ANS-1014 · INVENTORY & ITEM MANAGEMENT
How to Accurately Determine Current Inventory Value in NetSuite?
Understand why simply listing transaction types is insufficient for inventory valuation and discover the correct method using a Transaction Search.
Short answer
To accurately calculate current inventory in NetSuite, do not rely on listing individual transaction types. Instead, perform a Transaction Search. Filter the search by 'account (inventory asset)' and ensure 'posting' is set to 'true'. This method provides a reliable and comprehensive inventory valuation.
Scenario
Users often encounter discrepancies when attempting to determine current inventory values in NetSuite. A common, yet incorrect, approach involves compiling a list of various transaction types, such as Standalone Invoices, Credit Memos, Cash Refunds, Vendor Bills, and Vendor Refunds, to sum up inventory movements. However, this method frequently leads to inaccurate results and does not reflect the true current inventory.
Solution
To accurately determine current inventory in NetSuite, it is crucial to avoid calculating inventory by listing individual transaction types such as Standalone Invoice, Credit Memo, Cash Refunds, Vendor Bills, or Vendor Refunds. This method is unreliable and will not provide an accurate inventory valuation.The correct approach involves running a Transaction Search with specific filters:
Create a new Transaction Search.
Apply the following filters:
- Account:
Inventory Asset - Posting:
TrueThis search configuration ensures that only transactions directly impacting the inventory asset account and that have posted to the general ledger are included, providing a precise and reliable calculation of current inventory.
- Account:
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