Now that NetSuite’s 2022.1 release is officially out, our team has read the notes, reviewed all the new features, and compiled a list of our favorites and how to use them in your business.
Read on below and reach out to talk to our NetSuite experts about how you can maximize your cloud ERP platform.
Expense Report CSV Import Record Type
Problem: For businesses where employees regularly log expense reports, the manual labor required can hinder efficiency.
Solution: NetSuite’s CSV Import Tool now supports the import/upload of expense reports into the user interface via CSV template.
Our take: If you’re looking to reduce manual expense report entry and increase efficiency, this is a great improvement. This also serves as another potential tool for automated expense report integration with other third-party solutions such as Concur.
SuiteApps SuiteApprovals Record Locking and Reapproval (For Purchase Orders, Vendor Bills, and Expense Reports)
Problem: A custom workflow or script was needed to control the locked record action during any approval workflow and needed to be controlled at various points of the workflow depending on whether the approval was the first approval or reapproval.
Solution: The Approval Rule page and Approval Rule Assistant now include a new section, Set Up Locking and Reapproval. This section includes the following capabilities:
- Record locking based on approval status – When creating approval rules, you have the following record locking options:
- Lock records in pending approval or approved status, or both
- Allow editing of records regardless of approval status
- Setting of percentage or amount tolerance limits – You can set tolerance limits to control whether records are rerouted for approval. Tolerance limits affect only pending approval and approved records.
- The system reroutes records for approval using the same approval rule if the change in the record amounts exceed the set percentage or amount tolerance
- You also have the option to disallow rerouting regardless of changes in record amounts
Our take: Streamlining the approval process to just a few clicks is a major improvement.
New On-Demand Inspection Queue Capability in Quality Management
Problem: The Quality Management solution’s inspection triggers were previously limited to transaction-based triggers such as Receipt from Purchase orders, a Work Order Completion, an Assembly Build, etc. There was no triggering of an inspection queue record for ad hoc inspections for scenarios where product was sitting on the shelf for an extended period, or a periodic reinspection of materials.
Solution: Users can now trigger an inspection queue on demand with or without reference to a NetSuite transaction context. This Quality Management SuiteApp provides enhanced quality control with ad hoc inspection queues, which you can manually trigger to inspect items.
Users can create the following types of ad hoc inspection queues:
- A queue with a transaction reference – to inspect an item before you receive it in inventory, with reference to a parent or an inventory transaction, or with different inspection criteria after rework.
- A queue without a transaction reference – to inspect an item on a shelf or in inventory at any time.
Our take: This is a huge efficiency improvement that streamlines the Quality Management inspection process to a single queue and allows users to manually trigger an inspection of items.
Exclude Transactions from Electronic Payments Processed and Process Payments for Vendors from Primary and Secondary Banks
Problem: It was difficult to handle additional payment tasks such as excluding invoices or credit memos from electronic payments on the transaction record or process vendor payments from a secondary bank.
Solution: Users can now exclude any invoice or credit memo from electronic payments processing by checking the Exclude from Electronic Bank Payments Processing box on the invoice, credit memo, and sales order records. Users can also process payments using primary or secondary banks via the new Entity Bank list added on the EFT subtab of bills, bill credits, bill payments, commissions, and expense reports.
Our take: Greater flexibility of electronic bank inclusion/exclusion at the transaction level and primary/secondary bank selections improves Account Payable efficiency and creates fewer processing errors and manual workarounds.
Override Period Restrictions Permission for Processing Transactions for a Locked Posting Period
Problem: Once a period is locked in NetSuite, organizations did not have the ability to process payments or post transactions to that period without unlocking the period.
Solution: With the Override Period Restrictions Permission, users can now post transactions and process payments to a locked period.
Our take: A win for not doing extra work! Organizations no longer need to spend unnecessary amounts of time re-opening a locked period to post transactions.
New Planning Workbench View Filters
Problem: Planning Users were limited in their Planning Workbench views and filters. This made the analysis of large sums of planning data difficult to manage.
Solution: NetSuite now enables a user with the ability to create a saved planning workbench view which can include pre-set filters and an embedded item saved search. In addition, item saved search can include item-related criteria, such as item location and preferred vendor.
Our take: Users can use the saved search to filter the planning workbench results for the item preferred vendor. This allows total visibility to the planner/buyer of your organization into viewing all related planning data for that item’s vendor.
One More Thing: Coastal ACH Deprecation
What This Means: Beginning in May 2022, Coastal ACH payments will no longer be transmitted to your vendors or processed from your customers.
- For A/R – Payment Acceptance
- Payment Link –> Allows recipient to pay each invoice individually.
- For A/P – Outbound ACH Payments
- Electronic Bank Payments
As you can see, this was a big release filled with some excellent and time-saving features. Let our NetSuite Services Team know if you’d like to discuss options to bring more efficiency to your NetSuite platform.