Generating Inventory Ownership and Custody Reports in NetSuite

The Brazil Reports SuiteApp allows you to generate an inventory ownership and custody report, essential for recording inventory item movements between locations on inbound and outbound delivery transactions. This report is particularly crucial for businesses operating in Brazil, as it helps maintain compliance with local regulations regarding inventory assessments.

How to Generate an Inventory Ownership and Custody Report

To generate this report, follow these steps:

1. Go to Reports > Brazil Reports > Inventory Assessment > New.

2. In the Subsidiary field, select the subsidiary whose inventory you want to assess.

3. Specify the assessment period:

   • In the Start Date field, select the start date.
   • In the End Date field, select the end date.
   • Ensure the inventory assessment period aligns with the IPI assessment period for manufacturers.

   Note: The start and end dates are critical, as they define the posting period for the assessment. Once the posting period is closed, you cannot create, edit, or generate the report.

4. Click Save. This action saves your assessment record.

5. To generate the inventory ownership and custody report, proceed to:

   • Go to Reports > Brazil Reports > Inventory Assessment.
   • Click View next to the desired inventory assessment record.
   • In the opened assessment record, click Generate Report.
   • Note: If the assessment covers an extensive period, report generation may take several minutes. You will receive an email notification once the report is available, and the report link will appear in the Report field.

6. In the Report field, click View. This action opens the Country Tax Report - Brazil page.

7. Click the XLS icon to download the report.

Status Verification (Optional)

In the Status of the Assessment Items Update field, you can check the update status:

• If it reads Pending or In Progress, refresh the page until it shows Completed.
• If Completed, navigate to the Assessment subtab for detailed inventory item information.

Key Considerations

• Ensure accuracy when defining the assessment period and conform it with IPI regulations where applicable.
• Understand that information may take time to update following significant report queries.

Generating and managing your inventory ownership and custody reports effectively ensures that your company stays compliant with Brazilian fiscal documentation requirements while enabling better inventory tracking and assessment.

Source: This article is based on Oracle's official NetSuite documentation.

Key Takeaways

• The inventory ownership and custody report is vital for regulatory compliance in Brazil.
• Accurate date selections ensure the correct assessment periods for reporting.
• The Brazil Reports SuiteApp simplifies tracking item movements during specified periods.