NetSuite 2020.1 Release: 5 Noteworthy Features

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At Big Bang, we continuously strive to add value for our customers and partners worldwide. As your Trusted Business Advisor, it’s our mission that all people in every organization have access to the information they need to achieve their full potential. To all 19,000 NetSuite customers worldwide looking to maximize their success and propel their growth, here are five noteworthy features!


Automatic Bank Feed Update + Financial Institution Connectivity API

For those who have online banking set up with their financial institution, good news! Your cash flow can be monitored and managed with better accuracy and predictability by setting up bank feeds directly from your financial institution accounts. 

The new Bank Feeds SuiteApp allows you to:

  • Directly connect to supported financial institutions
  • Automatically importing bank data and account balances daily which eliminates the need for manual import 
  • Receive daily updated cash balances

 

While this SuiteApp only supports financial institutions inside the United States and Canada, it is possible to use the Financial Institution Connectivity API to develop and allow your customers to connect to financial institutions that are not currently supported in the Bank Feeds SuiteApp.

The benefits of the Financial Institution Connectivity API allows you to:

  • Develop your specific integration to a financial institution and configure it to your needs
  • Connect to financial institutions that are not supported by the Bank Feeds SuiteApp, or outside of the United States and Canada.


New Balancing Segments Feature

The new Balancing Segments feature introduces you to the ability to balance transactions by segments. This flexibility allows users to identify custom segments to balance for other dimensions, as opposed to previously in NetSuite, where the general ledger always balances for the company or, in OneWorld accounts, for the subsidiary.

For example, you can create balancing segments for product lines or business units. When running the new Balancing by Segments process, NetSuite automatically balances your transactions by their balancing segments.

You can follow these steps for the setup:

  1. Enable the Feature: Check the Balancing Segments box, you will receive a message that lets you enable the Custom Segments feature if it was not currently activated.
  2. Intersegment Account Configuration: In the Accounting Preferences page, under the Balancing Segments subtab, select the default intersegment due-to and due-from accounts. Then, you can select the same account for both the due-to and the due-from accounts.
  3. Balancing Segment Creation: Check the General Ledger Impact and Balancing boxes on new or existing custom segments.

 

 

Once done with the setup, depending on your custom segment configurations, you can also select a value in the transaction header, the transaction lines, or both.

 

Transaction Email Enhancements

In NetSuite 2020.1, users can build custom email templates at Documents > Templates > Email Templates. 

These custom templates can also be set as the default for standard transactions by using the new Default Email Template preference, which is located at Setup > Company > Email > Email Preferences > Transactions subtab.

 

New File Cabinet for Hidden Attachments

Your confidential documents can be kept safe with this new feature. Only users with the appropriate permission can access these confidential records and associated files in the File Cabinet. 

As of 2020.1, all new customers will have the Hide Attachments Folder box on the General Preferences page checked. Only the Administrators can view the following folders:

  • Attachments Received
  • Attachment Sent
  • Mail Merge

This feature can be managed at Setup > Company > Preferences > General Preferences


Outsourced Manufacturing + Outsourced Purchase Order

With enhancements to Manufacturing features, Outsourced Manufacturing enables users to purchase outsourced assembly production from vendors. This allows NetSuite to automatically consume (use items or products) production components and transfer them to a specified location. Outsourced Manufacturing also automatically synchronizes NetSuite Procurement and production transactions

Netsuite’s 2020.1 introduces Standard Outsourced Purchase Order custom form to enable you to create a purchase order for outsourced assemblies that contains specific attributes for outsourced production which includes:

  • Assemblies
  • Outsourcing Location
  • Production Start Date
  • Production End Date
  • Bill of Materials
  • Bill of Materials Revision

This form also includes a Create WO checkbox as an order line column. When checked and the order saved, the system will automatically create a work order for this line and purchase order.

 

 

If any of these features piqued your interest, it would be our pleasure to help.

 

Additional resources:

NetSuite 2020.1 Release Notes (Last updated June 10, 2020)

Big Bang’s Top 10 Picks for NetSuite 2020.1 Release

 

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