What’s New in NetSuite 2020.1 Release
NetSuite, being the driving force behind business progress, introducing new enhancements and updates on bringing new wheels to run business in 2020. The NetSuite release 2020.1 is aimed at technically strengthening the functions and to offer the best service experience in the domains of accounting, manufacturing, administration, order management, inventory, and so on. Over the 20 years of legacy on delivering regular updates and enhancements made NetSuite a powerful ERP Solution. It can scale up the business and mature to grow and involve in a full-fledged way.
NetSuite 2020.1 release marking an ample of opportunities to enhance the functional efficiency of the main areas of NetSuite.
Here we are focusing on writing some of the important functional enhancements and upgrades of NetSuite 2020.1 on areas such as accounting, manufacturing, order processing, user interface, Project management, and many more.
Table of Content
Let's get in to deep, but do feel free to jump to any section that interests you:
• NetSuite Accounting
• NetSuite Administration
• NetSuite Employee management
• Item Record Management
• Inventory Management
• Manufacturing Management
• Order Management
• NetSuite Projects
• NetSuite: Vendors, Purchasing, and Receiving
• NetSuite: Banking
• NetSuite: Taxation
• NetSuite: User Interface
• SuiteCloud Platform
NetSuite Accounting module is one of the most popular yet the best used by many business communities across the globe. NetSuite is always on the research to enhance the facilities to adapt to the dynamic environment so in NetSuite release 2020.1 it introduces way more enhanced ways to optimize actions in NetSuite accounting.
These are some of the important NetSuite Accounting enhancements
• Balance transaction by segments.
• Advanced revenue management enhancements.
• Standard Transaction Email Template.
• Standard Transaction Email Template.
• Set custom templates as the default for standard transactions.
And some other enhancements include Transaction email enhancements, Budget for secondary subsidiaries, SuiteApprovals enhancements, GL matching, Country-specific reports, and many more.
NetSuite 2020.1 addresses the NetSuite Administration module with some functional enhancements and role permissions for a better striking up of the NetSuite administration enhancements. There are several new features added additionally especially on the Role Permission Differences.
Some other enhancements and additional features are added here to understand the length and breadth of the enhancements in NetSuite Administration.
The changes are highlighted on Account setup and maintenance, internalization, authentication, cloud infrastructure, and SuiteApps
NetSuite Employee Management
NetSuite 2020.1 packed with ample enhancements focusing on employee management as it is the important aspect of human resource enhancement, it consumed many underlining procedures on employee change requests enhancements on performing bulk updates to the employee record for a real-time basis of past, current, or future date. These features are aimed to enhance effective Employee management.
Manager Self-Service Enhancements for Employee Change Requests.
• CSV Import for Effective Dating.
• Advanced Employee Permissions Customizable Restrictions.
• Advanced Employee Permissions Exclusion of Employees Permission.
• New Permission for Advanced Employee Permissions.
• Bonuses in Compensation Tracking.
• Expense Account Override and many more.
Item Record Management
For the NetSuite release of 2020.1 does not evoke much changes in the item record management. It includes Inventory Costing Preferences.
• Inventory Costing Preferences
This enhancement provides a feature to custom schedule costing frequency for the optimization of customer experience.
NetSuite release of 2020.1 updates the best features on managing the inventory of NetSuite accounts. This release enhanced the functionality associated with efficient warehouse management and improved features in dealing with supply chain and its management. Some of the highlight upgrades in inventory management are listed below.
• Supply Allocation Exceptions Management
• Partially Receive Transfer Order Fulfillment Quantities when Transfer is at Cost
• Warehouse Management System Enhancements
• Support for GS1 Barcode Types
• Inbound Shipment Management Integration
• Multi-App Support
• Export and Import of Custom Mobile Processes
• SuiteScript Exposure of Warehouse Management Records
• Mobile Printing
NetSuite 2020.1 release delivers enhancements in the manufacturing module. It is mainly included on the 3 major areas.
• Outsourced Manufacturing
• Actual Production Dates
• Manufacturing mobile
1. iOS Push Notification Changes
2. My approval enhancements with NetSuite 2020.1
NetSuite 2020.1 introduces vast enhancements to Order Management features. It has detailed enhancements on diverse aspects of order management.
These are the major order management enhancements added to the NetSuite.
• SuiteBilling Must Be Provisioned.
• Subscription Revisions.
• New Accounting Preference Related to Advanced Revenue Management.
• Automatically Extend Estimated Revenue Recognition End Date.
• Multi-Subsidiary Customer Integration with Billing Accounts.
• Set Subscription Charge Periods to Align with the Subscription Start Date.
• Enhancements to Standard Roles and Permissions.
• Search Enhancements and many more.
NetSuite 2020. 1 release establishes advanced features for the efficient running of NetSuite projects. It has enhancements on Budget, profitability, revenue recognition, and many more. Below noted are the major enhancements on this particular area dealing with the NetSuite project.
• Advanced Project Budgets Enhancements
• Advanced Project Profitability Enhancements
• Project Revenue Recognition Enhancements
• Preferred First Day of a Week Available for RACG Calendar
• NetSuite-Oracle Content and Experience Integration(Limited Release) Now Available
• Project Risk ForecastNow Available
NetSuite: Vendors, Purchasing, and Receiving
The major changes introduced in these particular areas have been noted below:
• Associate Vendor Prepayments with a Purchase Order.
• Automatic Application of Vendor Prepayments.
• Vendor Prepayments Enhancements.
• Vendor Bill Approvals in the Employee Center.
• SuiteApprovals Support for Vendor Bills.
NetSuite 2020. is updated in many ways to channelize the banking activities in a better way. Some of the features right away focusing on the monitoring and managing of your cash flow needs with better accuracy and predictability.
To be in precise NetSuite 2020.1 includes the following enhancements to banking features:
• Bank Feeds.
• Financial Institution Connectivity API.
• Bank Data Matching Improvements.
• Automatic Import of Bank Statement Files Through Enhanced.
• Bank Feeds SuiteApp.
• Bank Statement Parsers Enhancements.
Netsuite Taxation module has undergone a vast number of changes and enhancements in order to strengthen the functions associated with NetSuite taxation.
1. Tax Point Date Support for SuiteTax Reports.
2. Tax Reporting Category for Country Tax Reports.
3. Expense Transactions in VAT/GST Reporting.
4. EMEA Tax Audit Files Support for SuiteTax Reports.
5. SuiteTax Country Tax Reports APAC Enhancements, etc.
• Legacy Tax
1. Legacy Tax Support in Tax Reporting Framework.
2. Tax Audit Files Enhancements.
3. Portugal Tax Audit Files Field Mapping Page Update.
4. France Tax Audit Files Support for Period End Journal Entries.
5. Tax Audit Files Generation Update for Enhanced Trial Balance, etc.
NetSuite: User Interface
From NetSuite release 2020.1 onwards the NetSuite help center is available in Chinese along with other languages including to German, English (U.S.), Japanese, and Spanish.
And another highlight is that NetSuite no longer supports Microsoft Internet Explorer 11.
NetSuite has made profound changes in the following areas of commerce. The major enhancements made on the following fields of commerce which include: Commerce applications, merchandising, commerce platforms, and SuiteCommerce instore.
• Commerce Applications
• Commerce Merchandising
• Commerce Platform
• SuiteCommerce InStore
Suitecloud platform provides exciting and multi-faceted features for enterprises to enhance data privacy, data management, and many others. New updates has been included in this sector to accelerate its performance
• SuiteApp Distribution
• SuiteBuilder - Customization
• CSV Import
• SuiteTalk Web Services Integration
• SuiteCloud Development Framework
The new release of NetSuite 2020.1 updated the following suiteApps into NetSuite. Majorly on dealing with efficient functions on accounting, administration, banking, and so on. If in need users can integrate these suite apps into their systems for better functionality specific to their industry standards.
Some of the SuiteApps (Bundles) Released by NetSuite 2020.1 are listed here.
• Accounting SuiteApps
• Administration SuiteApps
• Banking SuiteApps
• SuitePeople SuiteApps
• Localization SuiteApps
• Manufacturing SuiteApps
• Non-Profit SuiteApps
• Food and Beverage SuiteApps
Start Planning Now!!!
Before upgrading to NetSuite release 2020.1 make sure that you're ready to adapt to these changes. You should internally prepare your environment to make this transition to do a better impact on your system. If you’re doubtful, test the features in the Sandbox environment. Do ensure that your current processes are successful in my Sandbox environment account. Check whether customizations, scripts, workflows, and/or integrations won’t break in the new environment before the new release is pushed to my Production account.
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