2023.1 NetSuite Release

“It’s that time of year again!” This is how we remind our clients that the NetSuite Release Upgrade for the current year is on the horizon, NetSuite Release 2023.1.

NetSuite Release happens twice a year, and each time the system boasts new features and functionalities that enhance our clients’ use of the system. Sikich customers have the opportunity to check out the New Release Portlet on their personalized dashboard for their official Release date and Release Preview notes. Typically, the overall impact of the release is minimal to the client, but Sikich offers optimization services to ensure our clients are prepared for these changes as best as possible.

Our experienced consultants prepare a personalized impact assessment and review them in depth with our clients who sign up for our optimization services. Additionally, our team is also available for any inquiries regarding the release itself. We consider every system enhancement an integral piece to the overall performance of the NetSuite platform, and here I will highlight a few functionalities.

AP Automation: Bill Capture

This module allows you to scan vendor bills and the system will provide either a match or suggestion to review. The system uses Machine Learning (ML) technology to remember what suggestions were correct or incorrect and will apply that knowledge to the next vendor bill to be created.

This feature increases efficiency by eliminating having to manually enter every field required to create a vendor bill in NetSuite. The Bill Capture feature in NetSuite is included in the AP Automation module, which must be purchased and provisioned first. Other enhancements of this feature include File Drag and Drop, Email Capability (email bills from vendors and NetSuite users up to 20 files), Extended Support (location, alphanumerical dates, editable subsidiary), and Improved User Experience with swapping of lines between items and expense tabs and cross-reference highlighting.

Fixed Asset Management: Rental Frequency Options for Leases and Enhanced Asset Split

The 2023.1 Release has added two additional rental frequency options for lease–Quarterly and Semiannually. The new functionality that comes with the Asset Split enhancement is that we now are able to split an existing asset into multiple asset records. Before, an asset could only be split into two records at a time which were New Asset Values and Old Asset Values.

Additionally, items in bulk quantity can now be split into multiple assets in a single split transaction. Within this enhanced workflow asset values are automatically calculated based on the ratio of split quantity. Lastly, the “Tax Method” subtab is renamed to “Alternate Depreciation”—this displays information on alternate methods that will be inherited by the assets generated from the split.

Electronic Bank Payments

The New Release enhancements for this feature now allow the process of payments for customers from primary or secondary banks using the Entity Bank list. Clients can access the Entity Bank list on the EFT subtab for invoice and credit memo transactions. Processing Payment Scripts will be processed using SuiteScript 2.0. Clients can request a full list of the old SuiteScript 1.0 vs new SuiteScript 2.0 from their Customer Account Manager.

Finally, the 2023.1 Release allows clients to track the status of a deleted, removed, or reassigned entity bank. The entity bank status can be tracked using the Bank Details Logs column in the Bank Details subtab.

This is only a handful of new features that come with the 2023.1 NetSuite New Release. If you would like to learn more about how this release wave affects your business, please contact your Sikich Client Account Manager today for assistance!

This publication contains general information only and Sikich is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or any other professional advice or services. This publication is not a substitute for such professional advice or services, nor should you use it as a basis for any decision, action or omission that may affect you or your business. Before making any decision, taking any action or omitting an action that may affect you or your business, you should consult a qualified professional advisor. In addition, this publication may contain certain content generated by an artificial intelligence (AI) language model. You acknowledge that Sikich shall not be responsible for any loss sustained by you or any person who relies on this publication.

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