NetSuite 2016 Release 2 has just been rolled out and it is Suite as! To most users it will be like have a new toy to play with, as the NetSuite developers have introduced multiple new features and enhancements to many of their current features in this latest release.
Quick Close Accounting Period
NetSuite now has the functionality call ‘quick close’, which enables you to close one or more accounting periods with a single click, which means the time consuming process of closing the periods one by one has been fast tracked . This feature comes in handy when you have to go back and reopen an early period to make an adjustment, instead of closing the periods one-by-one, by selecting the quick close NetSuite closes out all the tasks on the checklist and closes the periods at the same time. Quick Close must be enabled in Account Preferences before it is available to use.
Journal Entry Approval Workflow
You can use SuiteFlow to create a custom journal entry approval routing workflow. SuiteFlow enables you to create a custom workflow for general journal entry approval, inter-company journal entry approval, statistical journal entry approval, or a custom workflow for two or three transaction record types.
Your dashboard can also be set up to show journal approval reminders, through the Reminders portlet. This function enables you to see how many journals are waiting your approval and also lets you know how many journals you are next in line to approve.
Change to Approval Method for Journal Entries Created from Online Bank Statements
Currently all journal entries created from importing online bank statements are automatically approved at creation. 2016 Release 2 has brought in a change which allows you to manually approve banking journals. This process requires you to enter the journal entries on the Journal page, once entered and approved you will than need to match the transactions or reconcile the transactions.
Replenish Location by Transfer Order
An issue companies have when running inventory is replenishing stock at multiple locations at once, as you need to distribute inventory across locations to ensure each of your location have adequate amount of stock at the right time. A new feature that enables you to do this simply is the Replenish Location by Transfer Order function.
Replenish Location by transfer order function enables you to create a transfer orders to distribute inventory across locations and allocate the right quantity per locations. This new capability enables inventory controllers to review inventory levels across multiple locations and create transfer orders from one location to any locations where shortages are found. This function also allows you to transfer stock across subsidiaries.
Expenses and Purchase Approvals in NetSuite for iOS and Android
A change that is coming in November 2016 is the ability to approve or request approval for expenses and purchase orders using through the Approval app. The Approval apps allows you to see what actions are required by yourself. Once in the detail screen you have the ability to approve or reject the request. Note multiple items can be done at once.
Some other enhancements which have been included in NetSuite 2016 release 2.
- Sandbox Refresh Enhancements
- Enhancements in Advanced Revenue Management
- Fixed Assets Management Enhancements
- Forecasting Enhancements
- Many usability Enhancements
With the countless new features and exceptional enhancements, Netsuite 2016 Release 2 continues to improve on the #1 Cloud ERP system.