How do I change the cost of an item in netsuite?

How do I change the cost of an item in netsuite?

Go to Lists > Mass Update > Update Prices. On the Update Prices page, in the Amount field, enter a negative or positive amount for the price change. You can enter a currency amount or a percent in this field.

How is average cost calculated in netsuite?

The single average cost is calculated by dividing the total inventory value across locations by the total quantity across all locations. This calculated cost is synced within the group and is used in costing calculations for all locations.

How do you manage average cost?

How to calculate the average cost method

1. Determine the average cost of all purchased inventory. First, find the total cost of all individual inventory items purchased. …
2. Determine the average cost of all produced inventory. …
3. Calculate the total cost of sold inventory items. …
4. Calculate the total cost of ending inventory.

What is average cost update?

Average Cost Updates The offset to the change in inventory value resulting from a cost update is posted to the average cost adjustment account(s). Items in work in process are not revalued by an average cost update, nor are expense items or any item in an expense subinventory.

How do I change Inventory value in NetSuite?

You can open inventory adjustment page from Go to Transactions > Inventory > Adjust Inventory. You must choose an adjustment account whenever you need to change the quantity and value of an inventory item. In the Item field, select the item you want to adjust inventory for.

How do I add a landed cost in NetSuite?

To add landed cost templates to items:

1. Go to Lists > Accounting > Items.
2. On the Items page, click the Edit link for the item that you want to set up. …
3. On the item record, do the following to add the templates: …
4. After you have assigned the landed cost templates, click Save.