Tracking your purchases is an important step in maintaining your inventory. By knowing what you have on order, how many and when it will be received, you can keep your inventory at an optimum level.
NetSuite can help you create purchase orders for the appropriate items and quantities, and help track special orders and drop ship orders as well. You can even give vendors access to your account to enable them to see purchase orders you place.
Create purchase orders to get items and materials you need for replenishing stock and selling to customers. By entering a purchase order, you initiate the purchase and record all aspects of the purchase:
when the items are ordered
which items are ordered
what quantity is ordered
which vendor items are ordered from
when the items are expected
where the items will ship
which items have been received from the vendor
Knowing this information about your purchases helps you keep your stock streamlined.
For example, your item XY987 sells at an average rate of 1 unit per month. You have one unit in stock and are considering ordering more now. When you track purchase orders and check the quantity on order, you see that you already placed an order for three units of item XY987. Because this is an average three-month supply, you do not need to place another order now.
You can create purchase orders individually, or use bulk item ordering function to create purchase orders for items that are needed. Bulk item ordering is ideal because it takes the guesswork out of how much you need and when to order it.
If you use NetSuite OneWorld, you can create a purchase orders centrally and receive independently in specific subsidiaries and locations. For more information, see Centralized Purchasing and Billing.
After you enter orders for items, you can view the quantity on order on item records and on reports. For more information about viewing stock quantities, see Assessing Stock Levels.