The quick answer
Create a Standard Cost Version for the subsidiary and location. Then open Lists > Accounting > Planned Standard Cost Rollup, choose the version, check Update Inventory Cost so purchased inventory items are included, tick the item and submit. Open the Planned Standard Cost record the rollup creates and fix it if the cost is 0.00. Finally run Lists > Accounting > Revalue Standard Cost Inventory for the same version. The Inventory Cost Revaluation it creates activates the planned cost as of the effective date.
The screenshots show sample data. Person and operating-company names are fictional. Use your own records and values when following the steps.
Before you start
This example is a OneWorld account with Standard Costing and Multi-Location Inventory turned on. The item, FST-4410, is an inventory item with the Standard costing method, assigned to the US subsidiary, with no cost history and nothing on hand. The effective date has to fall in an open posting period, and the adjustment account has to be active for the subsidiary. Confirm that your role can create versions, edit planned costs, submit both jobs and view Inventory Cost Revaluations. The exact permissions, menu paths and fields depend on your role and release.
01. Create a standard cost version
A Standard Cost Version belongs to a subsidiary and one or more locations, so the version's locations decide where the item gets a cost. Go to Lists > Accounting > Standard Cost Versions > New. Set Subsidiary to Example Supply Co. : US and type FY27 Fastener Costs as the Name. Click the Select Multiple icon beside Location. In Choose Location, click Reno Warehouse so it appears under Current Selections, then click Done. Pick a location that belongs to the subsidiary.
Inventory Standard Cost chooses where planned costs for inventory items come from. The choices are Average Cost, Item Default and Last Purchase Price. Keep Item Default and click Save.
02. Set up the rollup
Go to Lists > Accounting > Planned Standard Cost Rollup. Choose Example Supply Co. : US as the Subsidiary. Click the Select Multiple icon beside Standard Cost Version, pick FY27 Fastener Costs in Choose Standard Cost Version and click Done. Keep the Effective Date NetSuite proposes, 11/02/2026 here. It is the date the planned cost is meant to take effect.
Here, the item list below the fields shows only assemblies, and FST-4410 is not in it. Check Update Inventory Cost and the purchased inventory items join the list. Leave Rollup assemblies based on components cleared. When it is checked, the rollup can also update the higher-level assemblies that use a selected component, and this item doesn't need that.
Tick FST-4410 and click Submit.
03. Follow the rollup
Submit opens Preparing Planned Standard Cost Rollup. The new submission shows the status PENDING until you click Refresh. Refresh until it shows COMPLETE, then click Cost Rollup Process Status.
On Process Status the row shows Process Type Rollup Planned Standard Cost, Submission Status Complete, Percent Complete 100.0% and Message 0 Errors. That only says the job ran. It doesn't tell you what cost it planned.
04. Check the planned cost
Go to Lists > Accounting > Planned Standard Costs. A new row lists FY27 Fastener Costs, Reno Warehouse and FST-4410. Click View. On the Planned Standard Cost record, the Default Cost Category line shows a Cost of 0.00 in this example. Item Default found no default cost to use for a brand-new item. If you revalue now, you activate a zero cost.
Click Edit, set the line's Cost to 3.45 and click Save. If a zero cost means something is missing from the item or the location setup, fix that at its source as well, so the next rollup doesn't repeat it.
05. Revalue standard cost inventory
Go to Lists > Accounting > Revalue Standard Cost Inventory. Choose Example Supply Co. : US as the Subsidiary and FY27 Fastener Costs as the Standard Cost Version. Here the list shows only FST-4410, the one item with a planned cost in that version. Keep the Effective Date, 11/02/2026. This example uses the same date as the rollup.
In Adjustment Account, pick 5240 Cost of Goods Sold : Standard Cost Revaluation. This account receives any change in inventory value, so use the account your accounting policy designates. Leave Revalue Assemblies based on Components, Department and Class as they are. Mark FST-4410 and click Submit.
On Process Status the new row shows Revalue Standard Cost Inventory, Not Started and 0.0%. Click Refresh until it shows Complete, 100.0% and 0 Errors.
06. Confirm the revaluation
Go to Transactions > Inventory > Revalue Inventory Cost > List and open the newest Inventory Cost Revaluation, ICR312. It shows the item, the location, the adjustment account you chose and the New Unit Cost. Nothing is on hand yet, so Adjustment Amount and New Inventory Value are both 0.00. What the job changed is the item's active standard cost.
Check the result
- Process Status for both jobs shows Complete, 100.0% and 0 Errors.
- The Planned Standard Cost record for FST-4410 shows 3.45, not 0.00.
- Inventory Cost Revaluation ICR312 lists FST-4410, Reno Warehouse and the adjustment account you chose.
- New Unit Cost is 3.45. On the Cost Components tab, the Default Cost Category line shows 3.45.
- If stock was on hand, the change in value posts to the adjustment account. Check the GL Impact tab.
Before you rely on the new cost in production, try a small test transaction in a sandbox and check the quantity, value and unit value it creates.
Common questions
Why doesn't my new item appear on the Planned Standard Cost Rollup page?
The item list shows only assemblies until you check Update Inventory Cost. That option brings purchased inventory items into the list, using the version's Inventory Standard Cost source. The item also has to be an inventory item that is assigned to the version's subsidiary and location.
What is the difference between Planned Standard Cost Rollup and Revalue Standard Cost Inventory?
The rollup plans a cost. It creates or updates Planned Standard Cost records for the version and doesn't change the item's active standard cost or post to the general ledger. Revalue Standard Cost Inventory activates the planned costs by creating an Inventory Cost Revaluation for each marked item and location.
Does Complete with 0 Errors mean the costs are correct?
No. It means the background job finished without errors. Open the Planned Standard Cost record to see the cost the rollup planned, and open the Inventory Cost Revaluation to see the cost it activated.
Why is the planned cost 0.00 after the rollup?
With Inventory Standard Cost set to Item Default, the rollup uses the Standard Cost on the item record, not its Item Defined Cost or purchase price. A brand-new item with no Standard Cost gets a planned cost of 0.00. A zero planned cost doesn't mean the rollup failed, but revaluing it unchanged activates a zero cost. Fix the source on the item, or edit the planned cost line to the cost you intend.
Why are Adjustment Amount and New Inventory Value 0.00 on the revaluation?
New Inventory Value is the quantity on hand times the new unit cost, and Adjustment Amount is the difference from the previous value. With nothing on hand both are 0.00, and the result is the activated unit cost. With stock on hand the difference posts to the adjustment account.
Do I have to revalue before I can receive or adjust a new standard-cost item?
A new standard-cost item may need its first revaluation at a location before some inventory transactions can post. In a test account, an inventory adjustment for a new item was refused until the revaluation existed. Which transactions are affected depends on your account.
Which Effective Date should I use?
Use the same date for the rollup and the revaluation when both should take effect together. It has to fall in an open posting period, and it shouldn't be earlier than transactions that should keep the old cost. The revaluation date is when the planned cost becomes the active cost.