Inventory Items
NetSuite inventory item records let you track the quantity and value of your inventory. Your balance sheet automatically reflects the value of your inventory on hand, and your income statement automatically reflects the markup you charge for these items.
To track inventory, first set up your inventory items. Fields that appear depend on the features you have enabled.
As you buy and sell inventory, your Cost of Goods Sold (COGS), income, and asset accounts are updated. Item profits are reflected on your income statement.
If you use the Multi-Location Inventory feature, you can specify locations for each item. For more information, see Multi-Location Inventory.
If you run a custom saved search that includes the fields below, they function as follows:
Lastmodifieddate updates only when you update the item record.
Lastquantityavailablechange updates when you enter or edit an inventory-affecting transaction.
Vendor Bill Variances
When you use the Advanced Receiving feature, you can enter vendor bill variances and generate journal postings to variance accounts. These variances can be based on quantity, price, or exchange rate discrepancies.
When you check the Generate Accruals box on the Preferences subtab, Vendor Bill variances generate and post an accrual to the general ledger. For more information, see Vendor Bill Variances.
When the Generate Accruals preference is set, inventory item records include three variance accounts on the Accounting subtab:
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Price Variance Account – resolve variances between the unit cost of items on bills and receipts.
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Quantity Variance Account – resolve variances between quantities on bills and receipts.
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Exchange Rate Variance Account – resolve variances between exchange rates on bills and receipts.
Related Topics
- Item Records for Data Tracking
- Groups, Assemblies, and Kit/Packages
- Item Groups
- Kit/Package Items
- Matrix Items
- Serial Numbered Items
- Lot Numbered Items
- Customizing Lot or Serial Numbered Item Records
- Drop Ship Items
- Special Order Items
- Gift Certificates
- Service Items
- Download Items
- Discount Items
- Subtotal Items
- Description Items
- Markup Items
- Expense Items
- Non-Inventory Items
- Other Charge Items
- Payment Items
- Item Types