FMT Consultants Blog How do we create and update Standard Costs in NetSuite?

Before we begin creating and updating Standard Costs, first let’s review what it is.  Primarily Standard costing is used in manufacturing and procurement, to identify and substitute the expected standard cost for an actual cost that can fluctuate over time.  This mitigates the need for capturing extensive amounts of historical cost data. It is important to ensure you have a plan for how you will update costs on a regular basis.  Most companies update it annually, but if your actual cost fluctuates significantly throughout the year, you may want to update them on a more frequent cadence. Now that we understand Standard Costs a little better, let’s walk through the steps for setting it up. To use standard costing with inventory and assembly items, enable the Standard Costing feature. To enable Standard Costing: Go to Setup > Company > Setup Tasks > Enable Features. Click the Items & Inventory subtab. […] The post How do we create and update Standard Costs in NetSuite? appeared first on FMT.