NetSuite New Release Facts 2016.1

By - January 29, 2016

As you may have noticed during your last login, NetSuite has announced their 2016.1 release dates. 

Firstly find the New Release portlet on your Home Dashboard.  If you do not see this it’s possible that it may have been closed since NetSuite first added it for you (if you do not see this, please find the instructions on how to add it back here, NetSuite New Release Facts 2016 1).  Also, here is an overview of all resources available to you including how to access 2016.1 New Feature Training Videos. Again, here is the link to the document,  NetSuite New Release Facts 2016 1

This release will enhance your NetSuite System with several new features including:

Section Product Change Summary
Accounting
  • Advanced Revenue Management -> new deferred revenue management module
  • Consolidations are now available in OneWorld accounts with multi book accounting enabled
  • Custom GL Segments-> allows you to create new custom segments to capture additional information on certain transactions based on your individual needs
  • Fixed Assets Enhancements-> Support for Compound Assets (child assets) with different asset properties and bulk disposal of assets
  • Account reconciliation enhancements-> more information is viewable during account and credit card reconciliation
Vendors, Employees and Customers
  • Time thresholds->minimum and maximum hours permitted are now available for thresholds
  • Copy weekly timesheets-> new Copy Previous Week button
  • Global Vendor Credit limits-> set a credit limit per vendor and any assigned subsidiary
  • Shared Vendors Merge-> enables the merge of vendor records across subsidiaries
  • Dun and Bradstreet SuiteApp-> enables subscribers of D&B Direct to add DUNS number to customer records and run a batch matching process
Order Management
  • Auto Assign fulfillment locations to Sales Order Lines-> auto assign the ideal fulfillment location set on sales order lines
  • Billing Tab and Dashboard -> provides accounts receivable professionals and billing managers a central location for managing invoices and bill runs.
  • Payment Processing Enhancement->improvements with credit card functionality
  • Electronic Invoicing SuiteApp->enables the creation of electronic invoices using custom templates you create either individually or in batches
  • Dunning Letters SuiteApp ->changes to the Dunning letter templates functionality and support for custom roles for Dunning
Items and Inventory Management
  • Inventory -> new Retail Stock Ledger Report shows activity for items across a period of time across departments, classes and subsidiaries
  • Supply Chain Management SuiteApp -> Customer Part Number – enables you to setup a customer part number for items and is available on sales transactions
  • Inventory Costing Improvements-> Group Average Costing updates and optimized costing calculation for standard cost serial and lot numbered items
  • Line Level Ship to on Credit Memos, Sales Orders and Invoices ->you can specify different shipping addresses and carriers for individual items on invoices and sales orders
Projects
  • Recurring Resource Allocations -> For ongoing projects, you can create a single resource allocation that is set to recur on a daily, weekly, monthly, or yearly basis.
  • Project Resource Management SuiteApp->to view your project task assignments and resource allocations from a grid view
  • Project Approvals Workflow SuiteApp->setup a workflow using NetSuite SuiteFlow without having to build a new workflow
  • Resource Allocation Chart and Grid Filters->advanced filters are now available
NetSuite Mobile
  • NetSuite for Android 4.0 including redesigned user interface and call logging
  • iOS 5.0 -> support for time tracking and push notifications
eCommerce
  • SuiteCommerce Advanced (Mont Blanc) ->features will include multi-channel purchasing support, alternative payments, and Google Tag Manager
Administration
  • System Notes were added for Configuration Settings with financial impact: company information, general preferences, enable features, accounting lists, expense categories and tax setup. You can use searches to find system notes that were generated for configuration and setup pages. For example, you can create a saved search that shows system notes on any features that were enabled.
  • Prevention of access to Delete All Data: you must contact NetSuite to enable this option for one-time use.
  • Enhanced Security for Password reset process: no passwords will be sent through email.
  • New Development Environment for NetSuite Customizations preventing in-progress customizations from being overwritten by refreshes, enabling controlled access to sensitive, restricted, and financial data, and supporting rapid deployment and testing processes.  This environment is never refreshed.

We are happy to schedule time to discuss the new functionality with you one on one. There are sample test plans and release notes available for the new release. In addition, if you have any questions on how to go about accessing your “release preview account” please let us know and we’d be happy to help guide you and help prepare for your upgrade. Your individual requirements and compliance needs will determine the level of testing that will be necessary. You can reach us by email at erp@rsmus.com or by phone at 855.437.7202.

By: Heidi Megna – Boston NetSuite Solution Provider

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