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New to NetSuite | Inventory Revaluation for Standard Costing Items
This article will provide you a basic run down/overview on how to process the Revaluation of your Items that uses Standard Costing.
Standard Costing enables users to set standard costs for their items, as well as the tracking of variances and their causes. Upon enabling the Standard Costing feature and assigning the said costing method in the item record, the first thing that you need to do is to create an Inventory Revaluation before other GL impacting transactions. Note that the Inventory Revaluation establishes the cost of the items, hence this should be generated first before Inventory impacting transactions such as Item Receipts or Item Fulfillment.
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