ANS-1104 · INVENTORY & ITEM MANAGEMENT
How to Fix ‘Inventory Revaluation Not First Transaction’ Error in NetSuite
This error indicates that an item configured for standard costing requires an initial Inventory Revaluation transaction before any other inventory movements can be processed.
Short answer
To resolve the "Inventory Revaluation is no longer the first transaction" error, create a Standard Cost Version, then a Planned Standard Cost, and finally perform an Inventory Revaluation. Ensure the Inventory Revaluation's Effective Date is the same as or earlier than the receipt date. This establishes the item's official standard cost, allowing subsequent transactions.
Scenario
Users encountering the error message "Inventory Revaluation is no longer the first transaction in the item's history" on a receipt transaction indicate an issue with an item's costing setup. This typically occurs for items utilizing the standard cost costing method when an initial Inventory Revaluation transaction has not been recorded. NetSuite requires this revaluation to officially establish the item's standard cost before any other inventory-related transactions can proceed.
Solution
The solution involves establishing the item's standard cost by performing a series of setup and revaluation steps:
Create a Standard Cost Version, specifying the Name, Locations, and Inventory Standard Cost fields.
Create a Planned Standard Cost, specifying the Standard Cost Version, Location, and Item fields.
Revalue Standard Cost Inventory, specifying the Standard Cost Version, Items, Effective Date Date of receipt or smaller), and Adjustment Account.
It is important that the Effective Date Date of receipt or smaller) specified during the Inventory Revaluation is either the date of the problematic receipt or an earlier date. This ensures the standard cost is officially recognized for the item at the required point in time. If the standard cost changes over time, a new Inventory Revaluation transaction should be created with the new effective date.
For additional details, refer to NetSuite Help documentation under Item Record Management : Item Costing : Standard Costing.
Expert NetSuite Support
Need help with this NetSuite issue?
Inventory & Item Management consulting and configuration support