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What is new in the NetSuite 2021.2 Update?

Every year Oracle NetSuite releases two major upgrades to improve and enhance the functionality of their NetSuite enterprise resource planning system, here are some key insights into NetSuite 2021.2.

Get an Insight of the NetSuite 2021.2 Release

ABN and NZBN Verification Warning

  • ANZ Localization adds the ABN Verification Warnings preference on the ANZ Localization Preferences and Set Preferences pages. Use this field to set up a warning banner to prevent invalid ABNs and NZBNs from being entered on customer and vendor records.

 

Australia Taxable Payments Annual Report (TPAR) Enhancements

ANZ Localization includes the following enhancements for the Taxable Payments Annual Report (TPAR) for Australia:

  • Export – PDF icon – You now have the option to view and download your TPAR as a PDF.
  • Summary Report – You can now view a list of all your TPAR reportable bill payments per Payee and export it to a spreadsheet. For more information, see the help topic Viewing the TPAR Summary Report.
  • Detailed Report – When you view the Summary Report, you can drill down to the bill payment and view all the reported bills.

 

Supplier ABN List Report

ANZ Localization includes the new Supplier ABN List Report page. You can use this page to generate a list of your vendors’ ABNs, export it to a CSV file, and run it through the SBI Tool for small business identification. You can then check the Small Business boxes of the identified small businesses to include it for Payment Times Reporting.

 

New Rate Provider for Currency Exchange Rate Integration

As an enhancement to the Currency Exchange Rate Integration feature, HSBC is now a currency exchange rate provider. HSBC is a global bank with expertise in multiple currencies. NetSuite offers the same methods, such as triangulation, for obtaining exchange rates from HSBC as from other rate providers.

 

Expense Commitments and Budget Validation Enhancements

Expense Commitments and Budget Validation SuiteApp version 1.0.4 now includes the following enhancements:

  • Support for standard budgets – The SuiteApp now works with standard NetSuite budgets that do not have any custom segments.
  • Budget validation support for projects – If you have the Project Management feature enabled, you can now add Project as a field for budget validation.

Enhancements to Matching and Reconciliation Bank data matching and reconciliation include the following enhancements:

  • The Match Bank Data page now includes a Select All box. This box lets you check or clear all the boxes for all items visible in the current page of the Account Transactions grid.
  • Automatically Clear Held Transactions. Previously, when migrating a held statement from the original reconciliation pages to the redesigned pages, you had to clear all transactions on the Match Bank Data page.
  • The system automatically clears all held transactions and displays them on the Reconcile Account Statement page.

 

Enhancements to Navigation

  • When you select an account on the Reconcile Account Statement page, you can click the following links:
  • Match Bank Data – View the imported bank lines and corresponding account transactions to match for your account. If you did not select an account on the Reconcile Account Statement page, the account field and data grids are not populated.
  • Reconciliation Summary – View a reconciliation summary for the account
  • Enhancements to Adding Transactions
  • Prior to this release, when adding a new transaction on the Match Bank Data page, the Payor list did not display all types of entities. Now, the Payor list includes the types of entities available for the corresponding transaction.

 

Lot Auto Numbering

The Lot Auto Numbering SuiteApp enables you to do the following:

  • Define a lot numbering format and assign it to lot items. The lot numbering format automatically determines the lot number in the Inventory Detail popup window of a transaction record.
  • Configure additional lot details for lot items. You can enter the configured additional lot details in the Inventory Detail popup window of a transaction record.

 

Purchase to Project Now Available

  • Purchase to Project 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.

 

Workbook API Is Now Generally Available

The Workbook API is now generally available in this release. The Workbook API supports a wide range of features that let you build SuiteAnalytics datasets and workbooks using SuiteScript. The N/dataset module lets you build datasets, and you can use columns, joins, and conditions to filter your data. The N/ workbook module lets you build workbooks using analytics concepts such as data measures, calculated measures, and data dimensions. You can also use the N/workbook module to create pivot tables to analyse your data.

 

About OneKloudX

OneKloudX offers the global leading true cloud ERP system, NetSuite, and carefully selected best of breed solutions to automate processes, improve visibility, and enhance financial and operational performance. Driven by a shared vision and purpose, the OneKloudX team works with businesses to achieve their goals, combining the power of cloud technologies with knowledge, experience, and service to extract the most value from the NetSuite ERP system.

Your business can finally get the functionality of the big companies with OneKloudX’s help. If you’re struggling with poor performance or you’ve simply outgrown your existing ERP, then contact the OneKloudX team on info@onekloudx.com.au or 1800 155 683 to talk to a Senior NetSuite Consulting Team Member.

 

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NetSuite 2021.2 Release for your business.
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Want more information?
You can download the NetSuite 2021.2 Release Notes here