Effective inventory management is essential for business success, and NetSuite OneWorld offers powerful tools for configuring your system. One key setting to note is the option to track quantities and profit from buying and selling inventory. This article will guide you through the essential steps of inventory configuration in NetSuite OneWorld, helping you streamline operations and maintain precise financial data.
1. Using an Administrator role, navigate to Setup > Company > Enable Features.
2. Select the Items & Inventory subtab.
3. Check the box next to 'Inventory.
By enabling this, NetSuite automatically creates accounts for cost of goods sold (COGS) and inventory assets, ensuring accurate financial tracking.
Note: The Inventory feature functions similarly to the Multi-Location Inventory feature. When you enable Inventory, Multi-Location Inventory is automatically activated as well.
Make sure to follow the New to NetSuite > Advanced Accounting & OneWorld category to stay updated.
