NetSuite 2021.2 – Top 10 New Feature Highlights from Eureka Solutions

The latest NetSuite release is being rolled out to all users as we speak, so we asked Alan Miles, our NetSuite Sales Director, to review all the great new features and pick out his top ten, based on what will make the greatest difference to our customers.

 

All businesses using NetSuite are scheduled be upgraded between August and October 2021, and as usual all customers are upgraded in phases, automatically benefitting from the new functionality without the need for an upgrade process or any downtime.

 

 

Number 10 – Expense Commitments and Budget Validation

This useful feature, which provides alerts when creating purchase transactions to warn users if the allocated budget will be exceeded, was originally launched in NetSuite 2021.1 earlier this year. It includes a SuiteAnalytics Workbook to report on budget vs actual, including committed costs.

 

With 2021.2, there are updates to this feature to now allow validation based on standard GL budgets rather than ‘custom’ budgets AND validation of project-specific budgets.

 

Number 9 – Project-Based Approvals

With this new functionality, Purchase Orders/Invoices and Expenses which relate to projects can now be routed to the project manager for approval. This was possible previously, but only with configuration/customisation.

 

Project-based approval can be completed in the User Interface or via email (a feature introduced in 2021.1). To do this, users require to use the ‘SuiteApprovals’ module for approvals rather than custom workflows.

 

Number 8 – Corporate Card Integration Improvements

Corporate card integration enables credit card statements to be imported into NetSuite and used to populate employee expenses. Up until this release, the credit card statement import was only supported for Amex credit cards, but – great news – from now, connecting to other card providers (Visa, Mastercard etc.) will be supported as well with some configuration.

 

Number 7 – New FX Rate Provider

This is more of a change in feature than a new feature. Refinitiv and Xignite are the current providers for automated exchange rate updates in NetSuite. From 1st October, Refinitiv will no longer be available for this purpose … but … with this new release HSBC is introduced as a new rate provider option.

 

Number 6 – Supply Allocation Feature Improvements

NetSuite’s handy Supply Allocation feature now provides more logic and flexibility in determining how to allocate stock to sales orders in this release. Improvements in 2021.2 include:

  • Optimise allocation for revenue or gross profit.
  • Allocate button on sales orders to allocate items to individual orders.
  • Allocation changes logged in system notes.
  • ‘Fill and Kill’ allocation – allocate available stock and then close the remaining order.

 

Number 5 – Linked Datasets in Analytics Workbooks

Anyone already familiar with Suite Analytics Workbooks within NetSuite will know that while they can currently include multiple datasets (e.g., transactions and budgets), each table, pivot or chart can only include data from a single dataset.

 

This changes with 2021.2, which includes the ability to link datasets based on a common field, to allow them to be used in a single pivot or chart, so, for example, to compare budgets vs actuals.

 

It is worth noting that linking datasets is not yet added to the User Interface, and until then this will require some scripting, which we can assist with.

 

Number 4 – Analytics Workbooks Interface Enhancements

Number 4 also relates to the Suite Analytics Workbooks, but this time to the User Interface. Pivot tables can now be exported to csv – this was previously available for tables and charts within the workbooks, but was a bit tricky for pivot tables. With 2021.2 you will be able to build the pivot tables and export them for sharing or analysis from there, so that really gives complete functionality to this feature.

 

Additional improvements in this release include that conditional formatting can now include icons (e.g. !), and there is now the option to load cached data as a default to improve initial load times to workbooks. This functionality improves initial load times if you have a particularly large data set. The cached data is updated automatically every 60 minutes, so would never be more than an hour away from ‘real-time’, and once the report has loaded you can then update it with anything new.

 

Number 3 – Amend GL Accounts on Items Without Affecting History

Currently, changing the inventory asset and cost of goods sold accounts on items will trigger a mass update of all historical transactions to the new accounts, which affects historical reporting. From release 2021.2, these changes will no longer result in the historical transactions being updated, and therefore a more accurate historical audit trail is preserved.

 

Number 2 – Payment Link           

Our Number 2 is a great change that will enable NetSuite users to improve the service they offer to their customers. With NetSuite 2021.2, sales invoices will be able to be paid online by customers, using either a credit card or Paypal.

 

The sales invoice can be emailed and include a link or a QR code, which will take the customer to a branded online payment page. NetSuite users can specify what payments they want to accept within their system, and configure whether to allow partial payment of invoices via the payment link.

 

A note that, if you are using a payment gateway such as Worldpay, this will require a little configuration.

 

Number 1 – Bank Rec Cash Application  

The Number 1 new feature that we think will be most useful for our NetSuite customers is an enhancement to the bank statement import and matching process. This enhancement allows customer payments to be automatically created and applied to open invoices, assuming they are found in the statement, but the payment doesn’t exist in NetSuite already.

 

Customers can be matched automatically, or rules set up to map customers for future imports.

 

If no invoice number is found on the payment, suggested invoices appear based on the customer match. Payments applied through this process are automatically matched and cleared from the reconciliation process.

 

A Note on Accessing the New Features

Finally, just a quick reminder to users on how to access the information about the new features from within your NetSuite system.

 

To access the information, add the ‘New Release’ Portlet to your dashboard. Here you will see your company’s particular upgrade date and can access sneak peaks, release notes and test plans (click on Personalise > New Release from your dashboard).

 

System Administrators can request access to the Release Preview (Setup > Company > Release Preview). This is your system in the new version and can be used to test all key processes and customisations.

 

A slight disclaimer: new features may be subject to change! There may be some that don’t make it on, or some that are added we don’t yet know about. Release notes are reviewed weekly, so worth keeping an eye on.

 

Get in touch!

We hope you’ve found this useful. If you’re already a Eureka Solutions NetSuite customer and have any queries, don’t hesitate to get in touch with your Account Manager.

 

If you’re using NetSuite and not a Eureka Solutions customer but feel you could benefit from our assistance, get in touch and we can talk things through. Bear in mind that we also offer a NetSuite Audit and Health Check service to non-customers who feel they could be getting more out of their NetSuite system.