We are already in the middle of March, and shortly all NetSuite customers will be upgraded to the 2022.1 version and will be enjoying some fresh enhancements and new functionalities within their NetSuite environment.

Background

As part of their goal to consistently optimise 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 familiarised 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.

Functionalities

We tested NetSuite’s 2022.1 new or enhanced features and picked a couple of them that we found interesting for you to discover:

1. CSV Import “Imported Employee Expense”

Do your employees use a corporate credit card and you would like to have these expenses imported in NetSuite as an Employee Expense Report/Claim? From now on you can import these expenses into NetSuite via a simple CSV Import, add them to an Employee Expense report and let your employee categorise or just review them before they get posted to the employees corporate credit card and the relevant expense accounts.

This feature supports multi-currency receipts from different source types (Visa, Master Card,...)

2. Electronic Bank Payment SuiteApp Enhancements

This release also brings us some updates to the Electronic Bank Payment SuiteApp, the most important ones:

• Process Payments for Vendors from Primary and Secondary Banks:
  A new Entity Bank dropdown field has been added on the EFT subtab for the following transaction types: Bills, Bill Credit, Commission, Expense Report.

This gives the user the flexibility to select the correct Bank account details on the bill,
some of your vendors might have multiple bank accounts and depending on the invoice or subsidiary they might need to be paid to a different bank account. 

• Auto Process Payment File Administration (PFA) Stuck in Queue
  Gone are the days that your payment batches are stuck in the processing queue!
  A new scheduled script, Auto Process Queued PFA, will process PFA records stuck in a payment queue. When the script runs, it sets the status of the stuck PFA to failed and automatically processes the next PFA in the queue.

3. New 360 Dashboards

NetSuite has promised us some exciting new dashboards on SuiteWorld 2021. It looks like we will be seeing the Cash 360 Dashboard and Project 360 Dashboard in this New Release.

It is currently unclear when these dashboards will become available but we will make sure to keep you posted!

4. Monitor Vendor Performance

Because every transaction is tracked, analysed and included in a vendor scorecard, NetSuite users can easily monitor key performance indicators such as defect rate, on-time deliveries and cost.

You can easily access these performance scores when you are creating a new purchase order or directly on the Item Record on the Vendors subtab.

5. Support for Project Intercompany Cross Charge Request

In this release NetSuite is reintroducing the Project Intercompany Cross Charge Request feature. This feature  provides you the ability to cross- charge amounts between subsidiaries linked to a specific project and is fully integrated in the period-end process.It enables you to set amounts in a currency that you can use for intercompany cross-charges reflected in the Intercompany Cross Charges list.

First you create a “Project Intercompany Cross Charge Request” record where you specify the Project, To Subsidiary, Amount, Currency and a Trigger on when this should get cross charged (For example: Project completion).

As part of the period-end process you can access the “Cross Charge Workbench” to generate/post the pending Cross-Charge Journals:

Once generated, you can find these postings in a separate transaction type called
“Cross Charge Journal”:

6. SuiteAnalytics enhancements: Dataset Linking in the Workbook UI 

As part of the previous release (2021.2) NetSuite announced the all new  “Dataset Linking” feature that gave us the option to connect two datasets with common data (Budget and Actual for example). The major downside of this new feature was that this could only be done via SuiteScript. 

Building on the previous release NetSuite is now making this feature a lot more accessible/useful by giving the user the option to link these Datasets in the Workbook UI with this below simple screen:

Are you and your team interested in learning a bit more about SuiteAnalytics and see how you could use this feature in your Business?
Ask us about our “Analytics Workbooks Package” that will provide training about different functionalities of the Analytics Workbook (Pivoting, Charting, Dashboard Portlets,...)

Novutech is there to assist you during every new release cycle

If these features tickled your interest, have a look at the more detailed release notes 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!