What has NetSuite brought us for 2021?

Every year NetSuite announces 2 new releases. In this article we try to bring out a few interesting points which can help you and your company to accelerate.

Centralized Purchasing and Billing:

This new feature enables you to receive orders and across multiple subsidiaries. This feature provides a flexible item receipt process and lets you avoid unnecessary order transfers between locations.

Expense Report Policy

The recently launched Expense Report Policy contains a few interesting improvements. Firstly, it enables you to set limits for individual expense lines separately. Secondly, it enables you to apply filters for billable vs. non-billable expenses.

FEFO Lot Allocations

The FEFO (First Expiry First Out) Lot Allocations SuiteApp allocates lot numbered item inventory to sales order line items on a FEFO basis. The SuiteApp allocates lot numbered items based on customer shelf requirements and minimum order fulfillment needs. The SuiteApp works together with the Supply Allocation feature for lot numbered item types.

Allow non-posting changes in closed periods by default.

For most of our customer we have an approval flow running on their environment, e.g. for our vendor bills we work with a custom approval flow where we don’t use the standard status field due to Belgium regulations. In this way all the vendor bills get automatic the standard approved status which causes a GL-impact. To prevent bills from getting paid we combined a custom dropdown status field (pending approval, approved & rejected) with the checkbox field payment hold. In this way users can follow-up the bills which are not yet approved, when it gets approved the payment hold is checked out and A/P will be able to perform the payment.

When accounting closes a period, they have the opportunity to check the checkbox allow non-posting changes. In this way we can automatically update vendor bills when whether or not approved or rejected, e.g. checking out the payment hold field or update the next approver.

Unfortunately sometimes they forget to check this field which gives problems with approval actions because no changes are allowed, with this feature we can prevent that in the future somebody from accounting doesn’t check this checkbox during the closure of a period.

Core Administration Permissions Feature

You can use Core Administration Permissions to customize a role so that it behaves almost like the Administrator role, while also restricting access to other areas of NetSuite using role permissions and restrictions. You can assign Core Administration Permissions to any role, by checking the Core Administration Permissions box. This can be useful for security purposes.

Locale Parameter for Numbers in Advanced Printing

A new parameter is available for the formatting method when creating advanced PDF templates. It allows you to specify the locale to use to format the value of a numerical field. In this way NetSuite Number formatting follows the next hierarchy:

  1. Valid Locale Code
  2. Invalid Locale Code > Default U.S. Format
  3. Locale of the Logged-in User


Do you want to see what else NetSuite has to offer or are you interested in further digging into the release notes? Let us know!