Prior to NetSuite version 2021.2, changing an item’s Asset and Cost of Goods Sold (COGS) Account would have a retrospective effect on the posting transactions of the item. This means that all transactions created for the item before the change in the Asset and Cost of Goods Sold accounts will follow those new accounts set. This also means that if the item contains transactions in a closed period, users would either have to re-open closed periods to effect the change or file an issue to NetSuite Support.
In the NetSuite 2021.2 version, a new preference has been introduced to allow Asset and Cost of Goods Sold Accounts change without affecting historical transactions. This means that the change in Asset and COGS Accounts can now have a prospective application.
To enable the NetSuite preference:
1. Navigate to Setup > Accounting > Accounting Preferences.
2. In the Items/Transactions tab, Accounts section, look for the “Do Not Update COGS and Asset Accounts on Existing Transactions When Accounts are Changed” checkbox.
3. Click Save.
*Note that the preference, once enabled, can no longer be unmarked.
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