NetSuite, has announced the release of its 2023.1 update, which includes a range of new features and improvements across various modules. Some of the key highlights of the update.
General Accounting and Payables
NetSuite’s Advanced Revenue Management module has been enhanced with two new options when closing a period: Recognize Revenue and Reclassify Revenue. Additionally, the Revenue Arrangement for Carve in/Carve Out adjustment journals will no longer be distributed if the reclassification process exceeds 1,000 journal entry lines.
Users of NetSuite’s Charged-Based Billing and Project Revenue Recognition can now customize which actions are triggered by the status of their projects. A new checkbox called Percent Complete Automatic Recalculation has also been added to prompt recalculating.
Inventory Management Features
NetSuite’s Warehouse Management System (WMS) now includes new label templates for printing lot or serial numbers on labels, and an automatic status update for open pick tasks. Additionally, the Enable Bin Reporting and Blocking rule allows users to block bins that cannot be picked from and report the reason for blocking. Supply Chain Management (SCM) Mobile enhancements now include the ability to add custom fields through configuration and adding custom columns on Search Grids and Multiselect tables.
NetSuite’s SuiteBilling users have a new global Invoicing preference, Define Percentage Uplift for Subscription Lines, which applies percentage price increases to a customer’s renewal pricing. The update also restricts invoice grouping only to invoices that use the same A/R account, and customer payments can now be processed from primary or secondary banks using the Entity Bank list in Electronic Bank Payments.
Account Setup and Maintenance
Users can now subscribe to receive specific data center updates from the NetSuite Status page via phone or email. Scheduled scripts configured in production will no longer run automatically in a sandbox account after refresh, and must now be set up separately in a sandbox account. Additionally, the Global Search > Menu Search now allows users to search for fields, tabs, and subtabs while viewing a record.
Security and Authentication
Support for SMS/Voice call methods used in Two Factor Authentication (2FA) will end on March 1, 2023. The Outbound Single Sign-On (SuiteSignOn) feature for non-production accounts will be deprecated in NetSuite 2024.1, and for production accounts in NetSuite 2024.2.
In Workbooks, the cached data documentation now describes which changes require loading real-time data and how to work with cached data.
NetSuite’s SuiteCommerce now includes a new feature called Intelligent Recommendations, which uses artificial intelligence algorithms to calculate and display product recommendations to sales representatives and web store shoppers.
The Application Performance Management (APM) bundle version will be deprecated and will no longer be available starting March 7, 2023. Users who wish to continue using APM must install it from the SuiteApp Marketplace.
In conclusion, NetSuite’s 2023.1 update introduces a host of new features and improvements across various modules, enhancing the platform’s functionality and overall user experience. Businesses using NetSuite can benefit from these enhancements to streamline their operations and improve productivity.