NetSuite’s 2018.2 upgrade contains many new and exciting enhancements! The semi-annual release features new enhancements that resolve many issues from previous NetSuite versions. It also comes with new features that allow businesses to keep on providing the best possible services to global end-users.
The rest of this blog lists and describes some of the most significant features and updates that are available in the new version of NetSuite :
1. Two-factor authentication for NetSuite ERP (2FA): Two-factor authentication is now a compulsory protocol for all integrations that use the administrator role to log in. This feature provides an enhanced layer of security, which keeps data safe from unauthorized access.
2. Period end journal entries: This functionality gives users the ability to include consolidation and year-end closing journals in their GL extracts to third-party systems. This process will help users document the previously automatic closing out of income to retained earnings. This feature is limited to the OneWorld account and can be individually enabled on a per subsidiary basis. Once the feature is enabled, subsidiaries can generate period end journals to:
- Income Summary
- Consolidate information to parent-subsidiary
- Balance sheet carry-forward
3. Bank account reconciliation layout upgrades: A new layout for bank account reconciliations has been launched with 2018.2, which will help users easily review and change bank transactions. The new layout allows users to create entries for missing transactions within the reconciliation process using auto-filled pop-ups that will appear when a missing transaction is triggered. Users will also be able to access all unmatched bank transactions by changing user-defined dates. This feature was not available in previous versions of NetSuite.
4. In-transit payments: This is a new workflow in NetSuite that allows users to postpone payments from going to their general ledger until the vendor’s bank receives them. Utilizing a non-posting journal entry system and In-Transit bank sub-accounts, the feature provides updated accuracy (account payable details) on whether the cash in your account belongs to your organization or whether it is due to be transmitted to another account.
5. Memorized transactions: A few important features have been added to memorized transactions in the 2018.2 release. The first enhancement is the addition of a Switch Action button to the Memorized Transactions page. Users can click this Switch Action button to easily change memorized transactions from “Remind Me” to “Automatic” and vice versa.
The next feature is the addition of system notes. Now, any time users edit, create, or delete a memorized transaction, the update can be tracked and made available for later viewing.
6. Corporate card expenses: Previously in NetSuite, corporate credit card transactions could only be managed with non-reimbursable expenses which required manual journal entries to be reconciled. With a new update to this functionality, expense reports (including corporate card expenses) can now debit an expense account while crediting a selected credit card account. This allows corporate card expenses to show up as a journal entry when reconciling a credit card statement automatically.
7. Multi-subsidiary entity improvements: This enhancement is related to multi-subsidiary entities. The first update enables users to mass to create or mass update multiple subsidiaries for customer and vendor records via CSV import, unlike previous versions which forced users to add multiple subsidiaries manually. The second improvement is the ability to customize and search for data on the specific entity-subsidiary record. This gives the user greater visibility and insight into data generated from individual record types.
8. SuiteBuilder Advanced Printing: A number of improvements have been made to the Advanced Templates functionality. Firstly, the improved field selector now features a search capability that allows users to easily find fields on the record, sublists, or linked record, and display them in the template. The next update is related to custom records. From now onwards, all custom records will have a standard template that can be customized and saved just like native record templates. The standard template for custom records will have all the fields of the record by default, so if you add a new field to the record it will automatically be included in the standard template. The standard templates will automatically be created for all the existing records in your account when it upgrades to 2018.2.
9. NetSuite WMS and Quality Management: With NetSuite’s WMS SuiteApp, users can manage warehouse inventory, pick-pack-ship, and put away inventory – all using a handheld mobile device. The new composite bar codes and inventory status features that have been added to the WMS module will make these actions more convenient and easy to execute.
New features in NetSuite 2018.2 related to few industries are as given below :
A. Retailers :
- The new functionality called “Enhanced Fall Back Solution” helps retailers carry sales activities even when the point of sale system is offline.
- Merchandise hierarchy will help users gain deeper insights into category sales, which will ultimately help with improving merchandise planning and budgeting.
B. Software and Internet companies
- The new period-end journal entry feature will help users gain more control over period close accounting, reporting, and compliance.
- Using the automated in-transit payments feature, a user can get accurate cash balance details, which helps in saving time and ensuring compliance.
- With the new enhancement in corporate card expense functionality, organizations can manage quick expenses entries, reduce reconciliation time, and gain more flexibility in expense reports submission.
C. General Businesses
- SuiteApprovals 2.0 allows for more flexibility, transparency, and improved communication on cross-functional approvals.
D. Nonprofit organizations:
- The new update facilitates more flexibility in expense reports submission with the ability to ‘Save for Later’ for custom approvals.
E. SuiteCloud Platform
- The new update helps to increase productivity with SuiteFlow support for new Sublist actions – Send Email and Return User Error.
- The new Unified Script ID simplifies the process of scripting for custom segments.
- The new SuiteScript 2.0 Query API in beta helps a user to get quick and easy access to the new SuiteAnalytics workbook.
NetSuite is one of the best Cloud ERP solutions in the world. Try a Demo with Tvarana, a NetSuite partner to know more about it. We understand our clients’ business needs & processes and design the ERP system befitting their requirements. With more than decades of experience and a team of in-house experts, Tvarana provides NetSuite implementation services and NetSuite support services for NetSuite ERP Software.
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