NetSuite 2023.1 Summarized by ERP Buddies Inc.
This article will discuss the key enhancements and changes that are introduced in the 2023.1 version of NetSuite. It is important to note that customers will not have access to these updates until they upgrade to the 2023.1 version. Customers are advised to check the version number on their home page if they are unsure which NetSuite version they are currently using.
Additionally, certain features and SuiteApps may not be available in all NetSuite accounts and access to them is subject to the terms of service outlined in each customer’s NetSuite contract. Some features may require an additional purchase.
Accounting
NetSuite 2023.1 includes several accounting feature enhancements, such as Advanced Revenue Management Period Close Checklist Tasks Enhancements, Fixed Assets Management Enhancements, and Expense Commitments and Budget Validation Enhancements, among others.
One significant enhancement is the addition of two new tasks to the Period Close Checklist: Recognize Revenue and Reclassify Revenue. These tasks allow users to create revenue recognition and reclassification journal entries. To access the Period Close Checklist, users must lock accounts receivable and accounts payable.
Another update is related to Carve In/Carve Out Adjustment Journal Entries. Previously, NetSuite split a single revenue arrangement across multiple journals when the reclassification process exceeded 1,000 lines. Now, NetSuite does not split a single revenue arrangement across multiple journals, which improves the readability of the carve in/carve out adjustment journals.
Users are encouraged to run the revenue recognition and reclassification processes at the end of each period.
Banking
In banking, the updates include improved CSV bank statement file parsing, payment automation for HSBC, two-factor authentication support for bank statement import, and transaction type mapping to payer/payee field in CAMT.053 Parser.
In commerce, the release includes several enhancements to commerce sales and marketing, website management and performance, SuiteCommerce solutions, themes, extensions, and SuiteCommerce InStore (SCIS). Notably, the Intelligent Item Recommendations feature has two new recommendation types: Buy Again and Alternative Items. These recommendation types are available on sales orders, estimates, opportunity records, and SuiteCommerce websites.
The SuiteCommerce InStore 2023.1 release is distributed using a phased release process, and it provides updates that affect behind-the-scenes processing in NetSuite.
Overall, NetSuite 2023.1 brings several improvements to its banking and commerce features to enhance user experience and functionality.
Inventory Management & Manufacturing
In inventory management, there are Warehouse Management enhancements such as the ability to release multilevel kit items in a wave, bin handling during order picking, updates to Warehouse Management records, and HIBC formats for item bar code scanning.
Manufacturing features include the end of support for Bills of Materials where components are embedded to an Assembly Item, Manufacturing Mobile Stand-Alone Assembly Build Reporting, and Manufacturing Mobile Backflush Logic updates.
It is important to note that with the release of NetSuite 2023.1, Bills of Materials where components are embedded to an Assembly Item will no longer be supported, and users should transition to the Advanced Bill of Materials feature.
Projects & SuiteAnalytics
For Projects, users can customize the actions triggered by project statuses and customize the Percent Complete Override subtab to include more information, such as the calculated percent complete, period status, and revenue recognition plans. Additionally, a new preference is available on project status records to enable automatic percent complete recalculation.
For SuiteAnalytics, enhancements include changes to cached data documentation, the ability to modify filters on Analytics portlets, changes to SuiteQL Builtin. Hierarchy() function, and accessibility of measure-related functions in workbook visualizations. Furthermore, the Connect driver download page has been improved to provide users with more detailed information on the latest driver versions and all previous driver versions that have been released.
SuiteScript & SuiteTalk Web Services Integration
The SuiteScript Code Samples Catalog now offers additional samples and improved organization using multiple categories. The REST Web Services API now fully supports several record types, including Customer Payment, Deposit, and Vendor Return Authorization.
SOAP Web Services Version 2023.1 and the 2023.1 SuiteScript Records Browser are not yet available. The Araxis Merge Diff File for the 2023.1 Endpoint is expected to highlight schema changes, such as new record types, added or removed elements, and new search filters and operations.
User Interface
NetSuite 2023.1 brings enhancements to the user interface with Global Search, CKEditor Library Update, and a new preference to display inline editor sublist tooltip. The Global Search menu feature now includes search results from the Navigation Menu and displays all fields, tabs, and subtabs on the current NetSuite form. The CKEditor library used for rich text editing has been updated to version 5. Users must follow the guidelines provided on the CKEditor website.
Additionally, users can enable or disable tooltips with the column name when editing an inline sublist by checking or clearing the Sublist Column Name Tooltip box located on the Appearance subtab at Home > Set Preferences.
Vendors, Purchasing & Receiving
The Bill Capture feature has been updated, allowing users to email or upload vendor bill files to create NetSuite vendor bills.
The Scanned Vendor Bills page has been enhanced with filtering and sorting options, while the Review Scanned Bill page now includes cross-reference highlighting, an editable subsidiary field, location field suggestions, maximum entries in dropdowns, PO number, vendor and account search, and line item swap.
However, some features, such as custom segments and customization on the Review Scanned Bill page, are not supported. The update also supports alphanumeric date formats. Additionally, the Menu Search feature in global search now includes search results from the Navigation Menu, and the CKEditor library has been updated to version 5.
For more information on new release, please refer to the official release notes by Netsuite: here.
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