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The NetSuite Version 2017.1 Features You Need to Know

Posted by Steven LaCrosse | 6/2/17 10:09 AM

NetSuite has just released its Version 1 update for 2017. Because updates are a constant in the modern business world, it’s easy to overlook the finer, more strategic details of each and every system upgrade that comes along. So we’ve done it for you and pulled out the most important details from this latest NetSuite upgrade to help you take full advantage of everything new your NetSuite cloud ERP solution has to offer.

A Quick Summary of What’s New:

  • New global financial capabilities help companies manage their general ledger seamlessly across subsidiaries and currencies and meet governance and compliance requirements.
  • New vendor dashboard and improved customer dashboard deliver data, information and KPIs at your fingertips which help in better decision making, increasing efficiency, productivity and satisfaction.
  • Enhanced supply chain provides unparalleled visibility and control of your inventory, regardless of where it is being held.

Drilling Down Deeper:

Accounting Features

  • NetSuite provides the new Foreign Currency Variance Posting Rules table, allowing flexibility for posting for local statutory compliance requirements. This table gives you the ability to define subsidiary-specific posting rules by account for exchange rate variances.
  • With OneWorld accounts, you can now specify the originating subsidiary and multiple receiving subsidiaries with Advanced Intercompany Journal Entries – which prior to the 2017.1 release you were able to only specify two subsidiaries: one for the originating, and one for the receiving subsidiary. Also, with the Automated Intercompany Management feature, now there’s an Auto Balance button which automatically adds elimination lines to balance a transaction, i.e. if you enter a net amount of a “To subsidiary” as a credit, NetSuite automatically adds the offsetting debit line with a receivables account.
  • Advanced Revenue Management Support: Allows for setting up revenue recognition rules for Advanced Subscription Billing for companies who provide services based on subscriptions. The default rules are now provided for advanced subscription billing:
  • Default Adjustable Recurring Fee: For recurring adjustable rate plans.
  • Default Fixed Recurring Fee: Used for recurring fixed rate plans and one-time rate plans.
  • Default Usage: Used for usage-based rate plans.

Administration

  • Two-Factor Authentication: Users can specify which devices they want to be trusted to access NetSuite through Two-Factor Authentication by way of generating a verification code with an authenticator application. You can select from several third-party applications to use Two-Factor Authentication that support OATH TOTP standard – including Google Authenticator and Microsoft Authenticator – and specify which authenticator application as primary, or backup.
  • Manage Email messages sent from your NetSuite account using an undelivered email saved search, and view bounced email addresses. The default email saved search returns such values as Sent Date, Log Date, From, Recipients, Subject, Message-ID, and Reason – which can help the Administrator determine the root cause of an undelivered email, and remediate in a timely manner. Prior to the 2017.1 release, only hard-bounced email addresses from bulk or transactional recipients would appear in the list, and only bulk email recipients were evaluated against a list of existing records. In the new release, transactional email addresses will be evaluated against hard-bounced records within the record list; if the email address matches a hard-bounced record, the message will not be sent. Also, bulk email addresses will be evaluated against the soft-bounce records and if there’s a match, the message won’t be sent.

Customer Relationship Management (CRM)

  • Updates have been made to the Customer Dashboard in 2017.1 release, which includes a default dashboard view preference where you can set the Customer Dashboard to be set as the default view when viewing a customer record. Also, a timeline portlet is now available on the customer dashboard that provides customer representatives an in-depth view of all activities with a customer against any time-based record (Email, Meeting, Phone Call, etc.). There are three instances of the portlet that can be displayed on the customer dashboard, and links are provided for each activity where the representative can drill down to view more detail.
  • For customers who use NetSuite’s Support Case system, now support managers and representatives can access a comprehensive set of metrics on each support case for analyzing and tracking support personnel performance; this is especially for those customers who need to track SLAs.

Order Management

  • Advanced Subscription Billing: Allows you to create, manage, and bill customers for subscriptions. With this feature, you can also create subscriptions, subscription plans, price books, and price plans based on your business process for services rendered by subscription. Components of this feature include Subscription Management, Rating and Price Plans, Usage, Subscription Renewals, and Advanced Subscription Billing Reports.
  • SuitePromotions is a next generation promotion engine in the 2017.1 release which provides scalable and functionally enriched promotions along with improved performance. Some of the new features of SuitePromotions are:
  • Stackable Promotions: Allows you to apply multiple promotions to a transaction or order in which customers no longer limited to entering one promotion per transaction; any combination of promotions can be added to an order, i.e. item, shipping, order, etc.
  • Auto-Apply Promotions: Any eligible promotion that can be automatically applied to a transaction can be done by default. This feature can be disabled for certain promotions necessary where the promotion needs to be manually applied on the transaction.
  • Best Offer: This feature will apply multiple promotions automatically to a transaction to give your customers the best offer available. When used in combination with the Auto-Apply feature, this saves you valuable time and ensure customer satisfaction.
  • Store Pickup: For Brick and Mortar stores, you may now setup locations and items for Store Pickup where a customer can shop online and choose to pickup the item at their nearest store; this creates a sales order and a store fulfillment record within NetSuite. You can setup fulfillment exceptions for store pickup at the picking stage by using the Picking Up status instead of the original Picking status for warehouse fulfillments. Also, you can send out pickup order notification emails to customers when their order is ready to be picked up at the store; a standard email template is provided which you can customize to your business needs. You can now include your business hours on the location record to show on your website, including hours for same day pickup orders.

Items and Inventory Management

  • In-Transit Ownership: You can choose when the transfer of ownership occurs for items being transferred between locations. Ownership can transfer either at the time of shipping, or at the time of receipt.

CSV Imports

  • Ability to import Subscription Billing data from CSV files.
  • Update Consolidated Exchange Rate data from CSV files.
  • Now supports up to 25,000 lines.

You can see the full list (all 80+ pages of it!) here: Version 2017 Release 1

As a certified NetSuite Solution Provider, we’re well-versed in managing NetSuite updates. Our team of experts can make the transition seamless for your team and get you up to speed, and start reaping the benefits of the new NetSuite as soon as possible. Let us help you get started with a quick 15-minute conversation to learn more about your company’s situation.

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Topics: NetSuite

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