Catch the Key Highlights of NetSuite 2018.1 Release

By: Inah M. Bejec, Functional Consultant

Posted on April 13, 2018

It’s out! Catch the release of 2018.1 to experience the new enhancements and features from the no. 1 cloud ERP in the world. We’ve highlighted some of the features which present great deals for you. They are outlined based on the functionality.

For Accounting:

The Enhanced Setup of GL Audit Numbering Sequences allows you to copy a GL audit numbering sequence from one accounting period to the next. You can inactivate a numbering sequence if it is no longer useful to your organization. It also allows the locking of the GL impact transactions to the general ledger.

With the Enhanced Foreign Currency Variance Posting Rules, you can add more standard fields to create rule criteria. Custom fields and custom segments are also available as rule criteria. You can now copy posting rules to create new rules with similar criteria and assign priority rules to ensure that higher priority rules match first.

You can Print multiple journal entries of all journal types from the Print Checks & Forms. You can filter the journal entries that appear on this page through customization and reprint journal entries that have already been printed.

The new Deferred Expense Waterfall report reconciles the deferred expense balance on the balance sheet and provides a forecast of the expected expense stream. This report divides deferred expense into 4 categories: Prior Unrecognized, Short-term deferred expense, Long-term deferred expense and Unplanned deferred expense.

Several usability enhancements were also made for Advanced Revenue Management. A new search type called Revenue Recognition Plans and Schedules which can help you identify which revenue recognition type the data belongs to. The Create Revenue Recognition Journal Entries Page has a new filter called Revenue Recognition Source which includes Revenue Recognition Schedules and Revenue Recognition Plans. The existing Transaction Date filter was also added to support custom date ranges.

The new accounting preference, which is Require Invoice Approval When Revenue Plans Are Created on Billing, evaluates revenue recognition plans that were create on billing to determine whether the source invoice is approved. If the invoice is approved, nothing happens. If the invoice is not approved and no revenue has been recognized on the revenue plan, the plan is deleted. Otherwise, the lines are added to the plan to reverse the revenue that has been recognized. This runs on the background so if you have a high number of unapproved invoices, the processing will be slow.

The Revenue Allocation enhancement allows allocation of negative amounts in sales transactions and positive amounts from returns. However, you cannot combine elements from sales order sources if the resulting revenue arrangement would have negative transaction total.

You can now specify the effective date and the end date when the new plug-in implementation will be used with the Custom GL Lines Plug-In enhancements. Also, custom GL lines can use the same account that was used on the main line when the transaction was created, and it does its own rounding for foreign currency conversions.

There is also a Change in Logic for Determining Whether Foreign-Currency-Denominated Invoices Are Paid in Full. A foreign-currency-denominated invoice remains open until the invoice balance equals zero in both foreign-currency and the base currency. This eliminates an underpaid invoice to appear paid in full due to rounding during currency conversion.

For Administration:

In this release, you can now access the sandbox account on the NetSuite domain which makes it easier to switch between roles in production and sandbox accounts. Also, accounts are no longer taken offline when a refresh is requested. You can use the sandbox account while the new copy is being prepared. New security enhancements were also added that requires Two-Factor authentication (2FA) for the initial login of Administrator and Full Access roles in newly provisioned accounts. This release also brings important changes to our SAML SSO feature which improves compatibility between NetSuite and third-party identity providers (IdP). And you can now define a role for SAML login through SSO.

For Banking:

Now, you can import a bank or credit card statement file in CSV format with UTF-8 encoding which must adhere to the provided CSV template and constraints. Visual indicators have also been added to show which accounts require reconciliation. You can also delete the last reconciled statements. But if you do this, the transactions become unreconciled but remain matched. In addition, an Account Reconciliation Summary portlet is also available on your dashboard, which lists all your bank and credit card accounts and displays key data for matching and reconciliation activities.

With regards custom matching rules, more options are now available from the Transaction Type List and you can now specify the accounts on which custom rule should run. Also, instead of deleting matching transaction rules, you can temporarily make them inactive.

For CRM:

In this release, a multi-subsidiary customer can be saved as a multi-subsidiary vendor to create a single entity of multiple types. It permits you to share a customer or sub-customer record with multiple subsidiaries. Then you can select any of those subsidiaries on core transactions created for the customer.

For Employee Management:

Because security is important, enhancements in Employee management were added to protect unauthorized access to employee data when employee data searches are run through scripts and they are only limited to the employee fields that a user has permission to access.

A new portlet called Company News are in this release. This portlet displays the five most recent news items which can be location-specific and role-specific. This feature is enabled in Employee Center Dashboard Publishing Feature.

The Weekly Timesheet page has been updated to include several enhancements like column headers and time entries are already fixed on the screen, approvers can approve or reject single time entries from the popup window. There is also the Time Entry Exception Report which now accounts for hire and release dates when computing work calendar hours.

If you are also using NetSuite Payroll, a new preference permits your employees to update their net bank account for direct deposit in the Employee Center.

For Inventory Management:

Included in this release is the Inventory Status feature which enables you to associate attributes to items for detailed tracking inventory and drive internal processes. This feature adds an Inventory Status column in Inventory Detail searches. Also, the quantity column will now show the absolute values, regardless of the positive or negative impact to the inventory. A new Item Count column is created to show the positive or negative values, depending on whether the associated transaction added to or deducted from the inventory. The Current Inventory Status Report is also renamed to Current Inventory Snapshot Report.

It also enables the Supply Chain Control Tower to analyze and simulate inventory supply and demand across your supply chain. An understanding of your inventory levels helps you efficiently analyze the plan purchases and future inventory production.

Apart from the above, the Intercompany Cross-Subsidiary Fulfillment is enabled in NetSuite OneWorld. This helps you to fulfill a single sales order from locations across multiple subsidiaries. This will reduce the need to enter and process drop ship orders or intercompany transfer orders to get inventory where it needs to be. However, this may impact workflows or custom scripts run in your account. This feature uses the Inventory Location field instead of Location field.

For Manufacturing:

In this release, you can now manually copy an existing manufacturing record and then reuse it with a new BOM. Reusing existing routings saves time, leverages existing processes, and avoids manual copy errors. It also enables you to update current revision Effective End Date without losing the work done on a new revision. The Bill of Materials Revision sub list is now customizable where you can add sub list fields, change field label, rearrange the order of the columns and a lot more.

For Order Management:

If you buy large quantities of products overseas for import, you’ll love these enhancements we made on the Inbound Shipment Managements. Your Cost Accountants will be able to enter landed costs at the inbound shipment level rather than at item receipt level. You will also be able to enter them in multiple currencies as well as use various allocation methods.

For Projects:

With the Advanced Project Profitability feature, you have more flexibility to calculate project profitability based on your business processes. You can now create different configurable account types and item categories. You can efficiently review cost and revenue of different configurable components of a project to identify opportunity areas for improvement. It gives you control to define the key elements to profitability – cost, revenue and profit.

With regards accessibility, there are a lot of things from the NetSuite mobile app. You can now login to your sandbox account because of the transition to the NetSuite domain. Managers can approve time transactions from the My Approvals portlet. It also now supports the SAML Single Sign-On feature.

You can get all these and more by checking out this video: https://www.youtube.com/watch?v=XKr3aUKgIaU

and reach out to us at Upaya – The Solution Inc, for more information.www.upayasolution.com

Phone: 408-899-4577

Email:support@upayasolution.com

Our team of experts will assist you with the enablement of these features to help you grow your business.

All the best!

Upaya’s Team