NetSuite is a comprehensive cloud-based enterprise resource planning (ERP) software that provides a wide range of functionalities
and tools to help businesses manage various aspects of their operations.
Some of the different items that can be managed in NetSuite include:
Inventory Item
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.
Serialized Item
These are inventory items that have a unique serial number. NetSuite allows businesses to track the movement and history of serialized items.
Lot Numbered Items
Lot items track the purchase, stock, and sale of a group or quantity of items by assigning a specific number to the group or quantity.
For example, a food distributor can track goods by assigning a lot number and expiration date to a group of perishable products. Lot numbered item records track the quantity of items and the specific cost for each lot as products are purchased and sold. On the lot number record, you can identify an expiration date and enter notes about the lot.
Assembly Item
An assembly item is an inventory item made of several components but identified as a single item. Assemblies are manufactured by combining raw materials you stock. You create assembly item records to define the members of an assembly, then NetSuite enables you to track both the raw materials and the assembled items separately.
Non-inventory Item
- Non-Inventory Purchase Items
Non-inventory items for purchase can only be bought and entered on vendor-facing transactions such as purchase orders and vendor bills.
These items are purchased by your organization but not resold, such as office supplies. - Non-Inventory Sale Item You can record and track items that you always drop ship as non-inventory items. You can also record and track other items that you sell or purchase but do not stock as non-inventory items.
- Non-Inventory Resale Item Non-inventory resale item records are used to track something you buy and then sell for a profit, but do not stock. Non-inventory items for resale can be bought and sold and appear on all applicable transaction types. This includes drop-ship items that you do not store but sell directly from the vendor.
Kit/Package Items
Kits or packages let you create individually sold items that are collected from other items.
Discount Item
Discount item records are used to create discounts you can apply to your transactions.
Matrix Items
Matrix items consist of multiple combinations of product styles and variations with their respective bill of materials and routings. During production, matrix assemblies can be created using work orders and assembly builds.
Item Group
An item group is stocked and sold as a single unit, but may be made up of several individual items.
Service Items
A service item is an item you create to track time and record billable hours.
Service items are classified as Services for Purchase, Services for Resale, or Services for Sale.
Services for Purchase – services your business buys but doesn’t sell to customers.
Services for Resale – services your business buys and then sells to customers.
Services for Sale – services your business sells but doesn’t buy.