Inventory Adjustment Approvals

NetSuite Inventory Adjustment Approvals

The Vested Group’s solution gives you the ability to review and approve the inventory adjustment request prior to making an impact on your inventory levels. This gives you the added control to ensure that the quantities being adjusted in or out are correct prior to creating the actual inventory adjustment.

Deleting an inventory adjustment in NetSuite to fix one or two lines can be very time-consuming. When using our solution, you will have the ability to catch issues with inventory adjustments prior to the transaction being created which gives you more control and accurate inventory levels.

NetSuite Inventory Adjustment Key Features

NetSuite Inventory Adjustment Solution helps to optimize inventory management across your organization. Key features include:

Inventory adjustment requests are a step before the actual inventory adjustment
Items and quantities can be updated prior to approval for discrepancies found in original counts.
Ability to utilize the CSV import functionality to create the inventory adjustment requests that remove the need for manual entry.

Take a look at our video for a brief overview of the Inventory Adjustment Approvals custom NetSuite solution.

NetSuite Inventory Management Approvals

NetSuite simplifies inventory approvals and rejections. A manager can approve or reject pending adjustments using the NetSuite WMS user interface. The item's subtab, found under the Inventory Count record, shows the Count Quantity, Adjust Quantity and details about the difference. Supervisors can also view details, such as the time and date of the adjustment and who performed it.

Organizations can also define which managers may approve inventory adjustments and limit the number of approvals by department and supervisor level. This feature ensures more control over inventory and greater accuracy.

NetSuite Inventory Adjustment Process

Inventory adjustment refers to the process of changing the value or quantity of stock. A quantity adjustment corrects the difference between what's in the system and the actual stock. A value adjustment modifies the financial value of inventory. Reasons for such a modification include cost changes, damaged goods, stock count errors or processing of returned goods. To adjust inventory in NetSuite, you can use the following methods:

Inventory adjustment form: This form includes the previous stock count and it adds the amount you enter to your inventory total.

Inventory worksheet: This method excludes your previous inventory total. The amount you enter will become the new total regardless of the previous stock quantity or value.

NetSuite uses the total amount to estimate the cost of a standard cost item. This ensures the amount equals quantity times rate.

NetSuite Inventory Adjustment Approvals

NetSuite Inventory Adjustment Key Features

NetSuite Inventory Management Approvals

NetSuite Inventory Adjustment Process

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