NetSuite Release 2018.2 – Inventory Management

NetSuite Release 2018.2 – Inventory Management

NetSuite Advanced Inventory suite helps optimize stock levels and keep costs down while reacting to demand at the same time. For visibility into inventory, NetSuite helps track serial numbers or lot numbers associated with specific items or groups. These numbers can be assigned to different items, allowing businesses to track sales orders and by tracking sales orders, managers and employees can report items being sold and items being carried.
Product and product information is clearly defined and so, the rules of procurement can help serve the demand. Alerts can be set to detect when stocks reach a certain minimum level. Items can be re-ordered before they are run-out.
Here are some tips for NetSuite Inventory Management:

  • Netsuite features include Bin Management, Advanced Bin Management features that help manage and track inventory using bins.
  • NetSuite provides creation of various types of items as Inventory Items, Assembly Items, Kit Items etc.
  • Users can set optional preferences to help manage inventory-determine how your inventory valuation, replenishment, identification, and more are handled.
  • Purchase Orders, Sales Orders, Inventory Adjustment and Inventory Count (New Feature) are influenced by inventory management.
  • NetSuite recommends that you avoid entering an item on a sale transaction if the on-hand count of the item is zero or negative.

2018.2 release for Inventory Management:
The NetSuite 2018.2 version is embedded with NetSuite’s WMS SuiteApp which facilitates users to manage warehouse inventory, pick-pack-ship, and put away inventory – all from a mobile device. This App will surely support warehouse workers with the new Composite Bar Codes and Inventory status additions to the WMS module. To increase accuracy in company’s accounts, a new workflow in NetSuite will allow users to postpone payments from reflecting in the general ledger until the vendor’s bank receives them. This is done by leveraging a non-posting journal entry system and with in-transit bank sub accounts.

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