ERP / NetSuite / Inventory

ERP and inventory in systems like NetSuite: modules, COGS, standard and landed cost, cycle counts, receipts and write-offs — where operations and finance meet.

Key terms & definitions

11 terms in this pack

COGS

Cost of goods sold, recognized once revenue starts (acronym)

CYCLECOUNT

Periodic partial inventory count to verify quantities (two words)

ERP

System that ties finance, inventory and operations together (acronym)

INVENTORY

Balance-sheet asset and the new module you're taking on

LANDEDCOST

Total inventory cost including freight and duties (two words)

MODULE

A functional component you switch on within an ERP

NETSUITE

The ERP whose inventory module you're implementing

RECEIPT

Recording inventory as it arrives from a vendor

SKU

Stock-keeping unit, a unique item identifier (acronym)

STANDARDCOST

A predetermined unit cost used to value inventory (two words)

WRITEOFF

Removing worthless inventory or an asset from the books