Item records

Item Records in NetSuite are essential for managing and tracking all the products and services your business offers. These records store information such as pricing, inventory levels, descriptions, and related transactions, forming the foundation for inventory, sales, and procurement processes.

Types of Items in NetSuite

NetSuite supports various item types to meet diverse business needs:

1. Inventory Item:

   • Tracks items stocked in inventory.

   • Monitors quantity on hand, reorder points, and inventory valuation.

2. Non-Inventory Item:

   • Used for items not stocked, such as services or special orders.

3. Service Item:

   • Tracks labor or services sold or purchased.

4. Assembly/Bill of Materials (BOM):

   • Represents finished goods composed of multiple components.

5. Kit/Package:

   • A group of individual items sold together as a single package.

6. Lot Numbered Item:

   • Tracks inventory by lot or batch for traceability.

7. Serialized Item:

   • Tracks individual units with unique serial numbers.

8. Gift Certificate Item:

   • Tracks the sale and redemption of gift certificates.

9. Download Item:

   • Represents digital goods, such as software or e-books.

10. Other Charge Item:

    • Used for additional costs, such as shipping fees or handling charges.

11. Matrix Items:

    • Variants of an item, such as size, color, or style (e.g., clothing or shoes).

Key Information in an Item Record

1. General Information:

   • Item name or number

   • Description

   • Item type (inventory, service, etc.)

   • Subsidiary (if using NetSuite OneWorld)

2. Pricing:

   • Base price and price levels

   • Currency-specific pricing

   • Quantity-based pricing tiers

3. Inventory Management:

   • Quantity on hand, available, and on order

   • Reorder points and preferred stock levels

   • Inventory location and multi-location support

4. Accounting:

   • Income, COGS, and asset accounts

   • Tax codes for sales and purchases

5. Purchasing and Vendor Information:

   • Preferred vendors

   • Purchase price and terms

   • Lead times

6. Sales Information:

   • Sales descriptions for invoices and quotes

   • Item groups or classifications

7. Shipping:

   • Dimensions and weight for shipping calculations

   • Drop-shipping settings

8. Related Records:

   • Associated purchase orders, sales orders, or fulfillment records.

9. Customization:

   • Custom fields for unique business needs.

   • User-defined workflows to trigger actions.

10. Images and Files:

    • Attach images or product documentation for reference.

How to Create an Item Record in NetSuite

1. Navigate to Lists > Accounting > Items > New.

2. Choose the appropriate item type (e.g., Inventory Item, Service Item).

3. Fill in the required details, such as name, description, and price.

4. Configure additional settings for inventory, accounting, and sales.

5. Save the record to make it available for transactions.

Benefits of Using Item Records in NetSuite

1. Improved Inventory Management:

   • Real-time visibility into inventory levels and location.

   • Automates reordering based on predefined criteria.

2. Streamlined Sales and Purchases:

   • Accurate pricing and descriptions for seamless transactions.

   • Easy integration with sales orders, purchase orders, and fulfillment processes.

3. Customization and Scalability:

   • Adaptable to specific business needs through custom fields and workflows.

4. Better Reporting:

   • Use item-level data for insights into sales trends, profitability, and inventory performance.

5. Global Operations Support:

   • Multi-location, multi-currency, and subsidiary-specific item tracking.

Advanced Features

1. Serialized/Lot Tracking:

   • Enhance traceability for regulatory compliance or quality control.

2. Barcoding and Scanning:

   • Integrate with NetSuite’s WMS or third-party systems for efficient warehouse operations.

3. Automated Pricing Rules:

   • Set dynamic pricing based on discounts, customer tiers, or promotions.

4. Item Bundles (Kits):

   • Simplify product offerings with kits and bundled pricing.

Common Challenges with Item Records

1. Complex Configurations:

   • Misconfigured items can lead to accounting errors or fulfillment issues.

   • Use predefined templates to avoid errors.

2. Data Overload:

   • Too many unused or duplicate items clutter the system.

   • Regularly clean up and archive outdated records.

3. Global Scalability:

   • Businesses with multiple subsidiaries or currencies need careful setup to ensure data consistency.