Author: Chris Laughner
The first NetSuite release of 2024 brings exciting new features and updates across a variety of modules and use cases, all enhancing the already powerful platform and building upon its exceptional support for businesses and users. Let’s take a look at some of the updates to the platform and discuss how users can leverage the improvements to get the most out of their NetSuite instance. If you have any questions regarding the new enhancements, or you would like to learn more about how the experts CloudPaths can support, enhance, integrate, and integrate your NetSuite instance, please contact chris.laughner@cloudpaths.com
Please note: Your access to the features and SuiteApps discussed in this article is subject to the terms of service in your NetSuite contract. Some features may require additional purchase.
For full details of the 2024.1 Release Notes, please see the following link: https://docs.oracle.com/en/cloud/saas/netsuite/ns-online-help/chapter_N3944673.html#NetSuite-2024.1-Release-Notes
Revenue Recognition Field Mapping Enhancements
The Rev Rec Field Mapping Enhancements provide additional flexibility and automation in the Advanced Revenue Management feature to support users’ ability to create and automate revenue recognition rules.
A new record page named Revenue Recognition Field Map allows users to create map records that are tracked with system notes. A new list page named Revenue Recognition Field Mapping contains all the field maps and their relevant deal. Users can view, open, and edit revenue recognition field map records directly from the list page.
The Revenue Recognition Field Map page contains several new fields. Users can now utilize Transaction Type, an optional field that specifies the type of transaction the mapping is applied to as well as Custom Form, which allows users to specify the custom form they want to create the mapping from based on the selected transaction type. The optional fields Start Date and End Date were also added which can be used to configure mappings within a specific date range.
The available Source Field values depend on the selected Source Record Type, Transaction Type, and Custom Form combination. The Automatically Update Target Field Value box allows users to specify if the target field value automatically updates upon changing the source field value and updating the revenue arrangement.
Fixed Assets Management Enhancements
The 2024.1 Fixed Assets Management enhancements give users the capability to use 4-4-5 Week Period Format in Depreciation Schedule Reports, adds additional customization capabilities in CSV Reports, and streamlines bulk asset revaluation.
4-4-5 Week Period Format in Depreciation Schedule Reports: Accounts that use the 4-4-5 Weeks accounting period and have enabled the Use Accounting Period Dates for Depreciation now support the ability for the depreciation schedule report to group and display the depreciation and net-book values in 4-4-5 Weeks period. Instead of calendar months, the accounting period is used as the column headers in the report.
Display Custom Columns in CSV Reports: Custom columns added to report templates using the Customize Report Template page are now reflected in the CSV reports. Currently, Depreciation Monthly Report, Depreciation Schedule NBV Report, and Depreciation Schedule PD Report are supported. This update does not apply to reports generated in previous versions of the SuiteApp. The changes will take effect on the report templates when users resave them after upgrading to FAM 2024.1.
Bulk Asset Revaluation: Users can now use CSV import to revalue multiple assets in one transaction. The Import CSV button on the Asset Revaluation page opens the Bulk Asset Revaluation page. A link to a sample CSV file is available for download on the page. Users can edit the sample file to add details of the assets that they want to revalue and upload the file in the same page.
Manufacturing Mobile Enhancements
NetSuite 2024.1 brings multiple enhancements to Manufacturing Mobile that drive efficiencies, accuracies and benefits to users working with the app on the shop floor.
Users can now designate multiple components in a Bill of Materials to be backflushed without the need to report consumption data manually, the app now enables users to scan and enter an item’s UPC code from their mobile device, WIP Work Order operations steps can be recorded with actual start and end times (including the ability to start an operation, pause an operation with a reason code for the pause, restart the operation, and end the operation), and work order instructions are now viewable from a mobile devise in the assembly routing. New warning and error messages are also included with the release of Manufacturing Mobile 2024.1
Ship Central Enhancements
Multiple enhancements are available to Ship Central following the NetSuite 2024.1 release that bring additional functionalities to the app.
Users are now able to add Shipping Insurance to their shipments, enter the declared value of items, and view the updated shipment cost. The new Set Delivery Confirmation of Shipments system rule enables users to choose a delivery confirmation type for each shipment. Shipping labels from carriers display the actual text or its acronym.
Through the new Allow Package Code Updates system rule, users can now view carriers’ lists of package codes and change the packaging for single-package shipments. In case a shipment for multi-package shipping contains a single order with one carton only, users can also change its package code. The estimated shipping cost reflects any rate adjustments based on your choice.
Users can now generate and print shipping manifests provided by the carrier. They can print a manifest for each shipment that you process on the app.
On the NetSuite UI, users can choose a different shipping rate or method from the list obtained through their NetSuite ShipEngine account. If users utilize the Multiple Shipping Routes feature, they can make these changes for one or more order lines.
Businesses with multiple subsidiaries can now create and assign shipping preference records for each subsidiary. Users can also set up one for each unique location within the same subsidiary.
The Shipping Preference page provides the new Enable 3rd Party Billing for FedEx Ground Collect setting. It enables you to always ship packages that the carrier bills directly to the recipient when you use a FedEx Ground shipping method. It displays the Billed to third party tag for the estimated shipping cost and the Collect tag on shipping labels.
NetSuite Pay
The NetSuite Pay SuiteApp version 1.0.0 is now available for installation as a managed SuiteApp! Users can now accept credit card payments via an integrated payment processing solution designed specifically for businesses that use NetSuite. Before installing the SuiteApp, it must be provisioned by your NetSuite account manager.
NetSuite Pay allows users to accept credit card payments online, over the phone, at the point of sale, or through another digital payment method, all with PCI-compliant data security. NetSuite maintains a complete record of the full transaction lifecycle, giving a 360-degree view of customer transaction history and detailed audit tracking while maintaining the security of payment card data.
NetSuite Pay works in conjunction with Payment Link to:
- Send e-invoices with a payment link or QR code to a secure payment page.
- Configure the payment link to select certain payment methods, allow partial payments, and include a company logo and information.
- Send payment notifications using customized email templates to inform customers when payment is accepted or rejected.
- Let customers view and pay their bills with a click by credit or debit card.
NetSuite Pay also works with NetSuite Customer Center, SuiteCommerce MyAccount, and SuiteCommerce Advanced My Account for business buyers to view invoices, securely add and manage payment methods, and pay faster and more efficiently.
Text Enhance
Text Enhance uses generative AI to assist with writing business content in NetSuite. It can help create and refine content, as well as make content the right length for your needs. The Text Enhance feature delivers speed to users working on tasks such as writing descriptions for item sales, stock, purchases, and employee job titles, location, and job requisitions.
Text Enhance uses information from the page users are editing when it generates content. For example, when users use Text Enhance to generate a sales description for an inventory item, it uses information such as the item name, vendor description, display name, and stock description from the inventory item page. Text Enhance can also help users write different item descriptions for the same item, depending on how they will use the description. For example, when users use Text Enhance to generate text for the Purchase Description field of the Purchase/Inventory subtab, the generated text can include different details and even a different tone than what Text Enhance generates for the Sales Description field of the Sales/Pricing subtab.
Text Enhance is enabled by default, but access to it may be limited by an account’s enabled features, location, and language.
Release Preview Availability
Prior to each of NetSuite’s two annual releases, NetSuite provides a “Release Preview” that allows NetSuite customers to test out the updates before they are pushed to production accounts.
CloudPaths recommends NetSuite customers opt-in to the Release Preview soon as possible to experience the updates in a designated “preview account.” This account replicates your live production environment but also includes each of the release’s updates. This allows your NetSuite users to try out the new optimizations, features, and updates using their own data in a sandbox environment.
Please feel free to Contact Us if you have any questions regrading the 2024.1 Release Notes or Release Preview.
Disclaimer: This article highlights several of the NetSuite 2024.1 Release Notes and is not a comprehensive list of all enhancements and upgrades included in NetSuite’s 2024.1 Release.
