My List of Top 10 NetSuite 2020.1 Enhancements

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By now you’ve surely seen the various enhancements from the NetSuite 2020.1 update. We’ve combed over them in great detail, and here are my personal top 10 NetSuite 2020.1 updates.

Vendor bill approvals are now enabled on the Employee Center portal!

While this is a simple change, this can be a huge cost savings for many customers as previously, you needed a full user license to approve Vendor Bills inside of NetSuite.

New Bank Feeds SuiteApp

The Bank Feeds SuiteApp automates the transfer of your bank data directly from your financial institution accounts into NetSuite. This SuiteApp enables you to:

  • Connect NetSuite directly to multiple financial institutions that operate in the U.S. and Canada.
  • Receive cleared and processed bank transactions daily from your financial institution accounts.
  • Automate the import of bank transactions and account balances daily from your financial institution accounts into your NetSuite account.
  • Perform manual import of real-time bank transactions and account balances into NetSuite.

New Balancing Segments Feature

With the new Balancing Segments feature, you can now balance transactions by segments. In NetSuite, the general ledger always balances for the company or, in OneWorld accounts, for the subsidiary. Now you can identify custom segments to balance for other dimensions. For example, you can create balancing segments for product lines or business units. When you run the new Balancing by Segments process, NetSuite automatically balances your transactions by their balancing segments.

Artificial Intelligence and Machine Learning come to NetSuite

Supply Chain Predicted Risks feature leverages NetSuite’s IntelligentSuite capabilities to make predictions for purchase orders and transfer orders. The predictions appear in the Predicted Risks portlet of the Supply Chain Control Tower.

Advanced Project Budgets Enhancements

This feature now enables you to track costs and revenue and lets you define a fully customizable work breakdown structure within each budget. With Advanced Project Budgets, you can now:

  • Generate budget vs. actual reports across multiple projects.
  • Estimate costs based on items.
  • Estimate costs based on project resources.
  • Display actual costs which the work breakdown structure or budget does not include.
  • Generate a budget cost burn chart.
  • Display a progress bar for the forecasted margin in relation to the current budget.

Sales and Purchase Custom Transactions extends the flexibility of custom transactions with the addition of two new custom transaction types: sales and purchase.

With sales and purchase transaction types, you can create custom transactions similar to invoices, cash sales, credit memos, vendor credits, bills, and more. You can utilize most of the standard sales and purchase transactions functionality like the Items sublist, taxes (SuiteTax only), and revenue recognition. You can also include your name and define numbering sequences and permissions for your custom transactions.

Dataset Separation in SuiteAnalytics Workbook

Prior to 2020.1, you defined, visualized, and analyzed your workbook source data in a single workbook object. As of 2020.1, workbooks and datasets exist as separate objects, each with their own respective owners and accessibility rights. In a dataset, you define your workbook source data by selecting record types, fields, and criteria for further analysis in a workbook.

Conversely, in a workbook, you visualize and analyze your data using tables, pivot tables, and charts. Separating workbooks and datasets enables you to connect a single dataset to multiple workbooks, reducing the number of redundant workbooks in your account and preventing data discrepancies. Only dataset owners and users with administrator permissions can edit the datasets in your account. Any changes to a dataset are automatically propagated to the connected workbooks. Furthermore, you can now create workbooks using any of the existing datasets that you have access to in your account. This saves you time during the workbook authoring process and enables less experienced users to create complex workbooks.

Manufacturing Mobile

Enables you to use mobile scanners to report manufacturing shop floor data. This solution compliments the existing Advanced Manufacturing scanner to provide improved performance, scalability, customization support, and streamlined production activities. The new scanner solution is not dependent on the Advanced Manufacturing SuiteApp, so you do not have to purchase an Advanced Manufacturing license. The manufacturing mobile solution is built using the same mobile technology as NetSuite WMS. Both the WMS and Manufacturing mobile features can coexist in one scanner solution.

This initial release of the Manufacturing Mobile SuiteApp enables shop floor operators to use components to produce assembly items. Operators can start and end assigned work and report production quantity and consumed component quantity for a date and a shift. Production Managers can review data entered by production operators and control inventory and financial record updates in NetSuite. They can also respond to inaccurate data or errors to initiate processes to correct discrepancies and reprocess data.

Auto Close Back Orders

If a line item on a sales order is partially fulfilled, the remaining quantity is saved as back order. However, in many organizations, such backorder quantities are not fulfilled, and the sales order is closed. The Auto Close Back Orders SuiteApp enables you to close such partially fulfilled backorders automatically, post billing. The SuiteApp also enables you to maintain a list of items to exclude from automatic closure of back orders.

Outsourced Manufacturing

Enables you to purchase outsourced assembly production from vendors. This helps you better manage your subcontracted manufacturing processes. This upgrade allows NetSuite to consume (use items or products) production components automatically  and then transfer them to a specified location. Outsourced manufacturing automatically synchronizes NetSuite procurement and production transactions.

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. 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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