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June 10, 2026 | Question of the Week
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What's the difference of Costing Method and Cost Estimate Type

edited Nov 26, 2019 8:39AM in Accounting / ERP 2 comments

I'm not sure I understand the difference between Costing method and Cost estimate Type for serialized items.

For one, costing method is set to 'Specific' by NetSuite so I get that. However you can choose what Cost Estimate Type you want (Last Purchased Price, Cost Average, etc). I get that this is used to calculate your overall gross profit for the item.

What I don't get is why you would choose since the costing method is serialized and as such is specific to each part that goes out what your profit is.

As an example, I have a client who deals in small parts. They may buy 100 at $0.20 per unit one time and at another time they may cost $5.00 per unit.

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