NetSuite Release 2021.1 Key Features to Help you Better Manage Your Business

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NetSuite users, it is that time of year again! NetSuite‘s first Release of 2021 is officially here: NetSuite Release 2021.1.

Wondering what features from this release will directly impact your company? Continue reading for some new feature highlights that will help you better manage your business, and how Sikich can help you out along the way.

Order Management New Features

Invoice Group Enhancements

The Add to Group Button on Invoice Records will now appear on the invoice record when it is eligible for grouping. You are also now able to add invoices that are not associated with a sales order to an invoice group. This allows for invoices for projects and subscriptions. In addition, invoices that were imported may also be grouped.

Charge Frequency Flexibility

There is not a huge change here, but NetSuite now allows for out of the box frequencies. One thing that NetSuite did was remove One-Day Charges from Charges and Reactivation Change Orders. Rather than the charge set at end of day, you can now set the preference to revert the change order to start of the day.

Void Usage

Before NetSuite Release 2021.1, companies were not able to terminate or suspend an order and reactivate it in the same date, so this feature allows for this functionality. If subscription is active/suspended, you will be able to void those usage records. This will automatically credit voided usage against a previously billed charge, which will reverse the revenue. This will help eliminate the need for manual corrections. If the usage has already been billed or recognized, it will automatically post a journal entry, even when the revenue is in closed accounting period.

Charge Based on Total Contract Value

If the charge is based on a Fixed Amount, users will no longer need a price plan and quantity. This new feature functionality allows users to plug in Total Interval Value based on time and dollar amount, which will then create the price plan for you. This can be beneficial if a client negotiates subscription costs with their customers.

Inventory Management and Supply Planning New Features

Enhancements in this area of the 2021.1 Release are targeted at boosting supply planning capabilities. The use of Order Allocation by channel and inventory reservation prior to a sales order are important to prevent over/underselling. Order Allocation allows for better prediction for demand and plan supply and helps to lead towards more Autonomous Supply Planning Capabilities. In the Supply Planning Snapshot from NetSuite, Allocated Quantity is included, and the following columns will be visible when the Supply Allocation Feature is enabled: Allocated Demand, Allocated Supply, and Available Inventory Balance.

Supply Planning Workbench in NetSuite Release 2021.1 now allows users to have date-based views, allowing you to review item and location planning results during a certain period. In addition, there is a new sorting parameter called “high impact late demand threshold,” so whenever late demand exceeds demand thresholds, (established by the company), a color-coded alert gets triggered in the Supply Planning Workbench.

Warehouse Management System New Features

WMS now includes New Wave Release Capabilities with the 2021.1 NetSuite Release.

Bulk Order Picking

NetSuite has now added a method to select one inventory item for all the sales orders. Users can now pick a single bulk order that will generate a single pick task, containing the consolidated ordered quantity for the same regular inventory or lot item across all orders in the wave.

On mobile devices, you can now select the Multi-Order Picking option to process wave transactions for the Bulk Order Picking type. NetSuite WMS will automatically distribute picked quantities across orders included in the wave. In addition to having the option to select Multi-Order Picking, you can generate and release waves for Single Orders. On the Single Order Picking page, you will see Unreleased and Released Orders. If you select Unreleased Orders, you will have the option to choose orders to include and release in the wave transaction.

Scheduled Wave Release

This new feature functionality allows users to schedule the release of wave transaction for sales or transfer orders. With this, users now can filter the orders that they would like included in the wave, and then set a schedule for the release to their warehouse.

If you have any questions on new features or functionality from NetSuite Release 2021.1 that were highlighted here, or in general, Sikich’s NetSuite Release Optimization could be a great resource for you! With this service, a Sikich NetSuite Consultant will meet with you before and after each NetSuite Release. During these one on one sessions, a NetSuite Consultant will assist with identifying what updates on the new release will directly impact your company’s account, and then will be able to provide recommendations that will help you take advantage of the new features.

Have questions or want to discuss if this is the right plan for your organization? Contact your client account manager for more information. We look forward to joining your support team!

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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