![]() ![]() Non-inventory items are another physical item type. As a result, inventory item records help to keep your Cost of Goods Sold, income, and asset accounts up-to-date and accurate. In any business, inventory is constantly in flux. NetSuite automatically factors the value of any current inventory on your balance sheet and reflects the markup of inventory items on your income statement. On an inventory item record, you can see exactly what the physical item is, how much of that item is in your inventory, and the financial value of the item.Īs you can imagine, inventory item records definitely have an impact on a company’s finances. Inventory items are physical items that a company sells to its customers. InventoryĪ large portion of any company’s item records is going to be inventory items. These items are physical because they exist as real objects (as opposed to, say, a service item). Let’s dive in! Physical Itemsįirst, we’ll look at three physical items. To better understand these key item types in NetSuite, we’re going to break them down into four categories: physical items, service items, clustered items, and matrix items. The SuiteFoundation study guide highlights these eight item types as the key types to know for the SuiteFoundation exam. But don’t worry! We’re going to cover only eight of them: inventory, non-inventory, serial numbered, service, group, kit/package, assembly, and matrix. NetSuite has about twenty different item types (see the complete list here). So when we talk about “item types” in NetSuite, we are referring both to the categories of items as well as to the item record types that represent those categories. NetSuite has unique record types for each of those categories. ![]() What is an Item Type?įirst, we need to define what we mean by “item type.” When we talk about item types in NetSuite, we are talking about different categories of things a company buys and sells. What do you know about item types in NetSuite? Understanding the item types in NetSuite-what they are, how they are different from one another, how they impact the G/L, and how they impact inventory-is crucial to ensuring that you are using them accurately and well. ![]()
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