At Big Bang, our customers and partners are at the heart of all our activities. As your Trusted Business Advisor, adding value to your business is a top priority. With the new NetSuite 2020.2 release, we hope the following five noteworthy features will allow you to achieve great success, taking your systems and solutions to the next level.
Required Deposit Workflow
Managing deposit amounts on your sales orders is now much easier with this new feature. It allows you to specify a required deposit amount on a sales order by adjusting:
- an amount in the “Items” subtab for each line item in the “Required Deposit Amount” column
- an amount for the whole sales order in the “Required Deposit Amount” field on the “Items” subtab
- a percentage for the whole sales order in the “Required Deposit Percentage” field on the “Items” subtab.
To enable this feature, go to Setup > Company > Enable Features. On the “Transactions” subtab, check the “Required Deposit Workflow” box. In the “Custom Form” sales order field, the “Standard Sales Order – Invoice” must be selected for this feature to work.
Representing Entity Automation
Thanks to the representing entity automation, users can now eliminate the manual efforts required to generate and maintain representing entities.
This feature allows you to improve the strength of the relationship between subsidiaries and representing entities 1: 1, all while ensuring that there is minimal user error. It is now unnecessary to do manual configurations to add a “Represent Entity” field to forms.
As shown above, generating representing entities can be quickly done by simply checking a box. Afterward, the system will automatically trigger the creation of all representing entities.
There are many user benefits to this new feature that allows the grouping of multiple invoices within one record:
- Reducing the complexity of the record
- Allows better clarity and understanding for the customer
- Reduces payment processing
- Simplifies the statements and reports
- Ease of deployment in current workflows
A clear advantage of this feature is better management of your invoices. It allows you to not only group existing invoices by common characteristics, but you are also able to have common aging to all invoices in a group. Furthermore, it is possible to automate the invoice grouping to make your life easier.
Auto-create Posting Transactions from Bank Import
With this feature, users can automate the creation and matching of account transactions with imported bank data. The auto-create rules make it possible to automatically create and match deposits and charges for general ledger bank accounts, as well as charges and refunds for general ledger credit card accounts.
It is no longer necessary to manually enter account transactions individually for each imported bank line that doesn’t include a corresponding transaction in NetSuite.
It is even possible to better manage bank data for a recurring Payor/Payee or for imported bank lines with a Memo with the auto-create rules. The rule will look for the specified Payor/Payee and for the transaction type. When no Payor/Payee is mentioned in the imported bank line, the rule looks for the Memo that was specified.
Another positive about this feature is that it is not necessary to create an auto-create rule manually. The system can generate one when specific criteria are fulfilled. For a detailed explanation of this feature, refer to the NetSuite 2020.2 release notes under “Generating Auto-Create Rules.”
Advanced Project Budgets
With the 2020.2 release, there are multiple enhancements made for your daily operations and your forecasting.
Having access to advanced project budgets in NetSuite gives you a significant advantage because it is a feature that provides flexibility, granularity, and accuracy for your project budget estimate and consumption.
You now have an excellent feature that gives you detailed insights about the precise cost and revenue for your projects, as calculations are made based on resources, items, markup, billing classes, or manual input. Also, the work breakdown structure can be easily loaded from a template.
Another great opportunity is the ability to create WBS templates with the cost budget included.
These are a select few of our favorite features in the NetSuite 2020.2 Release. For a detailed view of all the release updates, including new features, and several other improvements to existing features, read the release notes.
Are your business processes missing out on seamless systemization offered through NetSuite? Want to learn more about how Oracle NetSuite might be the right solution for you to modernize your company? Read more about how Big Bang can optimize Oracle NetSuite cloud solutions for you.
Author: Kim Yen Nguyen, Accounting Analyst at Big Bang