How to Create a Noninventory Item in NetSuite

Are you looking to streamline your inventory management process in NetSuite? Look no further – in this article, you will learn how to create a non-inventory item in NetSuite, which can help simplify your inventory tracking and reporting. Say goodbye to complicated inventory management and hello to efficient business operations.

What is NetSuite?

NetSuite is a cloud-based business management software that assists companies in streamlining their operations and increasing efficiency. It offers a variety of integrated applications, including ERP, CRM, and e-commerce, allowing businesses to manage their financials, inventory, customer relationships, and more all within one platform. With real-time visibility and analytics, NetSuite empowers organizations to make informed decisions based on data. It is highly scalable and customizable, making it suitable for businesses of all sizes and industries.

Pro-tip: Take advantage of NetSuite’s robust reporting capabilities to gain insights into your business’s performance and identify areas for improvement.

What is a Non-Inventory Item in NetSuite?

A non-inventory item in NetSuite is a product or service that a company provides but does not monitor as part of its inventory. This type of item is commonly used for one-time purchases or services that are not resold. NetSuite allows for the creation of non-inventory items to ensure accurate recording and tracking of these transactions. By utilizing non-inventory items, businesses can efficiently manage their inventory while also accounting for and tracking non-inventory sales or services. This helps maintain accurate financial reporting and inventory levels for true inventory items.

How to Create a Non-Inventory Item in NetSuite?

Are you looking to add a non-inventory item to your NetSuite account? Follow these simple steps to create a non-inventory item in NetSuite and start tracking it in your inventory. We will guide you through accessing the item record, choosing the appropriate item type, entering item details, setting up pricing, and adding custom fields. By the end of this section, you will be able to successfully save and activate your non-inventory item in NetSuite.

Step 1: Access the Item Record

To access the item record in NetSuite, follow these steps:

1. Log in to your NetSuite account.
2. Click on the “Lists” menu.
3. Under the “Records” sub-menu, select “Items”.
4. In the “Items” page, click on the “New” button to create a new item.
5. Enter the necessary details for the item, such as name, description, and vendor information.
6. Set up any additional information or custom fields that are relevant to the item.
7. Save the item record to activate it in NetSuite.

Fact: Accessing the item record is the first step in creating and managing non-inventory items in NetSuite, ensuring accurate tracking and efficient order processing.

Step 2: Choose the Item Type

The second step to creating a non-inventory item in NetSuite is selecting the item type. This crucial step determines the item’s purpose and categorization within the system. Here is an overview of the process:

1. Access the item record in NetSuite.
2. Choose the appropriate item type from the available options, such as Non-Inventory Part, Non-Inventory Service, or Non-Inventory Assembly.
3. Enter all necessary details for the item, including the item name, description, and any other relevant information.
4. Set up pricing for the item, including sales price, cost, and any applicable price levels or discounts.
5. Add any custom fields needed to capture additional information specific to the item.
6. Save and activate the item to make it ready for use in NetSuite.

By following these steps, you can easily select the correct item type for your non-inventory item in NetSuite.

Step 3: Enter Item Details

To enter item details when creating a non-inventory item in NetSuite, follow these steps:

1. Access the Item Record
2. Choose the Item Type
3. Step 3: Enter Item Details
4. Set Up Pricing
5. Add Custom Fields
6. Save and Activate the Item

In this step, you will need to provide necessary information such as item name, item number, description, and item category. You can also specify other details like weight, dimensions, and manufacturer information to ensure accurate and comprehensive item data. This will help facilitate effective inventory management and order processing within NetSuite.

Step 4: Set Up Pricing

To establish pricing for a non-inventory item in NetSuite, follow these steps:

1. Access the item record in NetSuite.
2. Choose the item type as “non-inventory”.
3. Enter the item details, including name, description, and any other relevant information.
4. In the “Pricing” section, set up the pricing by entering the price, currency, and any applicable discounts or price levels.
5. If needed, add custom fields to capture additional pricing information.
6. Save and activate the item to make it available for use.

Accurately setting up pricing is crucial for effective sales and financial management in NetSuite.

The concept of pricing dates back centuries, as early civilizations engaged in barter and trade. Over time, different pricing strategies and techniques emerged, shaping the way businesses price their products and services. Today, modern technology like NetSuite helps streamline and automate the pricing process, enabling businesses to establish competitive prices and maximize profitability.

Step 5: Add Custom Fields

To add custom fields to a non-inventory item in NetSuite, follow these steps:

1. Access the item record in NetSuite.
2. Choose the item type as “Non-Inventory.”
3. Enter the item details such as item name, description, and any additional information required.
4. Set up pricing for the non-inventory item.
5. Go to the “Custom Fields” section and click “Add Custom Field.”
6. Configure the custom fields according to your requirements, such as adding fields for specific attributes or unique identifiers.
7. Save and activate the non-inventory item to make the custom fields available for use.

Adding custom fields to non-inventory items allows for greater flexibility and customization within NetSuite’s inventory management system. Additionally, step 5 involves adding custom fields to enhance the item record and tailor it to your specific needs.

Step 6: Save and Activate the Item

To save and activate a non-inventory item in NetSuite, follow these steps:

1. Access the Item Record.
2. Choose the Item Type as “Non-Inventory Item”.
3. Enter Item Details such as name, description, and item ID.
4. Set up Pricing by entering the item’s price and currency.
5. Add Custom Fields if necessary to capture additional information.
6. Complete Step 6 by saving and activating the item, making it available for use.

To ensure a successful creation of non-inventory items in NetSuite, consider these suggestions:

• Use descriptive and consistent item names for easy identification.
• Utilize custom fields to capture specific information relevant to your business.
• Regularly review and update item records to keep them accurate and up to date.

What Are the Benefits of Using Non-Inventory Items in NetSuite?

NetSuite offers a variety of features to help businesses effectively manage their inventory. One such feature is the ability to create non-inventory items, which are items that are not physically stocked but still need to be tracked and accounted for. In this section, we will discuss the benefits of using non-inventory items in NetSuite, including improved inventory management, accurate financial reporting, streamlined order processing, and easier tracking of non-physical items. By the end, you will have a better understanding of how non-inventory items can enhance your inventory management processes.

1. Improved Inventory Management

Improved inventory management is a key benefit of utilizing non-inventory items in NetSuite. To create a non-inventory item in NetSuite, follow these steps:

1. Access the Item Record
2. Choose the Item Type
3. Enter Item Details
4. Set Up Pricing
5. Add Custom Fields
6. Save and Activate the Item

By following these steps and utilizing non-inventory items, businesses can experience improved inventory management, leading to more accurate financial reporting, streamlined order processing, and easier tracking of non-physical items. It is important to regularly review and update item records and use descriptive and consistent item names.

2. Accurate Financial Reporting

Accurate financial reporting is essential when using non-inventory items in NetSuite. To ensure precision, follow these steps:

1. Record all non-inventory items in the system.
2. Assign the correct account codes to each item.
3. Regularly update item records to reflect accurate pricing and other financial details.
4. Utilize custom fields to add additional financial information if needed.
5. Review and reconcile financial reports to ensure accuracy.

By implementing these practices, you can maintain accurate financial reporting within NetSuite for non-inventory items.

3. Streamlined Order Processing

Streamlined order processing is essential for the efficient operations of a business in NetSuite. Here are the steps to achieve this:

1. Automate Order Entry: Utilize NetSuite’s order management features to automatically generate orders based on customer requests.
2. Integrate with E-commerce Platforms: Connect your e-commerce platform with NetSuite to synchronize orders in real-time, reducing the need for manual data entry.
3. Streamline Fulfillment: Make use of NetSuite’s fulfillment capabilities, including warehouse management and pick-and-pack processes, to efficiently process and ship orders.
4. Enable Order Tracking: Give customers real-time visibility into their order status through NetSuite’s order tracking functionality.
5. Implement Workflow Automation: Use workflows to automate the order approval processes, reducing the need for manual intervention and ensuring timely processing.

4. Easier Tracking of Non-Physical Items

Tracking non-physical items in NetSuite can be made easier by following these steps:

1. Create a Non-Inventory Item in NetSuite following the steps mentioned in the article.
2. Assign a unique item name and code to each non-physical item to ensure easy identification.
3. Utilize custom fields to add additional information related to the non-physical item, such as specifications or details.
4. Regularly review and update item records to ensure accuracy and keep track of any changes or updates for easier tracking of non-physical items.

By implementing these best practices, businesses can effectively track and manage their non-physical items in NetSuite, leading to improved inventory management, accurate financial reporting, streamlined order processing, and easier tracking of non-physical items.

What Are the Best Practices for Creating Non-Inventory Items in NetSuite?

In NetSuite, non-inventory items are products that are not physically tracked or stocked in inventory. While they may not have a physical presence, they still play an important role in your business operations. In this section, we will discuss the best practices for creating non-inventory items in NetSuite. By following these guidelines, you can ensure that your non-inventory items are accurately represented and effectively managed within the system. We will cover the importance of using descriptive and consistent item names, utilizing custom fields for additional information, and regularly reviewing and updating item records for optimal organization and efficiency.

1. Use Descriptive and Consistent Item Names

When creating non-inventory items in NetSuite, it is important to use descriptive and consistent item names. This helps to clearly identify and differentiate items within the system. Here are some steps to follow when naming non-inventory items:

1. Be specific: Use names that accurately describe the item and its purpose.
2. Keep it consistent: Use a standardized naming convention to ensure consistency across all non-inventory items, including the use of descriptive and consistent names.
3. Avoid ambiguous terms: Use terms that are clear and easy to understand for all users.
4. Include relevant details: Incorporate any relevant details or specifications in the item name to provide additional context.

By following these best practices, you can ensure that your non-inventory items are easily identifiable and effectively managed within NetSuite.

2. Utilize Custom Fields for Additional Information

Utilizing custom fields in NetSuite for non-inventory items can provide additional information and improve data management. Here are the steps to effectively utilize custom fields for additional information:

1. Access the Item Record
2. Choose the Item Type
3. Enter Item Details
4. Set Up Pricing
5. Add Custom Fields for Additional Information
6. Save and Activate the Item

By following these steps, you can create custom fields to capture specific details such as item attributes, dimensions, or any other relevant information. This ensures better organization and retrieval of data, enhancing overall efficiency and accuracy in NetSuite inventory management.

3. Regularly Review and Update Item Records

To maintain accurate and current information in NetSuite, it is crucial to regularly review and update item records. Follow these steps to ensure the best results:

1. Access the item record
2. Choose the appropriate item type
3. Enter all necessary item details
4. Set up pricing
5. Add any necessary custom fields
6. Save and activate the item

Regularly reviewing and updating item records offers numerous benefits, including:

• Improved inventory management
• Accurate financial reporting
• Streamlined order processing
• Easier tracking of non-physical items

For example, a company that regularly reviews and updates its item records in NetSuite was able to identify and correct pricing errors, resulting in improved profitability and increased customer satisfaction.