Discussions
Stay up-to-date with the latest news from NetSuite. You’ll be in the know about how to connect with peers and take your business to new heights at our virtual, in-person, on demand events, and much more.
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 Pop Quiz You only have until January 3, 2025, 5:00 PM ET 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.
Make Your Voice Heard: What Tech & ERP Topics Should We Explore in our Next Webinar?? We’re all ears! Vote now, and the poll runs until January. Poll for ERP | Poll for Tech.
Uncover the power of data with the Analytics Hub —your ultimate guide to mastering NetSuite Saved Searches and Reports. Simplify the complex and unlock your organization's true potential. Dive into the Analytics Hub now and soar to new heights!
Hello Community! Josh Maxwell, a User Experience Researcher for NetSuite Foundation has fun a question for you. Imagine for a moment that NetSuite had an assistant like Alexa or Siri. What would you ask of your NetSuite assistant? Use this survey link to share your top questions to the assistant.

Here are some examples to get your creative juices flowing.

"Did I pay vendor John Doe last month?"
"Take me to my largest sales order for this month."
"What invoices haven't been paid yet?"

Inventory Management System Used by NetSuite

edited May 7, 2020 5:54PM in Ask A Guru

Based on US GAAP, there are two inventory systems being utilized by companies: Perpetual and Periodic System.

Perpetual Inventory system keeps a running balance of inventory as time progresses. This means that Receipts of the Inventory will affect the Asset directly, and the Sales will affect the Cost Of Goods Sold Account directly. Under this system, no purchases account is maintained because inventory account is directly debited with each purchase of merchandise.

Periodic, on the other hand, requires physical count to determine the Cost of Goods sold as derived by the formula: (Beginning inventory + Purchase - Ending Inventory). This pertains that Cost of Goods sold will be derived at the end of the period and a Purchase type account will be maintained in the books.

Tagged:

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 4 (Oct-Dec 2024)

This Week's Leaders

This Month's Leaders

All Time Leaders