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Perpetual v. Periodic Inventory
Note: We are currently configuring our NetSuite system so not yet live in production.
Company currently uses lower of cost or market to value inventory based upon periodic inventory rather than perpetual. Two issues within NetSuite:
1) Lower of cost or market is not supported in NetSuite. NetSuite requires the entry of a costing valuation method (FIFO, LIFO, Avg). Since we don't use any of these three delivered options, it introduces inaccurate valuation.
2) Cannot set NetSuite for periodic inventory method. In NetSuite, PO/Bills with $ attached to the item, rather than expense acct,automatically generate GL entries to COGS, Inventory Asset, and Sales based upon the GL acct config attached to the item. This is correct for perpetual inventory but not periodic. Periodic would just record the sale and the offset would be to purchases acct.