NetSuite has a variety of item types, including things like inventory items, non-inventory items, service items, assembly items, and serial numbered items. Some of these item types directly affect inventory management in a warehouse. Let’s take a look at the most basic of these item types: inventory items in NetSuite.
Creating Inventory Items in NetSuite
To see a complete list of all the items in your NetSuite account, inventory items or otherwise, navigate to Lists > Accounting > Items. On this page, you can create a new item record by selecting the New Item button at the top of the page. Doing this will bring you to a page where you will select the type of item you are creating. Selecting “Inventory Item” from this list will open up a new inventory item record.
Main Line Options
What kinds of options do you have on the main line while creating an inventory item? The field options available may differ based on the form that is selected on the Form field. Common options include the item name/number, a display name/code, and a vendor name/code. You can also connect the item to a particular classification, like a department. If you use the NetSuite POS (or NSPOS), then you should use the RA Inventory Part Form to create this inventory item. The RA Inventory Part Form is preconfigured with essential NSPOS custom fields.
Sublist Options
The sublist options for a new inventory item are where you establish essential details about this item. Under the Inventory subtab, you can set preferences for different locations that will stock this item, including things like reorder points, preferred stock levels and purchase lead time for each location. You can also record vendor and vendor bill information, as well as assign bin numbers for this item in each of your locations.
The Pricing subtab allows you to assign price levels and a quantity pricing schedule, if you plan to use one. The Accounting/Matrix subtab holds all the essential account information that needs to be connected to this item, including accounts like Cost of Goods Sold, Asset, and Income. This subtab is also where you may set a tax schedule for the item. Under the WMS subtab, you may assign the item to an item group or an item family and establish the put away and pick strategies for this item.
Editing Inventory Items in NetSuite
After you establish all these details for an inventory item and save the record, how can you go back and edit the record if you need to? To edit an inventory item, navigate to the list of items (Lists > Accounting > Items) and select Edit next to the item you wish to edit. Then all you need to do is edit the record and save the changes. When you no longer need a particular item record, you will need to make it inactive (rather than deleting it) if it has been used on any transactions. While in Edit mode on the item record, simply select the Inactive checkbox and save the record.
Conclusion
Once your inventory item records are all set, they are ready to be selected on things like sales orders and purchase orders. In future blog posts, we’ll be looking more at the ins and outs of inventory in NetSuite, so be sure to subscribe to our mailing list below to have new posts delivered right to your inbox each week!