There are many different NetSuite inventory reports. But one inventory report that NetSuite does not have is an inventory aging report. At SuiteRep, we’ve been able to meet this crucial need for many of our clients. Let’s take a look at this custom NetSuite inventory aging report–starting with why it is so important.
The Need for a NetSuite Inventory Aging Report
Why would you consider using an inventory aging report in NetSuite? What are some of the primary benefits? Two key benefits to this report would be (1) identifying slow-moving inventory, and (2) assessing inventory levels.
Identify Slow-Moving Inventory
First, the inventory aging report identifies slow-moving inventory. This could be all the slow-moving inventory in a single location, or it could be specific items that aren’t getting off the shelves very quickly across your locations. If any of your locations tend to carry unusually large amounts of old inventory, you’ll be able see that at a glance. As a result, you’ll have better insight into your inventory turnover rates. Knowing which inventory is lagging behind will help you know how you can free up space and improve overall cash flow.
Assess Inventory Levels
Second, this report also enables you to assess inventory levels. NetSuite already shows you the total stock that you have available in your locations. But this information is not enough for managing inventory levels. Because the report highlights your aging inventory, you’ll be able to take your analysis to the next level by tracking inventory levels across a period of time. You’ll be able to understand seasonal fluctuations in demand and adjust your preferred stock levels and inventory reorder points for those times.
The SuiteRep Inventory Aging Report
SuiteRep’s NetSuite inventory aging report is able to deliver these benefits and more. Let’s walk through what the report looks like and how it works.
What is it?
The SuiteRep inventory aging report is simply a prebuilt SuiteLet script. The UI seamlessly connects to the rest of NetSuite. On the report, you can set the “As Of” date, allowing you to filter the results to the dates you need to see. The results you get on the report display in customizable monthly increments.
How does it work?
The SuiteRep inventory aging report is seamlessly integrated into your NetSuite instance. You would access it by navigating to Lists > Accounting > Inventory Aging Report. When the report opens up, you can put in the filters you need. The three available filters are location, “As of” date, and item. Once your filters are in place, refresh the page to see the results.
In the list of results, you will be able to see all the items pulled up by your filters. For each item, you will see the purchase price, your base price, the total quantity that you have for that item, and the total financial value of that item. Then, you will see the breakdown of the quantities and amounts of those items that fall in each of the monthly “buckets.” You can sort the results by selecting any of the headers.
Saving Results
If you need to keep or share the results of a specific configuration of the report, you have a couple options. First, you could download the report. When you select the download button in NetSuite, it downloads as an Excel document. In that document, you can do further breakdown of the data as needed. You could also email the results of the report using the Email button.
Conclusion
This NetSuite inventory aging report meets a crucial need in NetSuite inventory management. If you, like many of our clients, also need a simple way to track the aging of your inventory, reach out to us! We would be happy to demo the report for you and talk about next steps to getting it into your NetSuite instance.