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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

With the 2021.1 Release, NetSuite now introduces SuiteProjects a professional services automation that is built natively into NetSuite. SuiteProject combines Project Management, Resource Management, Budgeting, accounting etc. to provide a complete view of on-going projects, bills and deliverables. When it gets combined with CRM, Sales, HR, Inventory management etc. SuiteProjects becomes a fully comprehensive system that runs the entire business on a single data system.

Automated Inventory Management

Companies can now avoid further customer dissatisfaction and avoid reshipping the product back to the customer. In 2021.1 NetSuite now introduces NetSuite Pack Station, a new touchscreen-based packing solution to be used for consolidated shipments, packing multiple cartons, managing multi-level packaging, scanning weights etc. NetSuite Pack Station provides an additional verification to ensure the correct order gets shipped to the customer.
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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

Previously, if employees wanted to edit or update their time entries, they had to wait to get the rejected time entry form, from their supervisor. However, in 2021.1 employees can now retract timesheets to make edits before being approved by their Supervisors. Employees can use the Retract button on the Weekly Timesheet’s page which can be used to retract individual time entries from a particular time transaction record. Employees can only retract time that is pending approval and the Retract Time button won’t be available in the Edit mode for timesheets.
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Platform + Analytics

NetSuite 2021.1 also introduces the Application Performance Management (APM) dashboard that efficiently manages and analyzes REST web-based service integrations.

Conclusion

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.

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