What’s New NetSuite 2017.2

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NetSuite 2017 Release 2 is here for most Australian users. NetSuite has released their newest product “SuitePeople” as part of the 2017.2 Release. “SuitePeople” provides businesses with the core Human Resources functions, which includes an employee center, employee directory, payroll (tailored towards American Payroll) and job management to name a few of the functions.

Bulk Editing for Revenue Arrangement

NetSuite has introduced a new form, “Edit Revenue Arrangements” form, to give users the ability to edit multiple revenue arrangements at once.

To edit revenue arrangements in bulk, go to Transactions > Financial > Edit Revenue Arrangements. The filters in the header section allow the user to search for the revenue arrangements to be edited.

Prospective Change Order Management in Advanced Revenue Management

Users can now “Merge Revenue Arrangements” to account for modifications prospectively in compliance with new revenue standards. This new process replaces the original revenue arrangements and creates new arrangements with the residual values as of the effective date. Previously the only option to “Merge Revenue Arrangements” was to combine the entire revenue elements into a new revenue arrangement.

To merge residual revenue amounts, the user check the new “Only Merge Residual Revenue Amounts” on the Merge Revenue Arrangements form.  By checking the box the change order effective date will be the first day of the first available open period.

A “Residual Fair Value” check box has also been added to the form under the Primary Options and Criteria section, when it has been selected it recalculates the fair value for the residual value of each revenue element during the merge process.  If not selected the fair values are prorated based on the original revenue allocated amount.

New Reversing Journal Entry Account Preferences

A new preference setting available in the latest release is the “Set Reversal Variance Date Equal to the Reversing Journal date when Voided Transaction is in a Closing Period.” If this preference is enabled than “Void Transaction using Reversing Journals” accounting preference must also be enabled.

By enabling these preferences NetSuite will use the date specified on the reversing foreign currency gain and loss variances on the voided transactions for the reversing journal entry, whereas not enabling these preferences the current date for the variance and reversal lines, rather than the date of the reversing journal entry.

Enhancement for Rejected Fulfilment Requests

When a fulfillment request was rejected and the status was “Rejected” a user could not edit the record except to acknowledge instructions. Once the instructions were acknowledged the fulfillment could not be edited.  

As the fulfillment is rejected this indicates the order will not be fulfilled, but users sometimes are required to update the record to ensure information on the record is up to date and consistent. NetSuite has made a change will allows a user to edit and extended sets of fields in a fulfillment request when the status is “Rejected”, including the following

  • Custom Fields users added to the fulfillment request record
  • Editable fields in the fulfillment request header, including Date, Memo and Assignee
  • Notes entered at the line level under the Items subtab.

Some other enhancements which have been also been included in NetSuite 2017 release 2.

  • Accounting – GL Audit Numbering in Searches and Reports
  • Banking – Change to Bank and Credit Card Account Reconciliation
  • Vendor, Purchasing and Receiving – Create Multi-Subsidiary Vendor Customer Relationships
  • Administration – Improved Login Experience for Customer Center users

Source: www.netsuite.com.

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