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COGS + Inventory GL impact for items returned on different location
Hi, I would please like to understand if it's possible to show 2 different locations (1 per GL) on the GL accounts, when an item is returned to a different store rather than the original location. For example… Store A sells Item 1 and a Cash Sale is created. Then the customer wants to return the item so an RMA is created…
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Is it possible to calculate a dynamic COGs based on sales order sales price?
Hi NS Community! My company does something a bit unique, (at least i think it is) and I'm not sure if the way we handle it in NetSuite is the correct way. Let me explain... We sell "products" on behalf of our partners for a 10% commission. We also pay about a 10% fee in order to "ship" the products. The inventory is not…
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How to Clear Landed Cost/Applying as inventory adjustment?
We had a shipment of good received incorrectly in QuickBooks before our recent transition to NetSuite and our accounting team just realized we have a $68,000 customs bill floating in a "clearing landed cost" asset account that we need to adjust inventory costs by. Does anyone have a solution? We considered a journal entry…
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Auto generating cost related to sales order fulfillment
Hi there, I am looking for suggestions / guidance on following scenario. The business sells its product via online orders and the orders are synced to NetSuite. When an order is fulfilled, the direct cost of goods is reflected on income statement. There are other indirect cost of goods like, warehouse cost, shipping cost,…
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Is there a document that explains the scenarios & GL Impacts of Default Accounts?
I am asking specifically relating to inventory and the "items/transaction" tab under accounting preferences. Thank you!