As you may have noticed during your last login, NetSuite has announced their 2018.2 release dates. We’ve summarized some of the updates available to you in the linked documents below. In addition, we have also included a link with very important information if you have any integrations with your NetSuite environment.

You can find the New Release portlet on your Home Dashboard including links to training videos, suggested test plans, full release notes, and additional information about your upcoming release. 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 2018.2” below on how to add it back.

Accounting

  • Period End Journal Entries > Automates posting period end journals to record consolidation and income statement closing journals to the general ledger
  • Period Close Checklist > Create Period End Journals task
  • System-Generated Journal for OneWorld > read-only, represents the GL impact of payments that are at varying states of completeness
  • Configurations to Not Run Custom GL Lines Plug-ins on Closed Periods > new Run in Closed Periods box has been added to the Custom GL Lines Plug-in configuration page
  • GL Audit Numbering Enhancement > ability to create GL numbering sequence from the GL Audit Numbering Sequences page
  • Removal of 1099-MISC and 1096 Forms > no longer supported or available, must find another provider

Administration

  • Changes to Release Preview Access for 2018.2 > no longer automatically providing Release Preview accounts to all customers, now an option for customers to opt into Release Preview for 2018.2
  • Deprecation of Sandbox Domain > will be fully depreciated as of 2019.1
  • NetSuite Two-Factor Authentication > wizard available, guides through entire process to setup preferred primary and backup authentication options
  • Admins No Longer Required to Provide Initial Passwords for New Users
  • Two-Factor Authentication Required for NetSuite Access as Administrator and Other Highly Privileged Roles
  • Multi-Subsidiary Entity Enhancements > CSV Import for Mass Create and Mass Update, customization of the Subsidiaries Subtab on Vendor and Customer Records, Search for Data on Entity-Subsidiary Relationship Records

Banking – Account Reconciliation

  • New Confirm Transaction Matches Page > side-by-side list of transactions from imported statements and from NetSuite
  • Ability to Create New Charges, Deposits, and Credits while Matching
  • Ability to Exclude Transactions from a Reconciled Statement
  • Ability to Change to Statement Start and End Dates
  • Ability to Reconcile a Statement with an Amount Difference
  • Can no longer reopen reconciled statements

Banking

  • Confirm In-Transit Vendor Payments > added to matching and reconciliation process, automatically converts the in-transit payment to a confirmed payment
  • Download and Decrypt Statement Files > ability to download a decrypted copy of imported statement files
  • New CSV Statement Format Requirements > CSV bank statement file must contain: NS Internal Customer ID, NS Customer Name, Invoice Number(s)

Customer Relationship Manager (CRM)

  • Intercompany Time and Expenses Feature > now compatible with Multi-Subsidiary Customer feature
  • Ability to add multiple recipients in email messages sent from Customer Record

Employee Management

  • Time-Off Management and Timesheet Integration > ability to associate with a project and project task
  • Corporate Card Expenses > ability to designate expense lines as paid by a corporate credit card on expense reports

Inventory Management

  • In-Transit Payments > enables tracking when payments to vendors are in process, real-time information about ledger balances for Cash and AP

Manufacturing

  • Phantom Assembly Manufacturing routing > conversion costs added to the top-level assembly, planned standard cost will include phantom assembly components only

Order Management

  • SuiteBilling feature > Discount field allows for both flat rate and percentage discounts, support for intercompany time and expenses for multi-subsidiary customer
  • Payment Instrument feature > ability to use various payment methods securely

Projects

  • Planned Work feature > enables project plans to be fixed regardless of actual time tracked against a project
  • Sales Order Project Charge Rules > ability to create project charge rules for charge-based billing projects directly from line items on sales orders
  • Advanced Project Profitability > ability to update your advanced project profitability reports when you are defining your profitability configurations
  • Project Revenue Recognition Percent Complete > values entered on the Percent Complete Override subtab on project records are used for actual revenue plans

Vendors, Purchasing and Receiving

  • China Cash Flow> field filtering refinements, new supported transactions, automatic tagging of China Cash Flow Item for Line Items in Transactions

SuiteAnalytics

  • Workbook Beta Feature > ability to create highly customizable workbooks that combine queries, pivot tables, and charts

CSV Import

  • Newly Support Record Types: Check, Transfer Order, Payment Instruments, Merchandise Hierarchy Node, Customer-Subsidiary Relationship, Vendor-Subsidiary Relationship, Resource Allocation

 

We are happy to schedule time to discuss the new functionality with you one on one. There are sample test plans and the full version of the release notes available for this release. In addition, if you have any questions on how to go about accessing your “release preview account” please let me know and we’d be happy to help guide you and help prepare for your upgrade. Your individual requirements and compliance needs will determine the level of testing that will be necessary.

Here are the related links:

NetSuite New Release Facts 2018.2
NetSuite Token Based Authentication

For more information on this topic or others related to NetSuite, contact RSM at [email protected] or by phone at 855.437.7202.

By: Kelly O’Brien