NetSuite Stock Management

NetSuite supports average cost, first-in first-out (FIFO), last-in first-out (LIFO), standard cost, and specific identification costing methods. The appropriate method depends on your product type, industry, and financial reporting requirements. Costing method selection is made at the item level, so different methods can be applied to different product categories within the same NetSuite environment. Annexa will advise on the most appropriate costing approach during the discovery phase.

Yes. NetSuite supports inventory management across multiple warehouse locations within a single environment, regardless of whether those locations are in the same city, different states, or different countries. Stock quantities, costs, and valuations are maintained separately for each location whilst consolidated views are available across all sites. For businesses operating internationally, multi-currency stock management is supported natively.

Stock adjustments, including write-downs for damaged, obsolete, or expired stock, are processed within NetSuite with the financial impact posted directly to the general ledger. The adjustment is recorded with a reason code and a full audit trail, and the inventory valuation on the balance sheet updates automatically. This ensures that stock write-offs are captured accurately in your financial statements without manual journal preparation.

How much does NetSuite Stock Management cost? NetSuite is used by businesses of all sizes, from startups to rapidly growing companies. If you’re considering making the switch but unsure about the cost, here’s a quick breakdown.

NetSuite operates on an annual subscription model, which includes three key components: the core platform, optional modules, and the number of users. There’s also a one-time implementation fee for the initial setup. As your business expands, you can easily add new modules and users, thanks to the flexibility of cloud software.

Core stock management functionality is included within the NetSuite platform and available to all customers, with advanced inventory capabilities available as additional modules depending on your requirements.

Want to get a NetSuite pricing estimate? Contact us now to discuss your specific needs.

NetSuite’s reorder point and demand planning capabilities allow businesses to define minimum stock levels and preferred order quantities for each item. When on-hand stock reaches the reorder point, NetSuite generates a replenishment alert or purchase order automatically. For businesses with more sophisticated demand planning needs, NetSuite’s demand planning tools use sales history and forward demand to calculate optimal order quantities and timing, reducing both the risk of stockouts and the cost of excess inventory.

Yes. NetSuite supports kit and assembly items that are made up of multiple component products. Kit items can be assembled within NetSuite with the system tracking the consumption of each component from stock. This is useful for businesses that sell pre-packaged bundles, gift sets, or assembled products and need to manage both the component inventory and the finished kit inventory accurately.

Because stock management is native to the NetSuite platform, every purchase order, sales order, goods receipt, and shipment updates inventory records automatically. There is no synchronisation between systems and no manual update required. When a sales order is placed, the quantity is immediately committed against available stock. When a purchase order is received, on-hand inventory increases in real time. This seamless connection between stock, purchasing, and sales is one of the core advantages of managing all three within a single ERP platform.

For businesses implementing stock management as part of a full NetSuite go-live, it is configured within the overall implementation timeline of 3 to 6 months. The most time-intensive component is typically the opening stock data migration and validation, which requires accurate count data and cost information for every item being brought across. For businesses adding more advanced stock management capabilities to an existing NetSuite environment, the timeline depends on the scope of configuration required.

As NetSuite’s 2024 ANZ Growth Partner of the Year, Annexa provides comprehensive support including implementation, configuration, ongoing support, and strategic guidance, all delivered by an Australian and New Zealand-based team with extensive experience implementing stock management for product businesses across wholesale distribution, retail, manufacturing, and e-commerce.