NetSuite Release 2021.1 Release enhancements

Starting this month and continuing through April, the latest NetSuite ERP software update will be released giving users the possibility to advance the efficiencies in their business further. What are the biggest changes and how can you use them to your advantage? Check out the information about the release schedule to find out the accounting features enhanced in the NetSuite ERP 2021.1 Release:

NetSuite’s new Advanced Numbering feature offers flexible, multi-use numbering sequences. It accommodates multiple country and regional applications for your business operations. You can create complex numbering sequences for various transaction types and fiscal years. Advanced Numbering automates document updating and new fiscal year transactional number sequences. It also handles different types of required transactions. Each rule uses prefixes and suffixes in the generated numbers. You can prioritise advanced numbering rules for various circumstances. NetSuite automatically generates the number when you save a transaction.

Firstly, employees can now retract timesheets before supervisor approval if they discover errors. Previously, they had to wait for their supervisor’s rejection. On the Weekly Timesheets page in view mode, click the retract button to withdraw a pending timesheet. Additionally, you can retract individual time entries from the time transaction record. However, only time that is pending approval can be retracted. No other status can be withdrawn. It’s important to note that the Retract button is only available in view mode. It’s not accessible in timesheet or time transaction edit mode. Lastly, when using custom approval routing, time retracting is not available.

Enhancements to inventory management features in NetSuite 2021.1 Release includes:

Blanket purchase order schedules represent the vendor’s requirement forecast. This serves as an early indicator for production preparation by the vendor. Subsequently, when a line item is scheduled by the Blanket Purchase Order, a purchase order is created. As a result, this new order replaces the schedule line items on the snapshot.

Between the trading partners, inbound shipments represent a shipping consignment with the purchase order list of items. Against each purchase order line item, you can create multiple inbound shipments each with its own delivery date and receiving location.

Scheduled line items from Blanket Purchase Orders, Purchase Orders and related inbound shipments are included in the Supply Chain snapshot to ensure consistent accounting across supply sources of the supplied quantities.

Manufacturing feature enhancements in NetSuite 2021.1 Release includes:

The calculation of supply planning lead time had to be done manually previously. However in NetSuite 2021.1 Release you can now calculate lead time automatically. The lead time fields are found on matrix on the Location subtab of the Inventory subtab, on the Assembly record. These fields are:

• Work Order Fixed Lead Time
• Work Order Variable Lead Time
• Auto Calculate Production Lead Time

When checking the Auto Calculate Production Lead Time for a location, NetSuite calculates production lead times for the two lead time fields based on routing information available.

Two enhancements to NetSuite 2021.1 Release Order Management features includes:

1. Add to Group button on invoice records when eligible for grouping

An invoice can be added to an invoice group from the invoice record. If eligible for group, an Add to Group button appears on the invoice. To view the available invoice group list, click Add to Group.

2. Add invoices not associated with a sales order to an invoice group

The ability to group an invoice without an associated sales order enables the grouping of invoices for projects and subscriptions. Group invoices can be imported into NetSuite 2021.1 Release.

SuiteApp version 1.01.0 includes the following enhancements:

• Items to Auto Close preference replaces the Auto Close Back Orders preference. Using the new field you can decide whether the existing script runs or excludes the fill kill items
• Fill Kill items can now be imported using CSV import.
• Fill Kill Items page replaces the Fill Kill Item Exception page.

The following financial management enhancements to the vendors, purchasing, and receiving features in NetSuite 2021.1 Release:

This release introduces the Centralised Purchasing and Billing feature to OneWorld accounts. It enables order receiving and vendor return fulfillments across multiple subsidiaries.

Moreover, it provides a flexible item receipt process and supports unnecessary order transfers between locations. Importantly, Centralised Purchasing and Billing is not dependent on any other feature.

After enablement, purchase order item and expense line items contain new Target Subsidiary and Target Location columns. These target fields can differ from the subsidiary and location fields.

This allows you to target a single purchase order at multiple subsidiaries and locations. When you set the Target fields, you override the Subsidiary and Location fields for that line item.

Additionally, you can configure available subsidiaries and locations on individual item records. After receiving items from a centralised purchase order, each target subsidiary creates their own receipt.

Finally, subsidiaries can create their item receipt from the Receive Orders page or directly from the purchase order.

The default vendor payment account can be set on three levels:

• Company level – Set a company-wide accounting preference
• Subsidiary level – Set preferences at the subsidiary level
• Vendor level – Set preferences for individual vendors

For example, a default vendor payment account set for a vendor overrides any company or subsidiary level preferences. These preferences affect the Account field on three transaction types:

• Vendor prepayment
• Bill payment
• Bill

This change relates to the standard bill payment and vendor prepayment forms. Now, the Payee field is the first field in these two forms. The Account, Subsidiary, and currency fields are unavailable until you enter the Payee field. After filling the Payee field, these fields are populated based on your preferences. If no preferences are set, you can enter the fields manually.

Now you can enable the Advanced PDF/HTML Templates feature for vendor bills and credits. To print a bill or bill credit using the standard template, click Print next to the record.Alternatively, you can go to individual bill or bill credit records. Then, select one of the options from the Print dropdown list:

• Print – Prints the record using the standard PDF/HTML template
• Print GL Impact – Prints the general ledger impact of the transaction

You can create custom templates by going to Customisation > Forms > Advanced PDF/HTML Templates to create a custom Bill or Bill Credit form and set your custom template in the Print Template field. You can print multiple Bills and Bill Credits on the Print Checks and Forms page, which now contains these transactions.

With NetSuite 2021.1 Release you can create bills directly from item receipts. When you enable the Advanced Receiving feature, you can click Bill on an item receipt transaction to create a bill. If the quantities on the item receipt and originating purchase order differ, NetSuite deducts the quantity on the item receipt from the purchase order. This enables you to manage the creation of billing information if your purchase order is split into multiple receipts.

Electronic Bank Payments SuiteApp version 2021.1 includes the following enhancements:

Electronic Bank Payments SuiteApp version 2021.1 now supports processing of vendor prepayment transactions from the Instant Bank File (IBF) page. Additionally, you can also generate a Positive Pay file for vendor prepayment checks. Furthermore, the SuiteApp generates bank files for vendor prepayment transactions created in NetSuite. Importantly, you can process vendor prepayments with a partially paid or fully paid status.

Support for Multi-Subsidiary Customers and Vendors

1. Assign a primary bank to each subsidiary using the new Subsidiary field on Bank Details page for customers and vendors with multiple subsidiaries.
2. Create multiple bank records per entity, based on the account’s base country of operation.
3. Process transactions for other subsidiaries if the entity bank is set to primary and the bank templates match the subsidiary.