As NetSuite rolls out their 2017.1 updates over the course of the next few weeks, we thought we would get ahead of the curb and let you know exactly what our favourites are and how they will simplify your workday.
1. Store Pickup
Prior to this release, there was no simple way to differentiate between orders that were picked for shipping and orders that were physically picked up by the customer. The new release now has a transaction record specific to store pickups. This will give NetSuite users a better overall view of their orders and help them track information that is solely relevant to store pickups.
2. Advanced Intercompany journal Entry
Two notable functions of this update are:
- The auto-balance function which allows the automatic generation of intercompany payables and receivables. This reduces the potential of human mistakes and saves a lot of time when creating an intercompany journal manually.
- The multiple currency and FX rate support facilitates intercompany transactions which often happens in different currencies. By having one foreign exchange rate per line, the system can automatically calculate the foreign amount without human intervention.
In an age where customers are always looking for a good “deal”, NetSuite users can now have more options on what types of discounts and deals they can offer to their customers.
The improved SuitePromotions functionalities allow for more flexibility and options when creating promotions for customers to take advantage of. Promotions can now be stacked, and multiple promotions can be offered on the same purchase, with NetSuite automatically applying the best promotion to the purchase.
As with every release, NetSuite beefs up its scripting offering, a.k.a. SuiteScript
For 2017.1, amongst a handful of changes, they’ve improved script security by limiting what scripts can do to Administrator Employee records, which should help avoid accidental removal of access to an account. They’ve also added new script-related permissions to roles, allowing us to be more flexible when deciding who can trigger scheduled scripts.
5. Automatic Location Assignment Rules
Automatic Location Assignment is one of the top updates for 2017.1 because it allows larger and more complex fulfillment organizations to take advantage of NetSuite’s offerings without bogging down a human resource with the task of assigning fulfillment locations to orders.
NetSuite’s Automatic Location Assignment feature is highly customizable and flexible, allowing users to tell the system exactly how to assign fulfillment locations to orders, and know that orders are being fulfilled in the most efficient manner possible 24/7
6. 2017.1 enhancement over FX gain/loss management and OneWorld intercompany elimination
This update provides more flexibility for accountants to report gain/loss in different accounts in order to be compliant to any presentation requirements.
7. Custom GL Lines Enhancements
Now when NetSuite’s costing engine runs, it will now trigger the Custom GL lines when it didn’t before, saving time and erroneous accounting entries.
8. Time Rejection Note
This update creates a more efficient way to reduce time entry errors by informing you of why your time was rejected. Thanks to the note, you won’t be making the same mistake again.
9. Posting Electronic Payment Enhancements
This update allows businesses to save time by automating their payment processes.
10. Inventory Enhancements
A few notable enhancements concerning Inventories are:
- The option to use Group Average Costing calculations for items that are in-transit. This allows the user to have more accurate calculations and reports because you are able to include the account values for group average cost items that are in transit.
- The In-Transit Ownership enhancement which determines when the transfer of ownership happens while being transferred to different locations. Ownership will be able to transfer either when the item is shipped out, or at the time the item is received.