![]() Navigate to the Lists > Accounting > ItemsĢ. Once you have enabled the accounting preference, you can proceed with changing asset and COGS accounts in the Item record without impacting historical transactions. Please note that for newly provisioned accounts starting from the 2021.2 release, this preference is automatically enabled and cannot be disabled.Ĭhanging Asset and COGS Accounts in the Item record Check the box next to "Do Not Update COGS and Asset Accounts on Existing Transactions When Accounts Are Changed." In the General tab, locate the "General Ledger" section.Ĥ. Under the Accounting section, select "Accounting Preferences."ģ. ![]() Log in to your NetSuite account and navigate to the Setup menu.Ģ. To enable the preference, follow these steps:ġ. By enabling this preference, you can ensure that changes to these accounts do not retroactively impact previously recorded transactions. NetSuite introduced the preference called "Do Not Update COGS and Asset Accounts on Existing Transactions When Accounts Are Changed" in the 2021.2 release. Image source: īefore diving into the steps, it's important to understand the accounting preference that allows you to change asset and COGS accounts without affecting historical transactions. ![]() In this article, we will guide you through the process of changing asset and COGS accounts in NetSuite while preserving the integrity of your historical data. However, ensuring that these changes do not impact historical transactions requires careful consideration and proper execution. In NetSuite, managing accounting preferences and making changes to asset and cost of goods sold (COGS) accounts can be a critical aspect of financial management.
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