Your Trusted Business Advisor at Big Bang uncovered for you five noteworthy features for the NetSuite 2020.1 release!
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!
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:
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:
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:
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.
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.
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:
This feature can be managed at Setup > Company > Preferences > General Preferences
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:
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:
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