NetSuite recently released Version 2017, Release 1 of its business management suite. I recommend that you take a minute to read the full release notes list, now available in the Help Center on your NetSuite application, to discover which updates are particularly interesting to your business needs. As with every release, there are over a hundred updates, big and small, but here are my top five favorite updates.
1. Advanced Intercompany Journal
This one really impresses me. Prior to this release, intercompany journals could only be between two subsidiaries. As of 2017.1, Advanced Intercompany Journals (a different record type, distinct from regular intercompany journals) will allow you to select one “from” subsidiary, but then as many “to” subsidiaries as you want! To allow this, several header-level fields, such as exchange rate, are now at the line-level. In addition to this great time-saving functionality, Netsuite found time to sneak in some bells and whistles, in the form of built-in intercompany allocation. This functionality allows you to enter a short description of your interco – one line for the source of the fund distribution, then one line for each subsidiary receiving those distributed funds. At the press of a button, NetSuite will automatically insert all the “Interco due to/from” clearing accounts necessary to complete the exchange! I know a lot of accountants are really going to like this one.
2. Undelivered Emails Saved Search
NetSuite 2017.1 now includes a brand new screen that, from one centralized location, shows you all undelivered emails that were sent out of your account. I know this is a pain point for many admins and their user bases. Did those scheduled saved search emails fire off or not? Did that important prospect get my email? This one centralized screen answers these questions, keeps you aware of problems, and helps you troubleshoot them.
3. Time Rejection Note
This is the cherry that was missing on the time approval sundae. While it was already possible to approve and reject time, if you rejected it, you couldn’t say why. Now, time approvers will be able to provide a note explaining the rejection of time entries, so that users can properly take action to correct their entry.
4. Stackable Promotions
There are actually three updates to promotions in this release, but of the three, this is the one I find most helpful to users. Currently in NetSuite, an order can only have a single promo code applied to it. With 2017.1, an order can stack up multiple promotions. NetSuite is also providing a mini rules engine to help you manage these questions and more: Should all promotions apply? Only the last one? Only the biggest discount one? But, in any case, the ability to have multiple promo codes will provide additional flexibility.
5. ADV PDF for printing saved searches
This one is pretty nifty and powerful. NetSuite will now allow you to print the results of a saved search by using an advanced PDF template. These templates leverage the powerful Freemarker programming syntax and generally allow you to output data in a customized manner. Combining the flexibility of saved searches with the flexibility of advanced PDF templates allows for a whole new world of possibilities. For example, Service organizations can now include a sheet showing all time entries for a pay period along with their charge-based invoices. Such supporting evidence can now be formatted as professionally as the main invoice – but that’s just one example. I must note that while this new release is a step in the right direction, the ability to format search results with an advanced PDF template when emailing results is not currently supported. I think this is by far the most desired scenario. Hopefully we’ll see this missing functionality soon.
Honorary mentions
Some great new enhancements are also being released for the Advanced Revenue Management (ARM) and SuiteCommerce Advanced (SCA) modules. Without going into the details of these, it’s worth highlighting that it’s great to see NetSuite continuing to improve these two marquee areas of the system. ARM is a standout module for this year, as I think many companies will want to migrate to it to start preparing for the ASC606 revenue recognition changes. SCA on the other hand is already a great product – in my opinion, the best module NetSuite has – and it just keeps getting better.
Please contact us with any questions that you may have about the release, or to schedule an upgrade. Tribridge is a member of the elite “CAP” program of authorized SCA implementers, as well as one of few ARM certified Partners ready and able to implement ARM in an account.
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