Purpose:
- Inventory counts are used to physically verify and count the items in inventory to ensure that the system records match the actual inventory levels. This process helps identify discrepancies between recorded and actual inventory.
Process:
- Cycle Counts: These are periodic counts of a subset of inventory, often done on a rotating schedule.
- Physical Inventory Counts: A full count of all inventory items, typically done at the end of a financial period.
- Counting Process: During an inventory count, users count the physical stock, enter the counted quantities into NetSuite, and then reconcile these counts with the system records.
Account Impact:
- Inventory counts themselves do not directly impact accounting. The discrepancies identified during counts may lead to inventory adjustments, which will impact accounts.
When to Use:
- To perform regular checks on inventory accuracy.
- To comply with auditing requirements and ensure inventory records are up-to-date.
- To identify and correct discrepancies systematically.
Example:
- Performing a monthly cycle count for a particular warehouse section, you find that the actual count for an item is 95 units, while NetSuite shows 100 units. You would then reconcile this difference, often leading to an inventory adjustment to correct the records.
This record is not possible to perform CSV import.