Discussions
Read on for the latest updates including:
• Agenda Builder launch
• SuiteWorld On Air registration
• New NetSuite Prompt Studio Contest
• And more!
Check out this thread to learn more!
Don’t miss your chance to meet our SuiteGurus—NetSuite Support professionals and subject matter experts with extensive experience in select product areas, including OneWorld, Advanced & Basic Accounting, Supply Chain Management, Receivables & Payables, CRM, Account Administration, and the SuiteCloud Platform. Full Conference attendees can prebook exclusive 30-minute one-on-one sessions for your product questions.
Spots are limited! Register through your Agenda Builder and find SuiteGuru under Agenda Enhancements.
WIP inventory vs. capex help (+ accrual accounting)
Hi all! Hoping to get some tips on inventory management and accrual accounting NetSuite practices. My questions/issues are as follows:
We manufacture equipment, with some jobs lasting multiple months.
1) Currently, our expenses for developing inventory hit the P&L as soon as they are posted in NetSuite. How can we change this such that these expenses hit the P&L when we record the sale?
2) Along the same lines, we would like to have these expenses increase the value of our inventory as they accrue, possibly through using WIP inventory (or any other recommendations you might have).
3) Lastly, we sometimes build and sell the equipment, other times we build and own the equipment, keeping it on our balance sheet. How can we separate these charges such that some are accrued expenses, while others are recorded as capital expenditures?