Top features from NetSuite 2021.2 release notes

NetSuite, in its second release of new features in 2021, recognizes that the business landscape changed drastically in 2020 and organizations have remained focused on being more efficient in keeping costs down, productivity high and customers happy. NetSuite 2021.2 release notes touts online invoice payment options, flexible inventory allocation, and new preferences for users.

Current users can view the full release notes in their NetSuite account. Our team of experts compiled a list of the most exciting enhancements that users should explore.

NetSuite now enables cost accountants to modify inventory assets and the cost of goods sold (COGS) accounts on the item card without changing an item’s historical transactions and existing reports.

Once an accounting period is closed, you’re unable to edit any transactions within that closed period. However, you might want to make a non-posting change, or non-General Ledger (GL) change, such as add a memo or edit a Customer PO number without having to adjust invoices. NetSuite introduced a new preference that will check the “Allow Non-G/L Changes” box for each new accounting period you create by default, while keeping prior accounting periods unchanged. You can also check or clear the “Allow Non-G/L Changes” box on all accounting periods, including unlocked periods.

NetSuite introduced the Automated Cash Application feature to allow you to import bank lines that do not have matching customer payments in NetSuite. The feature is helpful if you receive a high volume of customer payments daily by applying them to open accounts receivable accounts in bulk.

Complete list of Automated Cash Application functionality:

• View all imported bank lines with a positive amount that are not matched with a corresponding account transaction.
• View the name of the customer for each imported bank line. NetSuite can automatically assign a customer to a bank line using an exact match, partial match, or preferred match.
• Create customer mapping rules that the system can remember and use to map customers to future incoming bank lines.
• View the invoice or invoices a payment will be applied to. If the imported bank line does not specify an invoice number, NetSuite provides a list of suggested invoices.
• View the payment amount applied to each invoice.
• View all open invoices for a customer, and include or exclude those invoices from the payment application.
• Automatically match and clear general ledger customer payments with your imported bank lines.

Prior to the NetSuite 2021.2 release notes announcement, you could only export table views and charts as CSV files in workbooks. Now, the export as CSV file functionality is available in all workbook visualizations, including tables views, charts, and pivot tables.

NetSuite 2021.2 release notes includes several enhancements to SuiteApprovals, including the ability to perform project-based approvals. When you enable the Projects and Project Management features in your account, project managers can approve project-based records and documents.

New SuiteApprovals features:

• Addition of Project Manager as an Approver Type – When creating an approval rule with a custom approval chain, you can now select Project Manager from the Approver Type dropdown list and do not need to select a specific project manager. When the approval rule is used, the system automatically retrieves the name of the approving project manager from the Primary Information section of the project record.
• Supported Record Types for Project-Based Approvals – Project managers can approve purchase orders, expense reports, and vendor bills that are linked to projects. Additionally, project managers can now approve documents both through the NetSuite UI and by email.

The Purchase to Project SuiteApp, available from the SuiteApp Marketplace, allows project managers to create and manage purchase transactions related to projects and project tasks. The SuiteApp provides a unified purchasing experience for project managers and allows them to perform the following tasks:

• View purchase orders and vendor bills entered for a project or project task.
• Initiate purchase orders from a project or project task with a single click.
• Allow or prevent creation of purchase orders and vendor bills for a project or project task.
• Designate approved project vendors for project-related purchase orders.
• View the total invoiced amount from billable items and expenses for a project.

The Time-Off Tracking SuiteApp now supports automatic creation of time-off calendar events, allowing both the time-off requester and the requester’s supervisor to see approved time-off in the NetSuite calendar. This saves significant time by eliminating the need to manually create a calendar event noting time off.

Do you have questions about any of the updates or new features in the NetSuite 2021.2 release notes? Our team of certified NetSuite experts are always up-to-date with the latest features and can help with any questions. Contact a Rand Group representative to answer your questions today.