The quick answer
Go to Transactions > Inventory > Adjust Inventory Worksheet. Pick the Adjustment Account, the date and Transaction Order, then the Subsidiary and Location you counted. The Adjustments subtab lists the eligible items with the quantity NetSuite has there. Type what you counted in New Qty and NetSuite fills New Value. Leave items that matched blank, then save. You enter the count itself, not the difference, so 15 on the shelf means you type 15.
The example is an end-of-day shelf count at Westbrook Warehouse. Three items are off: the drill bit sets show 15 on the shelf against 18 in NetSuite, the tape measures 42 against 40, and the work gloves 31 against 35. Two other items matched. The screenshots use sample data, and the person and company names are fictional.
If you'd rather enter the change per item (-3, +2, -4), that's an inventory adjustment. See how to create an inventory adjustment. The worksheet is easier after a count because you type the numbers the counter wrote down.
Before you start
This walkthrough uses a OneWorld account with Multi-Location Inventory. The items are average-cost inventory items, not lot or serial numbered, and Westbrook Warehouse doesn't use bins. Lot and serial numbered items don't belong on a worksheet, so count those with Adjust Inventory instead. If your location uses bins or inventory statuses, the lines may also need Inventory Detail, depending on how your account is set up.
You need permission to enter inventory worksheets, and the date has to fall in an open accounting period. Have an adjustment account ready for count differences. The example uses 5210 Inventory Count Variance, which is just this demo's account. Your role, subsidiary access and form decide which locations, fields and accounts you see.
01. Check the on-hand quantity
Open the item from Lists > Accounting > Items. Here it's DB-220 Drill Bit Set. On the Purchasing/Inventory subtab, the Locations sublist shows Westbrook Warehouse with Quantity On Hand 18. The shelf has 15.
02. Open the worksheet and fill in the header
Go to Transactions > Inventory > Adjust Inventory Worksheet.
Select 5210 Inventory Count Variance in Adjustment Account and leave Date as 09/30/2026. Change Transaction Order from First transaction in day to Last transaction in day, because the count happened after the day's receipts and shipments. Enter a memo, here "Month-end shelf count".
Under Classification, select the Subsidiary (Northfield Tool Supply) and the Location you counted (Westbrook Warehouse). The Adjustments subtab fills with the items at that location. Qty As Of Date Above and Value As Of Date Above are what NetSuite holds there as of the worksheet date: DB-220 18 and 256.50, TM-305 40 and 336.00, WG-510 35 and 168.00.
03. Enter the counted quantities
In New Qty, type the counted quantity: 15 for DB-220 Drill Bit Set, 42 for TM-305 Tape Measure 25 ft and 31 for WG-510 Work Gloves. New Value fills in after each one. In this average-cost example it uses the item's cost at that location. DB-220 cost 256.50 / 18 = 14.25 each, so 15 is worth 213.75. TM-305 comes to 352.80 and WG-510 to 148.80.
HX-110 and SG-140 matched the count, so leave their New Qty blank. A blank line isn't touched. Don't type 0 for a match: 0 sets the quantity to zero.
You can overwrite New Value, but that revalues the stock, so only do it on purpose. NetSuite also warns, when you enter the first New Qty, that LIFO and FIFO items lose their costing layers on a worksheet because their cost gets averaged. The recording skips past that alert. If you need to keep those layers, use Adjust Inventory for LIFO and FIFO items.
04. Save and review the worksheet
Click Save. NetSuite shows "Transaction successfully Saved" and the worksheet number, here IW27. Estimated Total Value reads -45.15. That's the net change in inventory value: DB-220 -42.75, TM-305 +16.80 and WG-510 -19.20.
The Adjustments subtab now holds only the three counted items, each with its Qty As Of Date Above, New Qty and New Value.
The adjustment account is the offset to the item's inventory account, so a shortage usually debits the adjustment account and credits inventory. The recording doesn't open GL Impact. Check it on your saved worksheet to see the actual accounts and direction, since item, subsidiary and costing setup all feed into it.
05. Confirm the new on-hand quantity
Open DB-220 Drill Bit Set again. On Purchasing/Inventory > Locations, Westbrook Warehouse now shows Quantity On Hand 15, the number you counted. Nobody had to work out the -3.
Check the result
- Each counted item's Quantity On Hand at the location matches the New Qty you entered, unless transactions dated after the count have moved it since.
- Other locations didn't change. Eastgate Warehouse still has 6 drill bit sets, and the items you left blank keep their quantities.
- Estimated Total Value equals total New Value less total Value As Of Date Above for the counted lines.
Common questions
What's the difference between an inventory worksheet and an inventory adjustment?
An inventory worksheet takes the ending quantity, what you counted. An inventory adjustment takes the change, so for the drill bit sets you'd enter -3 in Adjust Qty. By. After a count, the worksheet saves you working out a variance for every line. The adjustment is the better fit when you only know the difference, or for lot and serial numbered items.
Do I enter the counted quantity or the difference on an inventory worksheet?
The counted quantity. NetSuite showed 18 drill bit sets and the shelf had 15, so New Qty is 15. NetSuite works out the -3 itself.
Why does New Value fill in automatically?
For average-cost items, NetSuite calculates New Value from the new quantity and the item's cost at that location. DB-220 was 256.50 for 18, or 14.25 each, so 15 comes to 213.75. You can overwrite it, but that revalues the stock, and your costing setup can change the number.
Should I use First transaction in day or Last transaction in day?
It depends on when you counted. Use First transaction in day for a count taken before the day's receipts and shipments, and Last transaction in day for a count taken after them, like the end-of-day count here. The setting only orders the worksheet among transactions with the same date. It doesn't stop later backdated transactions from changing the quantity.
What happens if I leave New Qty blank or enter 0?
A blank New Qty leaves the item alone, which is what you want when the count matched. 0 is a real quantity: it sets the item to zero at that location. Only enter 0 when the shelf is actually empty.
What does Estimated Total Value show?
The net change in inventory value, not the ending value. Here the three counted lines have New Values totaling 715.35 against 760.50 before, so the saved worksheet shows -45.15. Check GL Impact for the amounts that actually posted.
Can I use an inventory worksheet for FIFO or LIFO items?
You can, but the worksheet averages the cost of the items it adjusts, so FIFO and LIFO items lose their costing layers. NetSuite warns you about this when you enter the first New Qty. If you need to keep those layers, use Adjust Inventory instead.
How do I check that the worksheet updated on-hand quantities?
Open the item and look at the location on its Locations sublist, or run an inventory report for that location and date. In this example DB-220 shows 15 at Westbrook Warehouse after IW27 is saved. If the worksheet is backdated, later transactions can move the current number away from the count.
Can I use an inventory worksheet for lot or serial numbered items?
Generally no. Lot and serial numbered items may not even show up in the worksheet's list. Count them with Adjust Inventory and use Inventory Detail to say which lots or serial numbers you're adding or removing.