasing managers and production managers but setting up of these standard costs in NetSuite are usually done by cost accountants since they are the ones responsible for analyzing the variances incurred during production and developing templates for standard rates used in production.