We are already at the end of October, and shortly all NetSuite customers will be upgraded to the 2021.2 version and will be enjoying some fresh enhancements and new functionalities within their NetSuite environment.
As part of their goal to consistently optimize their customers’ business operations and further automate their financial processes, NetSuite left nothing to chance and carried out a wide variety of improvements ranging from core accounting activities to banking, inventory management or within SuiteAnalytics.
Whether you have already familiarized yourselves with the enhanced functionalities in a Release Preview account or not, the following features selection will give you some insight into NetSuite’s upgraded possibilities and how they will help your company grow.
We tested NetSuite’s 2021.2 new or enhanced features and picked a couple of them that we found interesting for you to discover:
- Preference to Allow Non-posting Changes in Closed Periods by Default
One really basic new functionality that most of our customers will enjoy is the ability to mark every new accounting period ticked by default for “allow non-posting changes”.
This feature becomes really useful when it comes to make changes to any transaction in a closed period for “payment hold” on a vendor bill, an approval flow or with some functionalities like the Direct Debit reversal transaction created in the Fast Four Bank Reconciliation tool.
- Enhancement to the “Expense Commitments and Budget Validation” Free SuiteApp
The Expense Commitments and Budget Validation SuiteApp allows organizations to add the capability to budget and report expenses by accounts and segments. After the budget approval, all expenses need validation with the budget to prevent any overspending.
When creating budgets for specific GL accounts, segments and period combinations, you have the possibility to validate the purchases requests, purchase orders and vendor bills against budgets.
Within the new feature, in addition to the custom budget, you can now work with standard NetSuite budgets to do budget validation against purchasing transactions.
Budget validation support for projects is also now added, in order to add the project field as a field for budget validation.
A certain limitation that few customers will point out is the fact that we can still not use this SuiteApp without a budget on a GL account, as they wish to base their purchasing and cost budget only on segmentation, and not GL account.
- Automated Cash Application
NetSuite has just released an enhancement to their standard banking engine in this new release, in order to import bank lines that do not have matching customer payments in NetSuite. The “Automated Cash Application” feature as it is called is another page accessible on top of the “Reconcile Account Statement” that enables you to automatically generate a batch of customer payments in NetSuite and apply them to open invoices. The generated customer payments are then automatically matched and cleared in the system.
This feature will be most interesting to customers using the standard bank engine of NetSuite, and where every single customer payment had to be created in the background, before being able to reconcile it.
Even if NetSuite is going a step further into the automation of the bank reconciliation, a certain number of limits are still to be considered:
- Cross-currency and cross-subsidiary invoice application to payments
- Consideration of discounts and credit memos during invoice application to payments
- Ability to create matching rules for AutoCash
- Support of advanced use cases such as handling consolidated payments for parent-child entities
- Ability to customize layout
More generally, the biggest limitation that we see in this whole new process is the duplication of screens to manage the reconciliation process. Integrating seamlessly the “automated cash application” into the “reconcile account statements” page would allow the user to manage the full process into one single place. Hopefully future releases will bring this possibility into reality.
- Lot Auto Numbering
In the area of inventory management, NetSuite has revealed the new automatic lot number generation.
This allows the user to do the following:
- Configure a lot numbering format for an item and automatically generate lot numbers for the item based on the data specified in the format.
- Integrated with item receipt and production processes.
- Improve lot traceability by including additional lot information.
In terms of configuration, the screen will have the following mapping elements available:
Most of the Manufacturing NetSuite customers will like this feature in order to auto-generate your lot numbers when building a work order or receiving goods.
It also gives you the ability to record additional data like Supplier Lot number, QA specs, etc. in the Inventory Detail screen.
- Purchase to Project Now available
Purchase to Project SuiteApp is now available for installation from the SuiteApp Marketplace as a public and managed SuiteApp.
This SuiteApp lets project managers create and manage purchase transactions related to projects and project tasks. It provides a unified project purchasing experience with insight into project purchases and single-click creation of purchase orders from the project or project task.
Project managers can perform the following tasks using this SuiteApp:
- View purchase orders and vendor bills entered for a project or project task.
- Initiate purchase orders from a project or project task.
- Allow or prevent creation of purchase orders and vendor bills for a project or project task.
- Designate approved project vendors for project-related purchase orders.
- View the total invoiced amount from billable items and expenses for a project.
- Few SuiteAnalytics enhancements:
Last but not least, NetSuite has developed a bunch of enhancements in the area of SuiteAnalytics, and we will be pointing out the most interesting ones:
a. Dataset Linking in SuiteAnalytics Workbook
Using the SuiteScript, you can link two datasets if they each have at least one field that shares common data, such as date.
Currently, you cannot edit how datasets are linked from the Workbook user interface. If you want to create or edit a link definition, you must use SuiteScript.
For example, assume you want to compare budget vs actuals. In this case, you would create two datasets: one based on the transaction record type and the other based on the budget record type.
b. CSV Export Option Available in Pivot Tables
NetSuite has released as well a really powerful feature being the possibility to extract a pivot table from SuiteAnalytics into Excel.
Novutech is there to assist you during every new release cycle
If these features tickled our interest, have a look into Oracle NetSuite’s blog here [https://www.netsuite.com/blog/netsuite-release-2021-release-2-brings-online-invoice-payment-options-flexible-inventory-allocation-and-automation-to-manage-retirement-plans-sneak-peek] to learn more about the exciting new updates offered in the new release.
As your preferred NetSuite partner, we would like you to stay updated with the latest available features coming in every new release.
You would like to know the full impact that this New Release will have on your NetSuite Account? We have put together a “New Release Pack” that will prepare you fully for this New Release and help you get the most out of the new features NetSuite has to offer.
Interested in other accelerators and optimization packages like Belgium or France Localization, Banking integration with Isabel, Electronic Payments with Structural Reference or simply another way of managing dunning in NetSuite? Discover our packages today, and get a quote on it rapidly and in full transparency, in order to upscale your NetSuite experience tomorrow!