Discussions

Check out Oracle NetSuite upcoming events and conferences here
Now is the time to ask your NetSuite-savvy friends and colleagues to join the NetSuite Support Community! Refer now! Click here to watch and learn more!
Update your Profile with your Support type to get your Support Type badge.
Don't miss out on our Weekly Quiz! You only have until May 30, 2PM EST to comment your answers and earn rewards! Click here for more details.
Expand your NetSuite knowledge by joining our Ask A Guru Live sessions. RSVP on this event now.
Community Poll: What sort of content would you like to see more of?

Perpetual v. Periodic Inventory

edited Nov 26, 2019 8:43AM in Accounting / ERP 1 comment

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.

Howdy, Stranger!

Log In

To view full details, sign in.

Register

Don't have an account? Click here to get started!

Leaderboard

Community Whiz

Quarter 2 ((Apr-Jun 2024) )

This Week's Leaders

This Month's Leaders

All Time Leaders