Rebate Enhancements Patch notes 2023.2 NetSuite

In the Dynamic landscape of modern business, maximizing profitability and streamlining operations are perpetual goals. NetSuite continues to evolve in line with these goals, offering more advanced solutions designed to empower businesses. The latest improvements are to NetSuite’s existing rebate SuiteApp. Building upon NetSuite’s tools is just one way that NetSuite stays relevant in the ever-changing business landscape.

What are Rebates used for in NetSuite?

Rebates represent contractual incentives negotiated between businesses and their vendors or partners, serving as a key component of financial agreements. These rebates are tracked as retrospective discounts, encouraging specific buying behaviors, volume commitments, or meeting certain performance criteria. Within the platform, NetSuite streamlines the management and execution of these rebate programs by providing tools to track, calculate, and automate the rebate process. Users can configure and monitor various rebate structures, ensuring accurate accounting treatment and facilitating transparent communication between parties.

How to Install Rebates

1. Log in as NetSuite administrator
2. Turn on the required prerequisites
3. Install the Rebates and Trade Promotions SuiteApp through the portal

It is just that simple then you can start creating rebates in your NetSuite System.

Setting up Rebates and Trade Promotions

What was added in 2023.2?

Rebate Schemes: This parameter lets you select the appropriate scheme for how your sales transactions earn rebates. In addition to the previous fields (find), marginal or linear are additional options.

• Marginal – The system calculates rebates based on the default tier achieved during the sales transaction. Then, it evaluates default tiers daily, reassigns the appropriate tier, and recalculates rebates based on the value associated with the appropriate tier.
• Linear – The system calculates rebates based on the highest tier achieved by a sales transaction.

Calculation Methods: This parameter lets you select a method for calculating rebates on sales transactions.

• Volume Amount- This option lets you earn rebates after your sales transaction reaches a target monetary tier.
• Volume Quantity- This option enables you to earn rebates after your sales transaction reaches a target quantity tier.

Rebate Rate Types: This parameter lets you select a rebate value for calculating rebates.

• Rate per Unit- The calculation uses the flat amount value you assign on the rebate tiers
• Percentage- The calculation uses the percentage value you assign to the rebate tiers

Flexibility in Combining Rebates: You can now combine and apply rebates from standard and tiered rebate agreements. On the Applicable Rebates popup window, select your preferred rebate deals or apply the system-suggested best deal. Previously, you could view and combine rebates only for standard rebates.

Updated Applicable Rebates Popup Window: Previously, the best rebate deals were shown under one column only. Now, you can view and compare the best rebate deals under two columns

• Payee/Payer Best Deal- This column shows the highest rebate amount among multiple agreements from one payee or payer
• Overall Best Deal- This column shows the highest rebate amount among all the applicable agreements for an item.

Rebate Calculation for Additional Item Types- The SuiteApp now calculates rebates for the following item types:

• Kit Items
• Assembly Items
• Service Items
• Special Items
• Non-Inventory Items
• Dropship Items
• Item Groups
• Advanced Bill of Materials

This change is exciting because only Inventory items were previously used in rebate calculations.

Why should you use Rebates in NetSuite?

Rebates wield substantial utility within NetSuite as they are pivotal tools for optimizing financial strategies and enhancing profitability. These incentives offer a structured approach to bolstering supplier relationships by aligning interests and fostering mutually beneficial partnerships. Within the NetSuite ecosystem, rebates act as a catalyst for driving sales, encouraging volume commitments, and incentivizing specific purchasing behaviors. They also allow businesses to capitalize on negotiated agreements and optimize margins through retrospective discounts. Seamlessly integrating rebate functionalities empowers organizations to efficiently track, manage, and capitalize on these crucial financial incentives, fortifying their financial standing and fostering a competitive edge in the market.

For more information about our Industrials NetSuite team or to contact us, please visit our website here.

Caleb Martin

Caleb Martin is an associate in the NetSuite practice based out of St. Louis Missouri. He has project experience in information gathering, Record to Report, and Saved Searches in NetSuite. He is mainly focused on the industrials industry and is mainly interested in inventory management and supply chain.