5 critical new features of NetSuite Release 2018.1

Every year, NetSuite reveals new versions of its business management suite. As a cloud-based solution, upgrading to the new version is easily and quickly managed, with no lengthy data migrations or software installations needed.

Last year, we revealed the best features of Release 2017.1. NetSuite’s latest version is Release 2018.1. The Release Notes are a very detailed document released by NetSuite that lists all the new features or enhancements included in the rollout. Here at Rand Group, we have reviewed the Notes and want to share our top five new features of version 2018.1.

This list is based on those features we believe will be most valuable for companies currently using NetSuite or those considering NetSuite. The full Release Notes are available in the Help Center for anyone wishing to get a more detailed look into the full scope of the new version.

Most, if not all, customers use the Bank Reconciliation feature in NetSuite, and should be excited about the new developments with this functionality. If you recall, in 2017, NetSuite released customized reconciliation rules. In 2018.1, you can now select the accounts for whom you wish these custom rules to be applied. Previously to 2018.1, the custom rules ran for ALL accounts. This additional customization will allow you run the custom Matching Rules against transactions from the selected account, providing a higher level of flexibility and accuracy in your reconciliation.

Approvers and managers now have the ability to approve or reject time-off requests, purchase requests, requisitions, and expense reports from the Employee Center. This can be done from a new portlet called Approvals that will appear on the Employee Center home page. Approvers and managers can respond from the portlet or have the ability to view the details of the requests.

This one is long overdue. Prior to 2018.1, you only had the ability to assign one subsidiary per customer record, limiting transactions to that one subsidiary only. This created frustrations for multi-subsidiary corporations that shared customers. In this upgrade, the Multi-Subsidiary Customer Feature will allow you to share a customer or sub-customer with multiple subsidiaries/entities, just as you have been able to do with vendors for a couple of years now. This will provide a TRUE global view of your customer.

Updating line items will no longer require scripting. In 2018.1, you can now execute actions on items sublist lines, as part of workflows. To execute line item actions, a Sublist Action Group will be required. The sublist action group gets assigned to the workflow state that is to be executed on the line item. This new feature expands the power of workflows and allows users to decrease the dependency on developers to customize NetSuite.

Last, but not least, NetSuite’s new version allows you to use the same Bin Name/Number across locations. Currently, when the Multi-Location Feature is enabled, you cannot save a bin to a location if that bin already exists in another location. With this new feature, companies that standardize bin location nomenclature across different warehouses are not limited by NetSuite’s previous functionality.

These features are only five of hundreds of new features included in Release 2018.1 that greatly improve the functionality and user experience of NetSuite. If you already have NetSuite and are interested in a release upgrade, we have many support options available. Or to learn more about the latest release, contact us.