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NSC | Inventory Worksheet Balance and Report Mismatch
Scenario
User receives inventory through accounts payable by entering items directly, without using purchase orders or three-way matching. Inventory adjustments are made via Inventory Worksheets with the Transaction Order set to "Last Transaction in Day." However, when AP enters invoices and updates the average cost, NetSuite revalues inventory and Cost of Goods Sold (COGS) in prior periods, which they want to avoid.
Solution
To prevent NetSuite from altering prior periods when entering invoices:
- Close Accounting Periods Monthly
- Currently, periods are only locked, not closed, allowing changes to old transactions. Closing periods monthly (Setup > Accounting > Manage Accounting Periods) will prevent backdated entries and modifications to past data.
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