Entering Item and Cost Details
Use the following procedure to enter item and cost details.
To enter item and cost details:
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To track landed costs associated with this item, check the Track Landed Cost box.
You must include an item that tracks landed costs on transactions you want to source for landed costs. For example, on the item receipt Landed Costs subtab, a vendor bill appears only if the bill includes a landed cost item.
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To determine how to handle the costs associated with buying the same item at different purchase prices over a period, select a Costing Method.
This field appears only on assembly or inventory items.
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Select a Cost Category to associate with this item. For more information, see Creating Cost Categories.
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Enter the Total Value of the item (the combined asset value of stock of this item in all locations).
Total value is calculated by multiplying the purchase price by quantity on hand. As you buy and sell inventory, NetSuite continues to calculate the total value.
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Enter a Purchase Price.
If you do not enter a price, purchase orders for this item show the most recent purchase price by default.
If you select a preferred vendor for this item, the price is shown in the vendor record currency. If no preferred vendor is selected, the price is shown in your base currency.
This field appears only on inventory item, non–inventory for purchase or resale, other charge for purchase or resale, or service for resale or purchase items.
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The item Last Purchase Price is taken from the most recent item transaction that added positive inventory.
For example, purchase receipt, inventory transfer or inventory adjustment. This price does not include item returns or assembly unbuilds.
If you use Multiple-Location Inventory, the last purchase price reflects the most recent transaction at any location. The Inventory subtab includes a link to the last positive inventory transaction per location.
If you use Multiple Units of Measure:
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The last purchase price is calculated using purchase units.
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If multiple purchases are made on the same day with different prices and locations, the highest price paid is the last purchase price.
Note:The last purchase price is affected by your Include Landed Cost in Last Purchase Price preference. For more information, see Items/Transactions Accounting Preferences.
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The current Average Cost of the item across all locations displays. Average cost is calculated as the total units available during a period divided by the starting inventory cost plus the cost of additions to inventory.
If you use Multiple Units of Measure, average cost is calculated using stock units.
The average cost calculated per location is listed for each location on the Locations subtab. For more information, see Item Costing.
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Enter a Purchase Description. You can enter up to 999 characters of letters, numbers, or basic HTML code.
This description displays on vendor purchase orders. You can include the unit of measure in this description.
This field appears only on the inventory, non-inventory for purchase or resale, other charge for purchase or resale, and service for resale or purchase items.
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To copy a sales order purchase description from the item description, check the Copy from Sales Order box.
Clear this box to enter a purchase description in the purchase description field on the item record.
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In the Stock Description field, describe where and how this item is stocked.
This field appears only on the assembly, inventory, kit/package, and non-inventory for sale or resale items.
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To designate drop ship items on sales transactions as the item default, check the Drop Ship Item box.
When a sales transaction for a drop ship item is approved, a linked purchase order for the preferred vendor is automatically generated. The vendor ships this item to your customer directly.
This field appears only on the inventory or non-inventory for resale items.
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To designate special order on sales transactions as the item default, check the Special Order Item box.
When a sales transaction for a special order item is approved, NetSuite automatically generates a linked purchase order. The order cannot be fulfilled until the linked purchase order is received.
Special order items can be used for custom orders or just-in-time inventory.
This field appears only on the inventory, assembly, and non-inventory for resale items.
Note:An item can be a drop ship or a special order, but not both.
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To populate the Match Bill to Receipt box on transaction lines by default for this item, check the Match Bill to Receipt box. This enables you to generate variances based on vendor bill lines. To generate variance postings, on the Post Vendor Bill Variances page Transaction Type field, select Bill.
This box is checked by default on purchase orders that include this item. Variances are generated based on vendor bill lines.
Clear this box if you want to generate variance postings based on purchase order lines. To generate variance postings, on the Post Vendor Bill Variances page Transaction Type field, select Purchase Order.
This box is clear, by default. When checked, this setting can be changed on individual purchase order lines.