Being a Cloud based, most efficient ERP – NetSuite is scheduled for updates to its entire customer base twice a year. NetSuite has recently announced release of 2018.2. NetSuite aiming to improve its solution by adding new functionalities or enhancements to existing features.
Here, we are sharing some of the important features and developments present in the latest version along with their impact on the system:
NetSuite 2018.2 Release will require a 2-factor authentication to log in for selected roles to enhance security for all NetSuite clients and protect your company from unauthorized access to data. Now, for any changes and integrations administrators and other highly privileged roles will be required to use 2FA. To avoid possible hustles, switching over to token-based authentication can be a convenient method.
With this update, NetSuite will now automatically generate and post Journal Entries at the end of the year. This functionality is mostly suited for those users who require all GL impacting transactions to be stored in their accounting system. It will enable users to include consolidation and year-end closing journals in the general ledger extracts to third-party systems.
NetSuite is releasing a beta version of their new, highly customizable analytical tool. SuiteAnalytics Workbook will be advantageous for users to leverage data by combining queries, pivoting tables and charts. With drag-and-drop editing functionality, formatting and visualization of data can be customized in a meaningful way to the user. This tool will maintain the consistency across all data fields and results. It also provides a new way to derive insights from your live data.
In the prior versions, it was required to write a script or to do it manually to get multiple subsidiaries entities via CSV for customers or vendors. To end that tedious task, this enhancement provides you the ability to mass create and mass update multiple subsidiaries for customer and vendor records via CSV import. Also, these entities can be customized and searched for data on the specific entity -subsidiary record. This feature empowers users with greater visibility and insight into data generated from these individual record types.
To end the limitation of Project Revenue Recognition for NetSuite’s Project Management caused of inflexible revenue recognition accounting rules, the new release will empower users to override the project completion percentage. The preference “Use System Percentage of Completion for Schedules” is now respected. By enabling this feature, the project progress percentage is calculated based on the time tracked against the project and the percentage of project completion can be entered manually on the project records when the feature is disabled.
The 2018.2 update of NetSuite will be equipped with the new layout for bank account reconciliation. It will immensely help users be enabling them to review and change bank transactions. Integrated with the feature of creating entries for missing transactions, it allows users to utilize auto-filled pop ups for the missing transactions within the reconciliation process.
Also, users will be able to access all unmatched bank transactions by having the ability to change user defined dates.
In order to reflect accuracy in the company’s accounts, a new workflow in NetSuite will be introduced to allow users to postpone payments from hitting their general ledger until the vendor’s bank receives them. Utilizing a non-posting journal entry system and In-Transit bank sub accounts, the feature provides précised financial information.
The NetSuite 2018.2 version is embedded with NetSuite’s WMS SuiteApp which facilitates users to manage warehouse inventory, pick-pack-ship, and put away inventory – all within a handheld mobile device. This App will surely support warehouse workers with the new Composite Bar Codes and Inventory status additions to the WMS module.
In the previous versions of NetSuite, corporate credit card transactions could only be managed with non-reimbursable expenses requiring manual journal entries to reconcile. In the 2018.2 NetSuite update, expense reports including corporate card expenses can now debit an expense account while crediting a selected credit card account. This enables corporate card expenses to automatically show up as a journal entry when reconciling a credit card statement.
From the latest update of 2018.2, NetSuite will no longer support 1099-MISC and 1096 forms. However, users will still be able to track and report on 1099-MISC payments. Reports and saved searches can be created for vendor payments from 1099 eligible boxes on the Vendor and Account record. NetSuite has come up with “Yearly” as its complete filing solution and recommends using it.
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