ANS-1344 · INVENTORY & ITEM MANAGEMENT
How to Initialize Standard Costs for Inventory Items in NetSuite?
Properly initializing standard costs is crucial for accurate inventory valuation and transaction history in NetSuite.
Short answer
To initialize standard costs in NetSuite, first input standard costs on the Inventory Location sublist for your items. Then, run the "Revalue Standard Cost Inventory" process, ensuring "All Items" is checked. The Effective Date set during revaluation dictates the earliest transaction entry date.
Scenario
Users may encounter situations where inventory revaluation transactions do not appear as the initial entry in an item's history. This typically occurs when the standard cost for inventory items has not been properly initialized, leading to discrepancies in valuation and transaction sequencing.
Solution
The process for correctly initializing standard costs for inventory items involves two primary steps:
Input standard costs: Populate the Standard Costs in the Inventory Location sublist on your standard cost items. This can be done manually or via CSV Import.
Run inventory revaluation: Execute the "Revalue Standard Cost Inventory" process. It is crucial to check the "All Items" option during this step. The Effective Date selected for this revaluation will establish the earliest date on which transactions can be entered for these items.
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