This is a common error message that occurred to many users and want to share the quick solution. After you enter a transaction for a Standard Cost Item, you might have encountered the error message.
You encountered this message unless the following steps are taken.
- A Standard Cost Version has been created under Lists > Accounting > Standard Cost Versions
- A Planned Standard Cost has been assigned to the item under Lists > Accounting > Planned Standard Costs
- This is not always necessary. If you decide to activate an existing Cost Version, you may manually revalue a single item through Transactions > Inventory > Revalue Inventory Cost
- Update the standard cost of items with the effective date by running the Inventory Cost Revaluation under Lists> Accounting> Revalue Standard Cost Inventory
You may want to create a saved search to identify which Items and in which Location need to have an Inventory Costing Revaluation. I will walk you through to create a saved search to view Items with no Inventory Cost Revaluation per Location.
- Create an Item Search (Lists > Search > Saved Searches > New > Item)
- Under Criteria:
- Costing Method is Standard
- Current Standard Cost is Empty
- Under Results:
- Item
- Inventory Location
- Note: add additional columns as needed.
- The result lists down Items and the Inventory Location where the Current Standard Cost is Null or Empty.
I hope this helps you to resolve the error: 'Inventory Revaluation is no longer the first transaction in the item's history'. Do you want to learn more about Item Costing, and Revaluing Standard Cost Inventory in NetSuite, or get guided support or training? Contact Concentrus today to discuss your needs.
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