As you may have noticed during your last login, NetSuite has announced their 2017.2 release dates.

You can find the New Release portlet on your Home Dashboard. If you do not see this it’s possible that it may have been closed since NetSuite first added it for you (if you do not see this, please find the instructions in the document “NetSuite New Release Facts 2017.2” below on how to add it back). Also attached is an overview of all resources available to you including how to access 2017.2 New Feature Training Videos.

NetSuite New Release Facts 2017 2

This release will enhance your NetSuite System with several new features including:

Section

Key Changes Summary

Accounting –

Multi-Book

Book-Specific Advanced Intercompany Journal Entries > Can create book-specific advanced intercompany journal entries.
Compare Accounting Books in Reports > New Multi-Book Accounting Reports for Income Statement and Balance Sheet
Accounting –

Fixed Assets Management

Ability to forecast depreciation values, asset transfer enhancements, custom segments functionality
The unified depreciation engine combines the capabilities of multi-book accounting

methods and alternate (tax) methods to be used interchangeably.

Accounting –

Advanced Revenue Management

Prospective Change Order Management in Advanced Revenue Management > Can use the merge revenue arrangements process to account for modifications prospectively in compliance with new revenue standards
Usability Enhancements for Advanced Revenue Management > Bulk Editing, Failed revenue arrangements are isolated from processing, only approved transactions are processed for reclassification, new accounting preferences, new fields
Advanced Revenue Management Support for Advanced Subscription Billing > Includes specific Recognition Rules, Plans and Options on Records and Lines
Accounting Custom GL Lines Plug-in Enhancements > Ability to Apply Multiple Custom GL Plug-in Implementations to a Single Transaction Type and Ability to Run Custom GL Plug-in Implementations Asynchronously
Print Journal Entries Using Advanced PDF/HTML Templates
GL Audit Numbering in Searches and Reports > Two new fields have been exposed to show who assigned a GL audit number and when.
New Reversing Journal Entry Accounting Preference > Ability to apply multiple custom GL plug-in Implementations to a Single Transaction Type and Ability to Run Custom GL Plug-in Implementations Asynchronously
SuiteApprovals for Journal Entry > Provides ability to create approval rules to manage the validation and approval routing
Administration Updates to the Role Record > New sub tab, “Restrictions”, used for setting class, department and location restrictions
Session Management Security and Usability Enhancements > In accordance with industry-wide security recommendations, absolute timeout and session rotation
policies have been instituted in NetSuite. A new preference in the General Preferences page allows Admins control over session management
Search Bulk Processing Jobs > Administrators now have the ability to view a list of all of the bulk processing jobs
Banking Change to Imported Bank Statements > Online Bank Statement page has changed (Transactions>Bank>Import Online banking Data), auto match button has been removed (need to re-import to run matching rules), functionality with deleted bank statements, Bank Statement Import saved searches and a new navigation path to reconcile (Transactions > Bank > Reconcile Account Statement).
Create and Edit Custom Rules for Intelligent Transaction Matching > formerly called ‘auto match’, ability to create custom rules (in addition to system rules)
Additional Import Formats > .XML bank statements and BAI2–Formatted Bank Statements .TXT (used by TD, Wells Fargo, US Bank, JP Morgan Chase, and Bank of America Merrill Lynch)
QIF Bank Statement File Format Deprecation> No longer supported
Customer Relationship Management (CRM) Customer Center Users > Improved Login Experience requires admin customized HTML page
Timesheets > Copy Previous Week without hours and/or memos
SuitePeople SuiteApps for HCM > Time-Off Tracking, Health and Safety, Employee Directory, Recruiting Reports, Affordable Care Act
Items and Inventory Management Enhanced Item Location Configuration > Location information is not displayed until a view is selected. The view selection determines which data columns show and data shows only for locations related to the selection
Advanced Bill of Materials > New features to: Define multiple BOMs for single assembly items, Apply location specific BOMs to an assembly, Use a single BOM across multiple assemblies, Apply BOM defaulting at both the location and master level, Streamline BOM revision management using the new revisions record. There is a new BOM record type which replaces combined assembly/BOM records which includes a ‘revisions’ sub tab to show the history of all revisions made to the BOM and the tab can be customized.
Support for Spaces and Special Characters in Bin, Lot, and Serial Numbers > Support for Spaces and Special Characters in Bin, Lot, and Serial Numbers
Inventory Costing Preferences Page > New options for scheduling when inventory costing is processed (including custom schedule), ability to select how item cost is calculated for inventory with levels below 0
Order Management Advanced Subscription Billing > lets you create, manage, and bill customers for subscriptions. Gives you the ability to create subscriptions, subscription plans, price plans, and price books
Fixed Price SuitePromotions > ability to create a promotion that offers specific items at a fixed price and take advantage of SuitePromotion functionality
Enhancements for Rejected Fulfillment Requests > Ability to edit header fields, custom fields and line level notes
Synchronizing Subscription Information and Totals with an Opportunity, Estimate, or Sales Order > Updates to subscriptions opportunity, estimate or sales order can be synchronized to associated transactions
Advanced Subscription Billing User Interface Changes > Cosmetic changes made to the record layout
New Billing Account Fields > Ship to Select and ‘Ship To’
Support for New Payment Formats in Electronic Bank Payments > Sweden and the
Netherlands. For Sweden, the SEB (Svenska Enskilda Banken) payment formats – Bankgiro, Plusgiro, and SEPA Credit Transfer are supported. For the Netherlands, the ABN AMRO Bank SEPA Direct Debit format is supported.
Autocharge Credit Card SuiteApp > Script that enables you to automate the billing and credit card payment capture of sales orders.
Projects Billing Rate Card Enhancements > Ability to add effective dates to change rates without having to create new rate cards. New ‘Modify By’ field for easier recalculations of all rates by specified percentage
Time Off Support for Resource Allocations > Sends an email notification when time off is approved that conflicts with an existing resource allocation
Project Time Approvals > Additional approval preferences for time tracked on projects
Vendors, Purchasing, and Receiving Create Multi-Subsidiary Vendor Customer Relationships > Ability to create a multi-subsidiary customer record from a multi-subsidiary vendor record, which is tracked as a single entity record
Search Shared Vendors for Secondary Subsidiary Information
Vendor Time Approval > may select a time approver for vendor time
CSV Import CSV Import Supported for Paycheck Data
CSV Import Supported for Advanced Intercompany Journal Entries
CSV Import Supported for SuitePeople HCM Data > Job Import, Time-Off Change Import
CSV Import Supported for Advanced Subscription Billing Records > Price Book, Price Plan, Subscription, Subscription Change Order, Subscription Line, Subscription Plan, Usage

Please let me know if you have any questions or would like to schedule a call. This above list is a summarized list. I recommend that you go through the full release notes and allow time to test out the new functionality.

Contact RSM at [email protected] or by phone at 855.437.7202.

By: Heidi Megna