How to Build a Point-in-Time Inventory Report in NetSuite

If you’re struggling to keep track of your inventory in NetSuite, you’re not alone. Many businesses face challenges when it comes to accurately reporting their inventory levels. In this guide, we’ll show you how to easily build a point-in-time inventory report in NetSuite, so you can have a clear and up-to-date picture of your inventory at any given moment. Let us help you take control of your inventory management.

What Is a Point-in-Time Inventory Report?

A point-in-time inventory report is a comprehensive analysis of inventory levels at a specific moment. It offers a detailed overview of the quantities and values of items in stock, allowing businesses to make well-informed decisions regarding purchasing, production, and sales. This report is beneficial in identifying discrepancies, monitoring stock movements, and assessing the accuracy of inventory records. By gaining insight into the current status of inventory, businesses can optimize their supply chain, reduce carrying costs, and ensure timely order fulfillment. Point-in-time inventory reports are crucial for efficient inventory management and enhancing overall operational efficiency.

Why Is a Point-in-Time Inventory Report Important?

A point-in-time inventory report is crucial for businesses as it offers real-time visibility into stock levels, enabling accurate decision-making. This report is essential in tracking inventory fluctuations, identifying slow-moving or obsolete items, and optimizing stock levels. It allows businesses to efficiently manage inventory, reduce carrying costs, prevent stockouts, and improve customer satisfaction.

For instance, a retail company utilized a point-in-time inventory report to identify a sudden increase in demand for a specific product. They were able to quickly restock, meeting customer needs and increasing sales. Having this report is vital to remain competitive in the ever-changing business landscape.

How to Create a Point-in-Time Inventory Report in NetSuite?

Are you looking to create a point-in-time inventory report in NetSuite? This useful report allows you to view the inventory levels of your products at a specific moment in time. In this section, we will go through the step-by-step process of creating this report in NetSuite. From setting up the report criteria to choosing the time frame and adding filters, we will guide you through each step to ensure you can easily generate a comprehensive point-in-time inventory report. Let’s get started.

Step 1: Set Up the Report Criteria

Setting up the report criteria is the first step in creating a point-in-time inventory report in NetSuite. Here is a list of steps to follow:

1. Access the NetSuite application and navigate to the Reports menu.
2. Click on the New Report button to create a new report.
3. Select the Point-in-Time Inventory Report template.
4. In the Criteria section, click on Step 1: Set Up the Report Criteria.
5. Define the time frame for your report, such as a specific date or a range of dates.
6. Specify the inventory items or item groups you want to include in the report.
7. Choose the location or locations for which you want to generate the report.

By following these steps, you can set up the report criteria for your point-in-time inventory report in NetSuite. It is important to ensure that your criteria accurately reflect the data you need to analyze.

Step 2: Select the Columns to Include in the Report

When creating a point-in-time inventory report in NetSuite, selecting the appropriate columns is crucial for obtaining the desired information. Follow these steps:

1. Access the report builder in NetSuite.
2. In the report criteria, navigate to “Step 2: Select the Columns to Include in the Report.”
3. Choose the relevant columns for your inventory analysis, such as item name, quantity on hand, cost, and location.
4. Consider including additional columns like sales history, purchase history, and inventory aging for a comprehensive report.
5. Ensure that the selected columns align with the goals and objectives of the inventory analysis.
6. Save the report and run it to generate the desired insights.

By following these steps, you can create a point-in-time inventory report in NetSuite that provides the necessary information for effective inventory management.

Step 3: Choose the Time Frame for the Report

When creating a Point-in-Time Inventory Report in NetSuite, the third step involves selecting the appropriate time frame for the report. This step is crucial as it determines the period for which you want to analyze your inventory data. Here’s how you can do it:

1. Access the report settings in NetSuite.
2. Locate the “Time Frame” option and click on it.
3. Select the desired time frame, such as a specific date range or a specific month.
4. Consider factors like seasonality or sales trends when choosing the time frame.
5. Ensure that the time frame captures enough data to provide a comprehensive analysis.

Remember, selecting the appropriate time frame allows you to gain valuable insights into your inventory performance and make informed business decisions.

Fact: Running regular Point-in-Time Inventory Reports can help businesses optimize inventory management and reduce stockouts by identifying trends and patterns in inventory levels over time.

Step 4: Filter the Report by Location

Filtering the point-in-time inventory report by location is a crucial step in obtaining accurate and specific data. Here is a simple guide on how to do it in NetSuite:

1. Access the point-in-time inventory report in NetSuite.
2. Locate the “Filter” or “Search Criteria” section.
3. Look for the option to filter by location.
4. Select the desired location from the available list or search for it.
5. Apply the location filter to the report.
6. Review the report, which will now display inventory data specific to the selected location.

By filtering the report by location, you can analyze inventory levels, valuation, sales history, and more for a particular store, warehouse, or region. This allows for better decision-making and inventory management. Remember to regularly run the report to stay informed about your inventory in different locations.

Step 5: Add Additional Filters if Needed

To further customize your point-in-time inventory report in NetSuite, follow these steps:

1. Step 1: Set Up the Report Criteria
2. Step 2: Select the Columns to Include in the Report
3. Step 3: Choose the Time Frame for the Report
4. Step 4: Filter the Report by Location
5. Step 5: Add Additional Filters if Needed (keyword)
6. Step 6: Save and Run the Report

Adding additional filters in Step 5 allows you to refine your report even further. You can filter by specific product categories, vendors, customers, or any other relevant criteria. This helps you focus on specific segments of your inventory and gain more detailed insights. By utilizing this step, you can create a more tailored and informative point-in-time inventory report using NetSuite.

Step 6: Save and Run the Report

To generate a Point-in-Time Inventory report in NetSuite, simply follow these steps:

1. Set up the report criteria.
2. Select the columns to include in the report.
3. Choose the desired time frame for the report.
4. Filter the report by location.
5. Add any additional filters as needed.
6. Save the report by clicking on the appropriate button.
7. Run the report to view the results.

By completing these steps, you will be able to easily access valuable information about your inventory such as levels, cost of goods sold, valuation, sales and purchase history, and aging. Regularly running this report will provide you with important insights to make informed business decisions.

What Information Can You Find in a Point-in-Time Inventory Report?

One of the most useful reports in NetSuite for inventory management is the Point-in-Time Inventory Report. This report provides a snapshot of your inventory at a specific point in time, giving you valuable insights into your inventory levels, costs, and sales history. In this section, we’ll take a closer look at the information that can be found in a Point-in-Time Inventory Report, including inventory levels, cost of goods sold (COGS), inventory valuation, sales and purchase history, and inventory aging. Understanding this information can greatly improve your inventory management and decision-making processes.

1. Inventory Levels

Monitoring inventory levels is crucial for effective inventory management. To track inventory levels, follow these steps in NetSuite:

1. Set up the report criteria: Define the scope and parameters of the report.
2. Select the columns to include in the report: Choose the specific information you want to see, such as item name, quantity on hand, and location.
3. Choose the time frame for the report: Determine the period you want to analyze, such as a specific day, week, or month.
4. Filter the report by location: Specify the locations you want to include in the report, such as warehouses or stores.
5. Add additional filters if needed: Apply further filters, such as specific item categories or classes.
6. Save and run the report: Save the report settings for future use and run the report to generate the inventory level data.

To effectively analyze and utilize the report, it is important to identify trends, slow-moving or overstocked items, and adjust inventory levels accordingly. It is recommended to regularly run the report to keep track of inventory fluctuations and make informed decisions.

2. Cost of Goods Sold

Calculating the “Cost of Goods Sold” (COGS) is a crucial aspect of a Point-in-Time Inventory Report. To determine COGS accurately, follow these steps in NetSuite:

1. Set up the Report Criteria: Access the Point-in-Time Inventory Report module in NetSuite.
2. Select the Columns: Choose the necessary columns to include in the report, such as item name, quantity sold, and cost per item.
3. Choose the Time Frame: Specify the time frame for the report, typically a specific date or period.
4. Filter by Location: Filter the report to focus on a particular location or multiple locations.
5. Add Additional Filters: Include additional filters like categories or specific items, if needed.
6. Save and Run the Report: Save the report and execute it to generate the desired COGS information.

By following these steps, you can accurately calculate the Cost of Goods Sold (COGS) in your Point-in-Time Inventory Report.

3. Inventory Valuation

Inventory valuation is a crucial aspect of managing a business. To accurately determine the value of your inventory, follow these steps in NetSuite:

1. Access the Point-in-Time Inventory Report feature in NetSuite.
2. Set up the report criteria to specify the inventory valuation.
3. Select the columns to include in the report, such as item name, quantity, and cost.
4. Choose the desired time frame for the report, whether it’s daily, weekly, or monthly.
5. Filter the report by location to view inventory valuation for specific warehouses or stores.
6. Add additional filters if needed, such as filtering by item category or supplier.
7. Save and run the report to generate the 3. Inventory Valuation information.

By following these steps, you can obtain accurate and up-to-date information on the value of your inventory.

4. Sales and Purchase History

A point-in-time inventory report provides valuable insights into

1. Sales and Purchase History

. It allows businesses to track the movement of inventory over a specific time frame. With this report, you can analyze sales trends, identify top-selling products, and monitor purchase patterns. By examining the report’s data, you can make informed decisions regarding inventory management and forecasting. For example, a point-in-time inventory report may reveal that certain products have consistently high sales, prompting you to increase stock levels to meet demand.

Fact: Accurate

1. Sales and Purchase History

is crucial for effective inventory planning and optimization.

5. Inventory Aging

Inventory aging is a crucial component of a point-in-time inventory report. It allows businesses to assess the age of their inventory and make well-informed decisions regarding stock management and sales strategies.

To determine inventory aging in NetSuite, follow these steps:

1. Configure the report criteria.
2. Select the desired columns to include in the report.
3. Choose the time frame for the report.
4. Filter the report by location.
5. Add any additional filters as needed.
6. Save and run the report.

By analyzing the inventory aging section of the report, businesses can identify slow-moving or obsolete items, plan promotions or discounts, and optimize inventory turnover. This data enables better decision-making and ensures efficient inventory management.

How Often Should You Run a Point-in-Time Inventory Report?

Running a point-in-time inventory report in NetSuite is crucial for businesses to accurately track their inventory levels. The frequency of running this report can vary depending on several factors. To determine the ideal frequency for your business, consider the following steps:

1. Evaluate sales patterns and seasonality to determine peak periods.
2. Assess the rate at which your inventory is turning over.
3. Consider the lead time required to replenish stock.
4. Factor in any special events or promotions that may impact inventory levels.
5. Review historical data and make adjustments accordingly.

In a case study of a retail company, it was found that running a point-in-time inventory report on a monthly basis was sufficient for their needs. This report helped them identify slow-moving inventory, manage stockouts, and optimize their ordering process. However, for businesses in fast-paced industries, it may be necessary to run the report more frequently, such as weekly or even daily, to ensure accurate inventory data. Ultimately, the ideal frequency for running a point-in-time inventory report will depend on the unique factors and goals of each business.

Tips for Analyzing and Using a Point-in-Time Inventory Report

Analyzing and utilizing a point-in-time inventory report can provide valuable insights for effectively managing inventory. To help you make the most of this report, here are some tips:

1. Review inventory levels: Take note of the quantity on hand for each item in your inventory.
2. Analyze sales trends: Identify patterns in sales data to anticipate future demand and adjust inventory levels accordingly.
3. Identify slow-moving items: Use the report to identify items that are not selling well and consider implementing promotional strategies or discounts.
4. Monitor stockouts: Identify instances where inventory levels have dropped to zero and take proactive measures to avoid stockouts in the future.
5. Identify surplus inventory: Identify items with excess inventory and develop strategies to sell or reduce it to optimize cash flow and warehouse space.

By following these tips for analyzing and using a point-in-time inventory report, you can make informed decisions to optimize your inventory management and improve overall business efficiency.