ANS-1710 · INVENTORY & ITEM MANAGEMENT
How to Manage Inventory Counts for FIFO Items in NetSuite
Understand NetSuite's inventory count processes, including import options for Inventory Worksheets and Inventory Adjustments, while preserving FIFO costing.
Short answer
NetSuite offers multiple methods for managing inventory counts for FIFO-costed items. While Inventory Worksheets can be imported, they may convert items to average costs. Inventory Adjustments can also be imported via CSV and are recommended for retaining FIFO costing when using NetSuite's native Inventory Count Process.
Scenario
Organizations often perform inventory counts for items utilizing the FIFO costing method, typically by preparing quantities per item in an external spreadsheet. A common challenge is determining the most effective way to import these inventory counts into NetSuite while ensuring the FIFO costing method is accurately retained for each item.
Solution
NetSuite offers several methods for managing inventory counts for items using the FIFO costing method:
Inventory Worksheet Import:
Inventory counts can be imported using an Inventory Worksheet. However, it is important to note that this method may convert the items to average costs.
Inventory Adjustment Import:
Inventory Adjustments can also be imported via CSV. This method provides flexibility for updating inventory quantities.
NetSuite's Native Inventory Count Process:
When utilizing NetSuite's built-in Inventory Count Process, the system is designed to automatically retain the FIFO costing of the items through the adjustments generated by the process.
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