NetSuite 2017 Release 1 is not far away for most Australian users. This is the first NetSuite update since the Oracle acquisition. The NetSuite developers have introduced multiple new features and enhancements to many of their current features in this latest release.
Advanced Intercompany Journal Entries for OneWorld Accounts.
Currently in OneWorld you can only specify two subsidiaries on an intercompany journal entry, the originating subsidiary and the receiving subsidiary. The 2017.1 new release enables you to have multiple receiving subsidiaries within one intercompany journal entry. Along with this change, previously you could only change the currency field to the base currency of the receiving subsidiary when processing an intercompany journal, now you are able change base currency to any currency set up in your system, this is due to the new Advanced Intercompany Journal Entries feature.
Also by enabling the Automated Intercompany Management feature it will allow you to select the ‘auto balance button’ to automatically add elimination lines to balance the transaction on the intercompany journal.
Custom Revenue Recognition Events
NetSuite has made a change to revenue recognition in the 2017 Release 1, by increasing the flexibility of the revenue process,in allowing you to create a Custom Revenue Recognition Events. A Revenue Recognition Events triggers the creation of revenue recognition plans. Currently you could only recognise revenue once the Revenue Recognition Plans have been created, but with the new revenue rule permissions, it allows you to create a Custom Revenue Recognition Events.The purpose of the Revenue Recognition Event record is to provide enough information to create a Revenue Recognition Plan. The necessary information consists of a sales contract source, a value that aligns with the Revenue Recognition Rule, and three additional required fields. The other required fields are the event type, purpose, and date.
Foreign Currency Variance Posting Rules
Currently you can not alter the default system-generated foreign exchange rate variance accounts into which realised gain and loss and unrealised gain and loss variances are being posted to. 2017.1 release, a new Foreign Currency Variance Posting Rules table has been created which allows the flexibility for posting for local statutory compliance requirements. The table enables you to define subsidiary specific account posting rules for exchange rate variances.
Intercompany Transfer Order Enhancement
Currently on an intercompany transfer order, the transfer price was used for transferring inventory, and partial fulfillments of intercompany transfer orders were not allowed. The 2017.1 release, allows you can set the item cost as a transfer cost preference on intercompany transfer orders. By enabling the Use Item Cost as Transfer Cost preference the transfer price will apply to all transfer orders and intercompany transfer orders. This preference also allows for intercompany transfers orders to be partially fulfilled.
Advanced PDF/HTML Templates Available for Printing Saved Search Results
With the 2017.1 release, if the Advanced PDF/HTML templates feature is enabled, saved search results for any record type can now be printed using advanced PDF/HTML templates. There is the ability to to define multiple print templates for a single saved search.
A new template button being added to the saved search edit page.
Click New Template to create a new template for printing these saved search results.
You can also create a saved search print template from the Advanced PDF/HTML Templates list page. A New Template button is available at the top of the page.
When you click New Template, the Template Setup window appears. Enter the template name and choose the saved search to which the template applies. Click Save. Then you can customize the template in the Template Editor.
Some other enhancements which have been also been included in NetSuite 2017 release 1.
- Accounting – Fixed Assets Management Enhancements
- Banking – Change to Automatic Transaction Matching
- CRM – Enhancements to the Customer Dashboard
- Items and Inventory Management – Vendor Dashboard
- Administration – New Options for Two-Factor Authentication
With the countless new features and exceptional enhancements, NetSuite continue to listen to their users and are building new functionality based on their feedback.