NetSuite 2023.1 – A review of the top ten new feature highlights from leading partner Eureka Solutions

NetSuite has once again kicked off the year with a highly anticipated release to keep their customers benefitting from the latest technology. The best part of these upgrades is that no manual upgrades or server updates are required – every single user’s ERP system will be upgraded automatically between February and April.

Our expert NetSuite Solution Consultant, Ross Johnstone, has chosen his top ten new features from the latest release that will be of interest to our customers.

Number 10 – Data Centre Update Subscription

NetSuite users have a guaranteed system uptime of 99.7%, with the past 12 months averaging 99.97%, and this can be checked via status.netsuite.com to see if there are any issues.

The new release now enables users to subscribe for email or phone updates for any incident reports from the data centres so that you can be aware if these arise.

Number 9 – UI Enhancements

The best way to navigate NetSuite just got better with a list of new enhancements to the Global Search:

• Search results from the Menu Search feature appear in a Current Page Results section;
• Searches using the Menu Search feature include all fields, tabs, and subtabs on the current NetSuite form;
• To view Current Page Results without using the global search, press Alt+Shift+G;
• To view the complete list of results, click Show [N] more results.

Number 8 – Rebates & Trade Promotions SuiteApp Enhancements

This SuiteApp was release in NetSuite 2022.2, covered in a previous blog NetSuite 2022.2 New Features, and has benefitted from improvements for this release.

This includes added capabilities that allow businesses to automate rebate and trade promotion calculations on kits and assembly items in addition to standard inventory items, which will eliminate error-prone and inefficient manual calculations on more item types. It also updates the recalculation behaviour in the SuiteApp – users can now edit a quantity or price on sales transaction lines without losing the previously calculated agreement.

Number 7 – Personal Information Removal Enhancements

This regards enhancements to the Personal Information (PI) Removal for addresses to comply with GDPR, CCPA and other regulations by simplifying the anonymising of address data.

For example, to select all of the corresponding address fields, you can select the Shipping Address and Billing Address fields, then Mass Update to remove personal information.

Number 6 – Intelligent Item Recommendations

This feature was originally introduced in 2022.2, which recommends items for a sales order or estimate based on data such as:

• What the customer bought in the past;
• What other customers with similar transaction history bought in the past;
• What other items bought in the past by customers who bought that specific item.

It can now be enabled in all NetSuite accounts that have CRM or Website features enabled, and the enhancements include new intelligent recommendation types such as Buy Again and Alternative Items, and is also now available on Opportunity records.

Number 5 – Advanced Revenue Management Period Close Checklist Enhancement

NetSuite users using the Advanced Revenue module will now have 2 additional tasks in their Period Close Checklist:

• Recognise Revenue – this task enables users to create revenue recognition journal entries;
• Reclassify Revenue – this task enables users to create revenue reclassification journal entries.

When doing this, AR & AP must be locked before recognising and reclassifying revenue beforehand. This means that the journal entries are posted to the same period you are closing. If you do not want to run these processes, you can just mark them as complete.

Number 4 – Project Status Enhancements

When using Charged-Based Billing and Project Revenue Recognition, users can now customise which actions are triggered by the status of your projects:

• Create Actual Charges During Midnight Run;
• Create Forecast Charges During Midnight Run;
• Completely Billed.

Number 3 – Fixed Assets Enhancements

This module now enables users to split assets into multiple records in one transaction. To do this, click on the Asset Split Details subtab where you can specify the quantity of assets for each record which will be generated after the split. Values for the generated assets are calculated based on the split quantity, but you can also change these values if you wish.

There’s also been an introduction of Quarterly and Semi-Annually rental frequency for leased assets.

Number 2 – Expense Commitments and Budget Validation Enhancements

This SuiteApp allows its users to create budgets for a specific amount, segment, and period combinations. It also enables them to validate purchase orders, purchase requests and vendor bills with the budget.

This has seen two enhancements:

• Roll over budget – users can now roll over unused budgets from the previous budget period to the current period.
• Support for different budget methods – currently, the only supported budget method in the SuiteApp is Monthly. From this version onward, the SuiteApp supports Quarterly, Yearly, and Custom (manually entered start and end date) methods.

Number 1 – Item 360 Dashboard

Released in NetSuite 2022.1, the Item 360 Dashboard provides a real-time and concise overview of an item’s current status, allowing users to access data from various areas of NetSuite in one consolidated dashboard.

The enhancements enable users to view all transactional data impacting the item and provides alerts to help them make informed decisions.

We hope you benefit from these over the coming months. If you are using another system and believe NetSuite and their semi-annual updates would benefit you, please don’t hesitate to get in touch. Likewise, if you’re already a NetSuite user and feel you could be getting more out of the system, we’d be happy to talk you through your options.

Please contact Richard Christie, Business Systems Specialist, for more information on 01355 581960 or richard.christie@eurekasolutions.co.uk.