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SuiteWorld brings thousands of innovators, builders, and leaders together to learn, connect, and shape what’s next. This October, explore how to build a stronger foundation for growth through inspiring keynotes, major product reveals, hands-on sessions, and unforgettable moments—all in one place for our biggest event of the year. Join us
FIFO Incorrect Reporting
We use FIFO account method and found this on a recent fulfillment when looking at the GL Impact.
We sold 5000 of an item. Most of the time we purchase them for .34 each. There was one instance where we needed to pay .4808 ea for 1000 of them due to a freight matter. On the GL impact Netsuite used a price of .4808 for COGS for the entire 5000 even though we had only brought 1000 of them into inventory at that price. Therefore Netsuite is overstating the COGS in the general ledger.
Has anyone else found this to be an issue and is there a resolution? This appears to be a major flaw in Netsuite reporting and creates doubt that the data that we review and report is correct coming from this platform.
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