Top 10 Features of NetSuite 2020.1 Release
The NetSuite 2020.1 release ushered in an impressive list of new features and enhancements to existing. The list is long, but we’ve highlighted ten features worth knowing below.
- NetSuite 2020.1 has vastly improved banking integration. It is now easy to configure a direct connection to your bank and pull statements in real-time, making reconciliation a breeze! This feature works out of the box with most major U.S. and Canadian banks. (A custom plug-in is needed for banks in other countries.)
- Users with multi-subsidiary customer and vendor accounts can assign a primary bank to each subsidiary. This allows for greater control and segmentation.
- Supply allocation enhancements make NetSuite an excellent tool for high volume and bulk shipping organizations. Users can easily control inventory allocations from Purchase Order to Sales Order to Fulfillment. A new dashboard allows you to control and redirect inventory across your entire business with the click of a button. NetSuite learns your behavior – working with you to make smart recommendations based on your most urgent shipments – and increases your visibility for forecasting and planning.
- You can now create multiple partial receipts against specific fulfillments for a transfer order. This improves control over transfer orders and visibility into inventory.
Vendors, Purchasing, & Receiving
- Vendor ‘deposits’ are available. Vendor prepayments give users flexibility they had requested. (But why pay for goods before receiving them? Many manufacturing clients pay well in advance of receipt of goods or services, for instance.)
- NetSuite’s ‘Employee Center’ role is a reduced cost license with limited functionality; however, users assigned the Employee Center role can now approve vendor bills. This is a win for those users!
- NetSuite 2020.1 allows users to better manage subcontracted manufacturing processes. “This upgrade enables NetSuite to automatically consume (use items or products) production components and then transfer them to a specified location. Outsourced manufacturing automatically synchronizes NetSuite procurement and production transactions. NetSuite 2020.1 enables you to outsource manufacturing efforts either from a purchase order or from a work order.” And with the new Standard Outsourced Purchase Order custom form, you can create a PO for outsourced assemblies that contains specific attributes for outsourced production.
- NetSuite has enriched SuiteBilling, such as allowing for multi-subsidiary billing accounts! NetSuite 2020.1 also enables enhanced revenue allocations support for SuiteBilling change orders. And general UI enhancements allow for easier tracking of subscription history and changes.
- NetSuite 2020.1 includes country-specific tax enhancements to SuiteTax (NetSuite’s native tax engine) worth checking out.
- SuiteAnalytics is a powerful reporting tool, and general advancements to functionality as well as workbooks empower users with the tools to use data in ways previously not possible.
Looking for guidance?
We’ve listed just a few of the ways NetSuite 2020.1 introduces an even richer platform. For a smooth transition, be sure to conduct testing in your release preview environment and review Help documentation and release notes in SuiteAnswers. If you’d like any assistance, please contact us here! We're happy to talk through how these features can help your business.
Author: FMT Consultants
Date: May 6, 2020