The Inventory Cost Revaluation record type in NetSuite allows businesses to adjust inventory item costs to reflect current market values or other relevant factors. This process recalculates unit costs and updates the general ledger, ensuring accurate financial reporting and inventory valuation, while maintaining the accuracy of profit margins and financial statements.
Purpose
This record is primarily used to calculate the cost of goods sold (COGS) and to report the inventory value on the balance sheet. Accurate inventory valuation is crucial for financial reporting, tax calculations, and business decision-making.
Template Layout
💡 Tip: It is best to check out the forms and fields and identify the header, column, and required fields in NetSuite that you may need to build the template.
If you are using NetSuite Classic Interface you can go to:
Transactions > Inventory > Revalue Inventory Cost
Tran Date
Tran ID
Account
Item
Location
Subsidiary
Cost Component List: Cost
Component List: Cost Category
Component List: Quantity
How to Create Inventory Cost Revaluation
We recommend that you load your original Purchase Order into ExtendInsights for easy reference and in a separate tab, load the Inventory Cost Revaluation template.
Step 1: Create and Load the Purchase Order Template
In the video above, this is the Purchase Order Template Layout.
Entity
Tran ID
Tran Date
Location
Ship Date
Item List: Item
Item List: Quantity
Item List: Rate
💡Tip! You can retrieve the Purchases Order details using a data filter, saved search, or reload action. Read on the articles below:
Different Ways to Retrieve Data from NetSuite
Working with Analytics and Data Management
Step 2: Create the Inventory Cost Revaluation template based on the template layout
Since you have the Inventory Cost Revaluation template ready, you may use the data downloaded from the Purchase Order template by copying and pasting, using formulas or just simply use as a reference.
Continuation...
Step 3: Upload to NetSuite
Send to NetSuite by clicking Upload to NetSuite and then Upload Records. Go back to NetSuite and Receive all the items from the Purchase Order.