In February 2018, NetSuite released the new NetSuite 2018.1 upgrade with new and updated features and functionalities.

A new update helps you ensure that your software and organization are running at optimal performance. Here are some highlights of the new release.

1. General Business

  • Launching new websites has never been so easy! Now you have the ability to quickly and easily launch new web stores (which are responsive across multiple devices) using SuiteCommerce
  • The new multi-subsidiary customer feature allows customer files to be shared across subsidiaries, thereby reducing duplication and improving reporting capability.
  • Some rules (new transaction types for custom rules, inactivate transaction matching rules, automatic correction to matches when transactions are deleted) have been updated so that they match with transaction details, thereby reducing operational overhead costs and tasks.
  • Get complete details of your global inventory and supply chain status with the new supply chain snapshot feature.
  • The new features in the advanced revenue management section are fully compatible with revenue recognition regulations and help to track productivity with new reports built for easy user interaction.

2. Global Financials

  • With the inclusion of a new feature, local regulatory requirements can now be easily fulfilled for countries like China, Japan, and Malaysia.
  • Each subsidiary can be activated separately which gives more flexibility in managing the multi-book environment.

3. Non-profit organizations

  • A new reporting feature has been added which gives companies more flexibility when tracking their project profitability report. Also, customers can now forecast future revenue more accurately by including current sales orders as a part of future revenue.
  • All resource-related data such as rate and time can be updated with a single click, thus speeding up charge-based billing projects.
  • The user interface for timesheets has been updated and now provides an easy, intuitive experience to users.

4. Wholesale Distributors

  • A new inventory status feature has been introduced that helps increase commitment and order fulfillment capability, which ultimately helps in increasing delivery efficiency.
  • You can now use cross-subsidiary fulfillment to stream order management and fulfill orders efficiently within the global panorama.
  • With the support of the landed cost capability using inbound shipment management, inventory valuation can now be more accurately tracked on a regular basis.

5. Service sector companies (such as Advertising, Media, and Publishing)

  • Reporting has been enhanced to provide more flexibility to companies in tracking project profitability. Also, customers can now forecast future revenue more accurately by including current sales orders as part of their future revenue.
  • The addition of new resource allocation grid filters helps users to allocate resources easily and control projects with greater flexibility.

6. Retail

  • With the new fallback solution in SuiteCommerce Instore, you can now track sales records even when the point of sale system is offline.
  • You can now use cross subsidiary fulfillment to streamline order management, which helps in processing the orders efficiently within the global panorama.

7. Manufacturing

  • Order management can be streamlined by centralizing processes related to order entry which will simplify external transactions and direct fulfillment against sales orders with cross subsidiary fulfillment.
  • New functionalities have been added which helps in customizing the bill of materials (BOM) components and revisions.

8. Updates to the SuiteCloud Platform

  • A new update in workflow customization helps the users execute workflows on item subset lines without the need to make changes to the code manually.
  • To enhance the overall experience, the processing power of servers has been increased significantly with the help of additional SuiteCloud processors that enhance the parallel processing capability of scheduled scripts.
  • Current features have been updated to increase the refreshing speed of the sandbox and reduce the SuiteCloud downtime to “0” which can ultimately help enhance the user experience over a longer period of time.

If you have any queries related to the 2018.1 update or your NetSuite Implementation, you can always ring us at +91 40-64591232 or mail us at info@tvarana.com.

To learn more about how the Cash Flow Statement app can help your accounting process, schedule a demo with our team today!