NetSuite 2020.1 Release is here with a ton of new groundbreaking features and functionalities loaded with new capabilities that will enhance your business no matter the industry.
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 so they can achieve their full potential. To all 19,000 NetSuite customers worldwide looking to maximize their success and propel their growth, here are Big Bang’s Top 10 picks!
BALANCE TRANSACTIONS BY SEGMENT
With NetSuite 2020.1 Release, the new Balancing Segments feature gives you the capability to balance transactions by segments. For example, you can create balancing segments for product lines or business units.
Steps to set up Balancing Segments feature:
- Enabling the feature: Check the Balancing Segments box, you will receive a message that lets you activate the Custom Segments feature if it is not already.
- Intersegment Account Configuration: In the Accounting Preferences page, select default intersegment due-to and due-from accounts on the Balancing Segments subtab. After that, you can select the same account for both the ”due-to” and the ”due-from” accounts.
- Balancing Segment creation: Check the General Ledger Impact and Balancing boxes on new or existing custom segments.
NEW REVENUE SUMMARY SUBTAB FOR REVENUE ARRANGEMENTS
With recognized revenue from the general ledger and amounts invoiced, this new subtab includes key information from the Revenue Element subtab. Moreover, the subtab also consolidates revenue elements from related sources when you merge revenue arrangements.
LOCALIZATION CONTEXT – USER EVENT & CLIENT SCRIPT ASSOCIATION
Localization context represents the country (or countries) associated with a record. NetSuite 2020.1 Release introduces support for record localization context and the ability to filter script execution according to localization context.
Now, Developers can use these features to customize scripts for specific countries. Furthermore, they can limit script execution to prevent these scripts from deploying unnecessarily on records associated with other countries.
Note that the localization context feature is restricted to the following standard records types:
OAuth 2.0 DELEGATED ACCESS FOR REST WEB SERVICES AND RESTLETS
There is now a new option to Token-based Authentication to access REST Web Services and RESTlets. OAuth 2.0 is more straightforward to implement because request signing is not required.
To set up OAuth 2.0:
- Go to Setup > Company > Enable Features.
- On the SuiteCloud tab, in the Manage Authentication section, check the OAuth 2.0 box.
- When this feature is enabled, the user must configure the use of OAuth 2.0 on the integration record.
With NetSuite WMS Version 2020.1, there is a new integration available with PrintNode that enables mobile printing functionalities. Users will now have the capability to send print requests for item labels, pallet labels, and other shipping documents directly from their mobile device to the warehouse printer.
To setup mobile printing, you first have to get and configure a PrintNode account for your warehouse printers. You will then have the choice to specify the print sequence, enable automatic printing, and set the default mode to raw printing.
SUPPLY ALLOCATIONS EXCEPTIONS MANAGEMENT
With NetSuite 2020.1 Release, there’s new functionality to Supply Allocation Exceptions Management that generates recommendations to take the resources from multiple unallocated orders. When accepting a recommendation, the system will automatically re-align the supplies to the affected orders.
If you are not satisfied with the recommendations, you can always generate a new set of allocation recommendations. When you find the perfect solution and approve the allocation, the system returns you to the order.
If you have online banking set up with your financial institution, you can now set up bank feeds directly from your financial institution accounts.
To set up bank feeds, you can use the new Bank Feeds SuiteApp and:
- Directly connect to supported financial institutions
- Automatically import bank data and account balances daily
- Receive daily updated cash balances
GS1 AND INBOUND SHIPMENT RECEIVING
Support for GS1 Barcode Types
With this feature, you can scan the supported GS1 barcode types (GS1-128 Barcode and GS1 DataMatrix 2D Barcode) to enter items for inbound, inventory, or outbound processing.
Inbound Shipment Management Integration
Inbound Shipment Management Integration gives you the capability to process inbound shipments for your warehouse. Directly from a mobile device, your employees can receive items from inbound shipments. They can also post item receipts manually or configure NetSuite to automatically generate item receipts for received orders.
NEW MARKETPLACE FOR SUITEAPPS
There is a new SuiteApp button available to all roles. Only Admin can install the feature and can’t block the access. On the SuiteApp detail page, you can find additional information like:
- SuiteApp’s description and features
- SuiteApp’s publisher and release info
Admin users can install the SuiteApp directly by clicking on the Install button, which is not by standard or non-admin users.
ADVANCED PROJECT BUDGETS
This feature enables you to track costs and revenue and define a customizable work breakdown structure within each budget. You can now:
- Generate budget vs. actual reports across multiple projects.
- Estimate costs based on items.
- Estimate costs based on project resources.
- Display actual costs that are not included in the work breakdown structure or budget.
- Generate a budget cost burn chart.
- Display a progress bar for the forecasted margin in relation to the current budget.
- Display the total amounts of the budget in the total row.
- Edit a new version of the budget.
If you’re interested in any of these features or the customization options available, it would be our pleasure to help.