Which statement is true about inventory transactions?

The statement that the inventory worksheet can be used to create opening balances for items is accurate. The inventory worksheet provides a way to input quantities and values for inventory items at the beginning of a fiscal period or when transitioning to using NetSuite for inventory management. This capability is essential for establishing a baseline for inventory accounting, ensuring that financial reports accurately reflect the value of inventory on hand as of a specific date.

Using the inventory worksheet helps streamline the process of getting all items accurately recorded in the system, allowing businesses to efficiently manage their inventory and maintain accurate financial records from the outset. This functionality is a foundational aspect for businesses that need to track inventory, as it eliminates manual entry errors and promotes consistency within inventory records.