The NetSuite 2022.1 release brings many feature updates and changes for NetSuite customers. We break down the general administration and accounting updates you need to be aware of.
NetSuite administration and accounting
NetSuite Upgrade Using Customer-Scheduled Maintenance
Over the course of this release, some customers whose production accounts are located in NetSuite data centres built on Oracle Cloud Infrastructure (OCI) will be able to upgrade to NetSuite 2022.1 using the Customer-Scheduled Maintenance feature. Administrators whose NetSuite accounts are selected to use this new feature will receive email notifications with the necessary instructions.
In NetSuite 2022.1 release, you can pair stand-alone inter company credit memos and vendor credits. You create a link between the two documents through the Paired Intercompany Transaction field on the two records. NetSuite filters the relevant documents based on the subsidiary, entity, and currency.
NetSuite EBP Enhancements
You can now add information directly in the EFT File Reference Note and Aggregate by Payee columns on the Open sub tab of the Payment Batch List. You can perform this process instead of adding the same information by editing a batch on the Bill Payment Batch page from the Pending Approval sub tab. Additionally you can exclude any invoice and credit memo from electronic payments processing by checking the Exclude from Electronic Bank Payments Processing box. This box is available on invoice, credit memo, and sales order records.
Starting 2022.1, you can process payments using primary or secondary entity banks. A new Entity Bank list is added on the EFT sub tab for the following transaction types: Bills, Bill Credit, Bill Payment, Commission, Expense Report. For commission transaction type, the Entity Bank list is available on the Custom sub tab. The Entity Bank (Employee) list is used for employee commission transactions and the Entity Bank (Vendor) list is used for partner commission transactions. All the entity banks of the transaction are shown in the Entity Bank list regardless of their bank type (primary or secondary) and subsidiaries. Selecting an entity bank at the transaction level does not depend on the EFT Bill Payment setting on the EFT Bill Payment Processing page. The SuiteApp also includes a new EFT Global Bill Payment Processing page. On this page, you can submit payment files for processing transactions with an entity bank at transaction level. The following transactions will not be processed on the EFT Global Bill Payment Processing page:
- Transactions where an entity bank is not specified. These transactions are processed from the Bill Payment Processing page.
Transactions where an inactive entity bank is selected. The inactive entity bank remains selected on the transaction, but the transaction will not be processed by the SuiteApp
Process Transactions for Locked Posting Period
You can post transactions or process payments in locked posting period only if the Override Period Restrictions permission is enabled for your account. If the Override Period Restrictions permission is not enabled in your account, then the locked period posting is restricted for the following payment processes:
- Bill Payments Processing or Invoice Payments Processing
- Payment Reversals
- Rollback and Reprocess
- Batch Processes
Auto Process Payment File Administration (PFA) Stuck in Queue
EBP version 2022.1 includes a new map/reduce script called Auto Process Queued PFA, which lets you process payments or PFA stuck in a payment queue. When the script runs, it sets the status of the stuck PFA to failed and automatically processes the next PFA in the queue. You can run the script deployment customdeploy_15531_auto_queued_pfa_ss on demand or you can set a schedule for it to run daily.
Alternatively, you can manually set the status of stuck PFAs to failed to continue processing PFAs in queue.
NetSuite End of Month (EOM) terms workflow
NetSuite has released a new workflow called End of Month (EOM) Terms to fix the 28-day month issue when calculating end of month terms. The Due Date for an Invoice dated 31st January with a Net 30-day term used to automatically default to 02nd March. With this workflow, the due date is automatically calculated as 28th February.
NetSuite has released a new feature called Payment Link, which allows your customers to conveniently pay an invoice online via a payment gateway. Can be configured to:
- Select certain payment methods
- Allow partial payments
- Include company logo & details
- Customise email templates for ‘Payment Accepted’ & ‘Payment Rejected’ notifications
Offer customers a convenient way to pay invoices from a link or QR code in an email. On the Payment Link Checkout page, a customer can review the invoice, choose a payment method, and submit payment. They can also send out customised emails for ‘Payment Accepted’ or ‘Payment Rejected’ notification.
Cash 360 is an automated solution embedded within NetSuite, improving forecast accuracy and saving finance departments time by directly accessing NetSuite data. With Cash 360, NetSuite customers can take advantage of a simplified and accelerated cash flow forecasting process to give them greater confidence in their financial decision making.
- Cash Management: A new dashboard that can monitor receivables, payables, and available cash in real time to help customers improve cash flow visibility. Customers are able to review current cash flow trends and a rolling six-month cash flow forecast, to enable more informed decision making.
- Cash Flow Forecasting: A new tool that helps customers develop more accurate forecasts by incorporating multiple datapoints—such as funding sources, planned expenditures, sales forecasts, and billing schedules—and applying historical averages to current AR and AP transaction data to estimate collections and disbursements. The configurable solution enables customers to incorporate one-time cash inflows and outflows, like financing or capital investments, into the forecasting process, allowing them to project their cash needs and evaluate their company’s liquidity position.
Cash 360 is embedded within NetSuite and will be available free of charge to all customers. The aim is help customers to effectively manage cash flow by providing a real-time view of their cash position and the ability to generate fast and accurate near-term forecasts. It will also simplify cash management by providing a configurable dashboard that can include links to key cash management activities—displaying reminders of tasks that need to be taken care of, current cash balance, accounts payable and accounts receivable balances, cash flow trends, and a rolling six-month cash flow forecast. The combination of Oracle NetSuite Cash 360 with other NetSuite capabilities, such as the new Automated Cash Application feature, billing automation, bank reconciliation, approval workflows, and budget validation, gives businesses added accounting efficiencies, greater control of cash inflows and outflows and more flexibility when making financial decisions.
For a full recap of the 2022.1 release, you can watch the Liberate I.T. NetSuite user event, here.
Other topics covered in the NetSuite user event include: