When you use NetSuite to manage your inventory, NetSuite keeps track of your inventory values and stock levels. But how can you easily access and analyze this information? This is where NetSuite inventory reports come into play. Let’s take a look at the key inventory reports that NetSuite provides. As an added bonus, we’ll also look at a key inventory report that NetSuite does not provide. Scroll to the end of the blog to learn about that report and find out how you can get it in your NetSuite account!
Key NetSuite Inventory Reports
The available NetSuite inventory reports generally track two different aspects of your inventory: inventory values and inventory levels. To access any of the following reports, navigate to the Reports dashboard and expand the Inventory/Items section of reports. Note that the reports visible in this list may differ based on the role you are using in NetSuite.
The Stock Ledger
The Stock Ledger report is important because it is the only report that clearly provides information on both inventory values as well as inventory levels. This report shows the movement of inventory across classes, departments, and subsidiaries over a period of time. On the report, you’ll be able to select date ranges and the subsidiary. Then, you’ll see your list of items in that subsidiary along with information like their beginning inventory quantity and values on hand (for the beginning date that you set) and their ending inventory quantity and values on hand (for the final date that you set).
Assess Inventory Values
Other NetSuite inventory reports, besides the Stock Ledger, also assess your inventory values. While these reports all relate to the value of your inventory, the exact metrics they report on differ. What that means, then, is that just one of these reports probably won’t be sufficient. If you understand what each report has to offer, you’ll have a better idea of where to go to get the specific information you need on your inventory.
- Inventory Profitability Report: How profitable is your inventory? What is the cost, revenue, and profit percentage of each inventory item? The Inventory Profitability report provides this information.
- Inventory Valuation Report (and Detail report): What is the value of your inventory? With the Inventory Valuation report, you’ll be able to see a snapshot of the complete value of your inventory for a selected moment in time, along with the quantities of each inventory item that you have on hand at that time. This report has both a summary and detail report, allowing you to drill down into the data if you need to.
- Inventory Revenue Report (and Detail report): What about the revenue you get from your inventory? The Inventory Revenue report pulls this information clearly into one place for you. With this report, you’ll see the sales for each of your inventory items. If any items are lagging behind where they should be in their sales, this report will help to highlight that. As with the Inventory Valuation report, this report has both a summary and detail option.
Assess Inventory Levels
What about assessing inventory levels? You might think that this metric would require only a single inventory report. But there are actually several different ways to manage and evaluate inventory levels. Here are the NetSuite inventory reports which help you to assess your inventory levels.
- Physical Inventory Worksheet: As the name suggests, this isn’t so much a report as it is a worksheet. The Physical Inventory Worksheet gives you a simple way to compare the NetSuite inventory counts against the inventory that is actually in your warehouse. The report generates a simple list of the items in your warehouse, the on hand NetSuite quantities for those items (based on your selected As Of date), and a column where you can record the physical count for those items.
- Current Inventory Snapshot Report: This report does exactly what it says. It simply provides a snapshot of your existing inventory levels. As an added bonus, it also helps you with reordering items by showing the reorder points for your items and their preferred stock levels. You can easily filter the report to display items that are at or below their reorder points, which will keep you from overstocking or understocking your items.
- Inventory Back Order Report: Do you have NetSuite set up to permit you to commit items on orders when they aren’t in stock? If you do, then this report will be handy for you. It allows you to identify all the items that are currently on backorder. This report can also help you track items that are repeatedly on back order, enabling you to address fulfillment delays by increasing reorder points and preferred stock levels for those items.
- Inventory Activity Detail Report: The Inventory Activity Detail report shows the quantity of inventory items per transaction. This report helps you track trends in the transaction activity of your inventory.
- Items Pending Fulfillment Report: If you have items that are available in your inventory and already committed on orders, then they will show up on this report. This report looks at open sales orders and displays a list of the items that have been ordered and committed but not yet fulfilled.
- Inventory Turnover Report: The Inventory Turnover report, as the name suggests, displays the turnover of your inventory. This report comes with a list of your items, both the cost and average value of the items, the turnover rate, and the average number of days that each item is on hand.
NetSuite Inventory Aging Report
One type of inventory report that NetSuite does not have is an inventory aging report. Because of the immense value that this type of report provides, however, SuiteRep has created an inventory aging report that seamlessly integrates with any NetSuite account. Our report gives the age of your inventory in customizable time periods. On the report, you’ll be able to filter by location, as of date, and item. The report displays all the items pulled up by your filters, showing the purchase price, base price, total quantity for the item, and total financial value of the item. Then, you will see the breakdown of the quantities and amounts of those items that fall in each of the time “buckets.” If this is a report you’d like to have in your account, request a demo!
Conclusion
With all these NetSuite inventory reports available to you, evaluating trends in your inventory and acting on those trends is very attainable. If you enjoyed this blog, be sure to subscribe to our mailing list below to receive our newest NetSuite blogs right in your inbox each week!