NetSuite does an awful lot of stuff well. It does slightly less stuff at a passable quality and then there are a few things it really sucks at. Some of the amazing features and abilities provided to us through native NetSuite use is amazing and to think that functionality is being updated at least twice a year through updates just astounds.
Occasionally, though, a really simple request will come from someone in the business and after hours of searching you begin to accept that the developers at NetSuite have simply ‘not got to this’ yet! This does happen and bizarrely it is often in relation to really basic functionality you would normally take for granted.
NetSuite has an Enhancement voting system in which administrators can post and/or vote on Enhancement requests and the idea is that when a ticket has enough vote NetSuite will cave and start developing it.
Standard Reporting from NetSuite Inventory Management
NetSuite Inventory Management is a really thorough piece of kit with everything from demand planning, multi location warehouse management and order traceability. I have used this module (in conjunction with other advanced features) in multiple different industries ranging from chemical storage to office hardware and it works really well.
One of its few failings, however, is in reporting. I have almost always created a custom stock ledger bringing in the relevant information that is missed on the standard one. Reconciling that ledger is something we can cover in another article as the standard Inventory Count leaves a lot to be desired.
Another area of reporting that has been glossed over is Inventory Aging. There is simply no standard Inventory Aging report provided as part of the Inventory Management module.
Why is the Inventory Aging so important? Most businesses need to ensure their stock is moving. you don’t to have stock sitting endlessly in your warehouse but even if it sitting endlessly in your warehouse its important to be able to determine when that stock arrived and how long it has been. Understanding how long items are sitting in inventory will set the bar for KPI’s and improvement criteria.
|If you are new to Inventory Management in NetSuite here are a few other useful introductory articles – NetSuite Lot Numbered Inventory Items NetSuite Serialized Inventory Items NetSuite Bin Management
Creating a custom Inventory Aging Report in NetSuite
The easiest solution to the lack of a standard Inventory Aging report is to build a custom Transaction search showing inventory activity within buckets of dates (ie. 0-30 days, 30-60 days etc.)
Most fields in this search are Formulas so pay careful attention to the syntax used and the types of Formula field.
1. First you will create a new Transaction saved search.
2. Enter the following Criteria –
3. Move to the results tab and enter the following results fields –
4. Give your search a unique name and Save.
As you will see from the results of this search you now have the increases and decreases in inventory activity split across defined periods and you can pinpoint the addition of the current on hand quantity.
Now, it should be said this is not the perfect solution but it is quick and dirty and can be implemented by anyone who knows how to run a transaction saved search. There are NetSuite partners out there that can implement a custom solution they have built and, if you are an administrator, you should also track down and vote on the open Enhancement ticket to have a standard Inventory Aging report. This is one of those areas that really should be higher on NetSuite’s list of priorities, but in the meantime, if you don’t want to fork out for a third party try the above and keep finance and supply chain happy.
Hope that helped you and feel free to get in touch if you have an alternative solution to offer the community.
If you need adjust your inventory you might be looking at doing an Inventory Adjustment via import. If so follow our step by step guide to the process here.