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Closed Period Cash Income Statement has changed COGS

CollectingWarehouse
CollectingWarehouse Member, forum_userscommunity_users Posts: 81 Bronze Badge
edited Sep 8, 2021 4:07AM in Ask A Guru 184.58.40.232

Hello there,

I hope someone can help us with this mystery. Our Accrual-based Income Statement has not changed, but our Cash Income Statement has changed for previous periods. When we investigated, we found that the discrepancy is due to one transaction type - Item Receipts that were created from Return Authorizations.

There are GL Impacts on these Item Receipts. When we ran the Cash Income Statement in the past, these transaction numbers were not included, but now they are.

I believe that I may have changed some default G/L accounts in Accounting Preferences earlier this year, and I wondered if that could somehow have affected the way these transactions report. When looking at the system notes in each transaction, there is nothing listed past their original transaction dates.

Thanks for your help!

Answers

  • Michelle Jabanes-Oracle
    Michelle Jabanes-Oracle forum_netsuite_mod, ORACLE_EMPLOYEE Posts: 1,145 Gold Trophy

    Hi Joseph,


    Thank you very much for creating this thread!

    Allow us to check on our Gurus who specializes in this area and we will get back to you the soonest time possible.

    Any members who has an insight on this, please feel free to reply to this thread.


    Thanks,

    Michelle Jabanes | Ask a Guru

  • Micah Timbol-Oracle
    Micah Timbol-Oracle Member, forum_netsuite_mod, ORACLE_EMPLOYEE Posts: 816 Silver Trophy

    Hello there, @CollectingWarehouse

    I believe the preference could not have affected it.

    Could you elaborate more on what happened to the Item Receipts so we can further investigate?

    Thanks!

    Micah Timbol - Oracle Ask A Guru

  • CollectingWarehouse
    CollectingWarehouse Member, forum_userscommunity_users Posts: 81 Bronze Badge

    Hi Micah,

    Thank you for answering the question. Basically, my report, "Income Statement - Cash Basis", has changed from previous periods. We have PDF's of the Income Statement from previous periods that show different numbers than what we see now if we run the same report in Netsuite. The numbers that have changed are the Cost of Goods Sold account and the Cost of Goods Sold: Inventory Adjustment account, leading to a change in income at the bottom of the report. This change is reflected on closed periods as well as open periods.

    When I analyze the transactions that make up the totals for those two accounts, I find that the variance is all due to Item Receipts. Somehow the Item Receipts were not included in previously run reports, but are included in the reports when they are run now.

    Has Netsuite made a change to how Item Receipts are reflected in cash basis Income Statements? Or could I have made a setting change that affects my financial reports?

    For more specific data, including the reports and transactions, may we discuss privately?

    Thank you for your help,

    Kathy

  • Micah Timbol-Oracle
    Micah Timbol-Oracle Member, forum_netsuite_mod, ORACLE_EMPLOYEE Posts: 816 Silver Trophy

    Hello there, @CollectingWarehouse !

    I looked into your concern and I believe it would be best if we file a support case for this one as this may be related to a defect that was recently filed. It is documented in Defect 615338. Support can look into your concern further and could suggest on what we can do moving forward.

    Thank you for understanding.

    Micah Timbol - Oracle Ask A Guru

  • CollectingWarehouse
    CollectingWarehouse Member, forum_userscommunity_users Posts: 81 Bronze Badge

    Thank you, we will open a support case.