Non-Inventory Item Management QRG

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Contained in this reference guide:
Non-Inventory Item Management
  1. Create a New Non-Inventory Item for Sale
  2. Create a New Non-Inventory Item for Purchase
  3. Create a New Non-Inventory Item for Resale

Non-Inventory Item Management

Items are the goods and services you sell to customers. NetSuite has several options of types of items you can create and manage. For our purposes, we will generally use only two of the many options:
  • Something you stock and sell, for which you want to track the amount and value you have on hand as well as the marginal profit and record on the balance sheet, is called an Inventory Item.*
  • For items that can be tracked but not included as inventory and on the balance sheet NetSuite uses Non-Inventory Items.
    • Non-Inventory Items can be used in the following ways:
    • Non-inventory for sale – to sell items you create for each order, such as a conference fee. Non-inventory items for sale are also used for designations to receive donations**
    • Non-inventory for purchase – office supplies you purchase but do not sell
    • Non-inventory for resale – items you purchase from a vendor and then resell but are not considered inventory
*Inventory item management is covered in the Inventory Management QRG. 
**Designation item management is covered in the Designation Item Management QRG.

1. Create a New Non-Inventory Item for Sale

Non-inventory items for sale can be created to help you track and manage items, events, or services. Creating an item allows you to set a price as well as set up the associated responsibility center and income account. This allows a simple creation of an invoice for the sale of an item to trigger the related accounting transactions.
What role can do that? **Bookkeeper, **Accountant, **Finance Leader

Steps

1.1 Navigate to Lists> Accounting> Items> New
OR
Mouse-over the Create New toolbar and click Item button.
1.2 Click Non-Inventory Item> For Sale.
1.3 Navigate to the Primary Information section.
1.4 In the Custom Form dropdown, select WHQ Non-Inventory Form. Wait for the screen to refresh. The available fields will change.
1.5 Enter the Item Name of the product.
1.6 Enter a Display Name/Code name.  This will print on the Sales forms.
1.7 Select the Donation | Cash Sale Typ e for this item: Incidental Sales, Conference Registrations, Tuition Fees, Rent, Conference Fees, Investment Income.
1.8 If the item is for a conference, you can enter the Conference Date.
1.9 Navigate to the Classification section.
1.10 Select the Subsidiary .
NOTE: Check Include Children in order to share the item with all the sub-subsidiaries associated with each subsidiary selected.
1.11 Select an appropriate Responsibility Center and CPR Designation .
1.12 Select a Ministry Location if applicable.
1.13 Navigate to the Purchasing subtab.
1.14 Enter a Stock Description to specify information about this item, such as New, Refurbished, or Ships 2-3 days.
1.15 Navigate to the Sales / Pricing subtab.
1.16 Enter the Sales Description for this item.
1.17 Navigate to the individual Currency subtabs (e.g. USD, CAD, EUR), complete the table and enter the selling price for this item.
  • Enter the alternative prices for the item.  Assign alternate price levels to select customers, such as privileged customers.
  • If you use quantity pricing, enter the Qty amount required for a new price break in the additional columns, and enter the corresponding price per item.
NOTE: In order to enter selling prices in a currency other than USD, you must first enter the prices in USD, then you can navigate to the currency you desire to set a selling price in and enter the selling prices there.
1.18 Navigate to the Accounting subtab.
1.19 Select the Tax Schedule to apply to this item.
1.20 Select an Income Account for the type of income from selling this item.
1.21 Navigate to the System Information subtab and click on the Inactive checkbox to inactivate the item.

1.22 Click .


2. Create a New Non-Inventory Item for Purchase

Non-inventory items for purchase can be created to help you track and manage items you purchase. It can be helpful for items you purchase often and from the same vendor, such as office supplies. Creating an item allows you to select the vendor for this item as well as set up the associated responsibility center and expense account. This allows a simple creation of an bill or purchase order for the purchase of an item to trigger the related accounting transactions.

What role can do that? **Bookkeeper, **Accountant, **Finance Leader

Steps

2.1 Navigate to Lists> Accounting> Items> New
OR
Mouse-over the Create New toolbar and click I Item Button.
2.2 Click Non-Inventory Item> For Purchase.
2.3 Navigate to the Primary Information section.
2.4 In the Custom Form dropdown, select WHQ Non-Inventory Form. Wait for the screen to refresh. The available fields will change.
2.5 Enter the Item Name of the product.
2.6 Enter a Display Name/Code name.  This will print on the Sales forms.
2.7 Navigate to the Classification section.
2.8 Select the Subsidiary .
NOTE: Check Include Children in order to share the item with all the sub-subsidiaries associated with each subsidiary selected.
2.9 Select an appropriate Responsibility Center and CPR Designation .
2.10 Select a Ministry Location if applicable.
2.11 Navigate to the Purchasing subtab.
2.12 Enter the Purchase Price you pay for the item.
NOTE: If you do not enter a price, purchase orders for this item show the most recent purchase price by default.
2.13 Enter the Purchase Description to appear on vendor orders.  Include the unit of measure in this description.
2.14 Navigate to the Vendors section to associate vendors and the purchase price for the item.
2.15 Navigate to the Accounting subtab.
2.16 Select the Tax Schedule to apply to this item.
2.17 Select an Expense Account and Deferred Expense Account , if applicable, for the type of expense of purchasing this item.
2.18 Navigate to the System Information subtab and click on the Inactive checkbox to inactivate the item.
2.19 Navigate to the Revenue Recognition / Amortization subtab to associate an amortization period and  template, if applicable.

2.20 Click .

3. Create a New Non-Inventory Item for Resale

Non-inventory items for purchase can be created to help you track and manage items you purchase and then resell. Creating an item allows you to select the vendor and set a price for this item as well as set up the associated responsibility center and income and expense accounts.

What role can do that? **Bookkeeper, **Accountant, **Finance Leader

Steps

3.1 Navigate to Lists> Accounting> Items> New
OR
Mouse-over the Create New toolbar and click Item Button.
3.2 Click Non-Inventory Item> For Resale.
3.3 Navigate to the Primary Information section.
3.4 In the Custom Form dropdown, select WHQ Non-Inventory Form. Wait for the screen to refresh. The available fields will change.
3.5 Enter the Item Name of the product.
3.6 Enter a Display Name/Code name.  This will print on the Sales forms.
3.7 Select the Donation | Cash Sale Type for this item: Incidental Sales, Conference Registrations, Tuition Fees, Rent, Conference Fees, Investment Income.
3.8 If the item is for a conference, you can enter the Conference Date.
3.9 Navigate to the Classification section.
3.10 Select the Subsidiary .
NOTE: Check Include Children in order to share the item with all the sub-subsidiaries associated with each subsidiary selected.
3.11 Select an appropriate Responsibility Center and CPR Designation .
3.12 Select a Ministry Location if applicable.
3.13 Navigate to the Purchasing subtab.
3.14 Enter the Purchase Price you pay for the item.
NOTE: If you do not enter a price, purchase orders for this item show the most recent purchase price by default.
3.15 Enter the Purchase Description to appear on vendor orders.  Include the unit of measure in this description.
3.16 Navigate to the Vendors section to associate vendors and the purchase price for the item.
3.17 Navigate to the Sales / Pricing subtab.
3.18 Enter the Sales Description for this item.
3.19 Navigate to the individual Currency subtabs (e.g. USD, CAD, EUR), complete the table and enter the selling price for this item.
  • Enter the alternative prices for the item.  Assign alternate price levels to select customers, such as privileged customers.
  • If you use quantity pricing, enter the Qty amount required for a new price break in the additional columns, and enter the corresponding price per item.
NOTE: In order to enter selling prices in a currency other than USD, you must first enter the prices in USD, then you can navigate to the currency you desire to set a selling price in and enter the selling prices there.
3.20 Navigate to the Accounting subtab.
3.21 Select the Tax Schedule to apply to this item.
3.22 Select an Account for each of the dropdowns in the Accounts section, if applicable.
3.23 Navigate to the System Information subtab and click on the Inactive checkbox to inactivate the item.
3.24 Navigate to the Revenue Recognition / Amortization subtab to associate an amortization period and  template, if applicable.

3.25 Click .

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