The Inventory Count feature is designed to enhance inventory tracking and provide better control over assets. By enabling this feature, we can perform regular counts of on-hand item quantities, ensuring inventory accuracy and reducing safety stock requirements, which can lower overhead costs.
To use the Inventory Count feature, we need to define the Next Count Date and the Count Interval (in days) on an item record. NetSuite will then calculate when each item should be counted based on this information.
There are two ways to create an inventory count:
Creating Calculated Inventory Counts: NetSuite provides a calculated list of items that are due for counting. On the Create Inventory Count page, you’ll see a list of items that need to be counted. You can select specific items by checking the box in the Select column or choosing to count all items that meet our criteria. Once we submit the count, it will be recorded.
Creating Manual Inventory Counts: We can manually create individual inventory counts for specific items. After creating the count, click Start Count to initiate the process. NetSuite will capture a snapshot of the on-hand count for the items being counted. Once the manual count is completed in the warehouse, we can enter the count data in NetSuite using the Inventory Count form. By editing the count, we can enter the actual number of items on hand. The count data can be modified multiple times until the count is marked as complete.
When the inventory count transaction status is set to Started, NetSuite takes a snapshot of the on-hand quantity for comparison. If there are any changes in inventory during the counting process, make sure to note these changes and include them when entering the Count Quantity in the inventory count transaction.
A completed count can be reviewed, approved, or rejected. If a count is rejected, the warehouse manager needs to perform another count. An approved count generates variances to account for any quantity differences between the initial snapshot and the final count.
For items that require calculated inventory counts, the Inventory subtab on the item record displays count data, including the last count date and next count date.
Please note that the Advanced Bin/Numbered Inventory Management feature must be enabled to support inventory counts of serialized or lot-numbered items.