Crucial Updates from NetSuite 2021.1 Release
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Every year Oracle | NetSuite releases 2 major system upgrades to improve and enhance the functionality of their NetSuite system and they recently announced the first preview of their new NetSuite 2021.1 Release.
NetSuite provides Release Preview accounts to its customers to let them test and experiment with the new changes and to ensure they do not interfere with existing workflows and customizations. These Release Preview Accounts are made available to every NetSuite Account to help companies gauge the new changes and updates that NetSuite brought in 2021.1. The Release Preview Accounts are made available to customers in batches, so some companies may not have them yet, but they will be available to everyone soon.
Therefore, at ERP Buddies, we like to encourage our clients to make use of these Release Preview accounts so that they can test existing customizations against the new changes introduced by NetSuite in 2021.1. Companies can also take this opportunity to optimize current work functions to enhance them furthermore.
To know more, you can check out the detailed version of the NetSuite 2021.1 Release Notes here.
Explore some of the crucial updates from NetSuite 2021.1 Release
Optimizations to the Project Lifecycle
Automated Inventory Management
Centralized Subsidery Purchasing & Billing
In 2021.1 NetSuite has introduced the centralized purchasing & billing feature for companies operating multiple subsidiaries. NetSuite OneWorld now comes equipped with this functionality which enables businesses to receive orders and complete vendors return across various subsidiaries that the business operates. Thanks to this feature, companies now save time and avoid unnecessary order transfers in-between locations.
For instance, if a company has a single account and they have a centralized purchase order in NetSuite, each target subsidiary can create their item receipt from the Receive Orders Page or directly via the Purchase Order.
Deprecation of Reconcile Bank Statements and Reconcile Credit Card Statement Pages
NetSuite 2021.1 has now deprecated the Reconcile Bank Statements & Reconcile Credit Cards statement pages. These pages are still accessible in 2021.1 updates; however, they are scheduled to be removed in the upcoming updates.
Therefore, it’s now expected that companies promptly try and adopt the new bank reconciliation feature which is the Account Reconciliation. The Account Reconciliation feature includes the Match Bank Data & Reconcile Account Statement pages which now enable businesses to match & reconcile transactions while eliminating the need for Microsoft Excel or any other third-party application.
Edit submitted timesheets
Platform + Analytics
As NetSuite releases tons of new features with their upgrades every year, it wouldn’t be possible to enlist all of them in a single blog. To get a complete view and understanding, we highly recommend setting up a call with one of our NetSuite Experts at ERP Buddies, who can help you get the best for your company with the new 2021.1 NetSuite update.
These updates are meant to enhance the NetSuite platform which improves your company’s business processes and productivity, so taking advantage of these is a must.
As mentioned before, the Release Preview Accounts will be given to each client in batches and once you receive yours, ERP Buddies can help you improve your company efficiency with the addition of these updates.
For more information regarding when the Release Preview Account will be available to you, you can log into your NetSuite account and click on “New Release” on the Homepage.
Check the screenshot below for more information.