NetSuite Release 2020.2 AVT Release Preview
NetSuite Release 2020.2
AVT Release Preview
AVT SUPPORT UPDATES
We are pleased to advise that NetSuite will be releasing version 2020.2 in August 2020. The good news is you can access your New Release environment a few weeks prior to this date.
New Accounting Preference for Advanced Revenue Management
NetSuite 2020.2 includes a new accounting preference to give you control over the generation of revenue recognition forecast plans. The accounting preference Disable Creation of Forecast Plans lets you skip forecast plan generation. When you check the Disable Creation of Forecast Plans box, NetSuite suspends creation of revenue recognition forecast plans. If you suspend forecast plan create and resume it later, generation of forecast plans will take longer than usual. The only reports affected by this accounting preference are the Revenue Recognition Forecast reports. When you disable forecast plan creation, these reports no longer include forecasted lines.
Currency Exchange Rate Types
The Currency Exchange Rate Types feature lets you store multiple currency exchange rates for a currency pair and date. Unless you enable this feature, you can have only one exchange rate for each currency pair and date combination. This feature is available in NetSuite OneWorld only after you enable the Multiple Currencies and Intercompany Framework features. For more information, see the help topics Multiple Currencies and Intercompany Framework. When you enable the Currency Exchange Rate Types feature, NetSuite assigns your existing exchange rates a currency exchange rate type called Default Currency Exchange Rate Type. Currency exchange rate records gain a new required field called Exchange Rate Type. NetSuite automatically sets the value of the Exchange Rate Type field to the default on all existing currency exchange rate records. You cannot disable the Currency Exchange Rate Types feature after you enable it. NetSuite permits up to three active currency exchange rate types, including the default. You can rename the default type, but you cannot make it inactive. Each currency exchange rate type must have a unique name. For more information, see Currency Exchange Rate Types.
File Cabinet Enhancements for Company-Wide Usage
You can now make multiple File Cabinet files available for company-wide usage at one time. A new Make All Files Available for Company-Wide Usage box is available on the File Cabinet Advanced Add page. To make multiple files available in the File Cabinet, check the Make All Files Available for CompanyWide Usage box and upload a zip file. The files are extracted to the specified folder and by default, the Company-Wide Usage box is checked for each file. As of 2020.2, a new Make Files Available for Company-Wide Usage mass update is available. You can use it to update the company-wide usage setting in several existing files in the File Cabinet. For more information, see the help topic Defining a Mass Update. For more information about company-wide usage, see the help topic Restricting a File to Company Users Only.
Auto-Create Account Transactions from Bank Import
In this release, you can automate the process of creating and matching account transactions with imported bank data. Auto-create rules enable you to automatically create and match the following transactions:
- Deposits and charges for general ledger bank accounts
- Charges and refunds for general ledger credit card accounts
Consequently, you no longer need to manually enter an account transaction for every imported bank line that does not have a corresponding transaction in NetSuite. If you import bank lines with a recurring Payor/Payee or Memo, auto-create rules look for imported bank lines with the transaction type and Payor/Payee specified by the rule. If the imported bank line has no Payor/Payee, the rule looks for the Memo that was specified.
You do not need to manually create an auto-create rule, because the system generates one provided that certain criteria are met. For details, see Generating Auto-Create Rules.
Note: Transactions that are automatically created and matched do not impact your general ledger account until you submit them on the matching page. For details on submitting transactions, see the help topic Submitting Transaction Matches. For information on automatically creating account transactions, see Automatic Creation of Account Transactions.
Manage Duplicates on the Match Bank Data Page
In NetSuite 2020.1, imported bank lines flagged as duplicates were automatically excluded from the matching process and were displayed on the Import Details page. On the Import Details page, you could clear the Duplicate box next to an imported bank line to include it in the matching process. Now, you can manage duplicates directly from the Match Bank Data page. NetSuite automatically stores imported bank lines flagged as duplicates in the Excluded subtab. If the system misidentifies an imported bank line as a duplicate, you can include it in the matching process by clicking Restore. See the help topic Restoring Excluded Bank Data. For information on the matching process, see the help topic Matching Bank Data.
Financial Institution Parser Plug-in API
In NetSuite 2020.1, you could import bank and credit card data for reconciliation using a plug-in built with the Bank Statement Parser Plug-in API. In NetSuite 2020.2, the new Financial Institution Parser Plug-in API enables you to import and parse additional data types, including corporate card expenses. This API enables you to develop SuiteScript plug-ins designed to import the following:
- Bank and credit card data for reconciliation
- Corporate card expense data for expense reporting
For more details on the Financial Institution Parser Plug-in, see Financial Institution Parser Plug-in Overview. For details on the Financial Institution Parser Plug-in API, see Financial Institution Parser Plug-in Interface Definition. If you want to connect to American Express to retrieve corporate card charges, you can use the plug-ins available through the new AMEX Corporate Card Integration SuiteApp. You can use the Financial Institution Parser Plug-in API to create and manage plug-ins in NetSuite or in the SuiteCloud Development Framework (SDF). For information on SDF support for Financial Institution Parser Plug-ins, see Financial Institution Parser Plug-in Support.
New Performance Management Feature
NetSuite 2020.2 introduces a new SuitePeople HR feature called Performance Management. With this feature, you can track and review employee performance. Performance Management includes thefollowing functionalities:
- Goal Management includes: Employee ownership of goals, Manager approval and collaboration, Performance metrics , Reporting capabilities
- Performance includes: Performance review setup, Performance review creation, Goals integration, Review completion, Reporting and search capabilities
System-Generated Representing Entities
NetSuite 2020.2 enables current users of the Automated Intercompany Management feature to automatically generate intercompany entities for all non-elemination subsidiaries. If you set a prefix for these entities, you can quickly identify them from your existing, manually-created intercompany entities. NetSuite creates representing entities each time you add a new subsidiary. When you modify an existing subsidiary, NetSuite automatically updates the representing entities. When you deleted a subsidiary, NetSuite deletes the related representing entities. For more information, see Representing Entities.
NetSuite 2020.2 enables you to manually pair intercompany bills with intercompany invoices. If you use the Intercompany Framework feature, you can use the netting functionality to net paired intercompany invoices and bills of the same amount.
NetSuite 2020.2 introduces a new Supply Planning tool that can help supply planners determine how to best establish criteria to fulfill Demand Plan requirements. Supply planning takes sales order details to generate dependent demand for work order components. The tool enables you to balance supply and demand to achieve your organization’s financial and service objectives. NetSuite 2020.2 Supply Planning is built on several processes and steps. The NetSuite Supply Planning process starts when one transaction, or a combination of transactions (Purchase Order, Transfer Order, or Work Order), are created or initiated. The Item Demand Plan records the expected future demand for an item based on previous or projected demand, and inventory supply is matched to demand sources. All this information is stored in the Planning Repository.
Support for Warehouse Locations That Do Not Use Bins
In NetSuite 2020.2, you can create wave transactions and, on a mobile device, complete tasks for warehouse locations that do not use bins. For these locations, you can perform order processing and inventory management tasks for mobile processes, except for the following bin-related processes: bin transfers, putaway, and replenishment. Within these locations, you can create item stock locations and associate them to your items. On your mobile device, you can view the stock locations assigned to the item being processed. This capability applies to locations that have the Use Warehouse Management box checked and the Use Bins box cleared. Items may have the Use Bins box checked or cleared.
Creation of Multiple Websites without Feature Enablement
Prior to 2020.2, you needed to enable the Multiple Web Sites feature before you could create multiple websites. From 2020.2 onwards, all Commerce solutions customers have the ability to create multiple websites; there is no need to enable a feature to do this. However, you must have a website licence for each website. As the ability to create multiple websites is now available to all, the Multiple Web Sites feature has been removed from the Enable Features > Web Presence page. For accounts with a single website, prior to 2020.2, going to Setup > Site Builder > Setup Web Site would display the website record. From 2020.2 onwards, going to this location, shows the website name in the Web Sites list. Click Edit next to the website name to view the website record. When you create more websites, they are added to the list.
Billing Account Flexibility with Draft Subscriptions
You can now create subscriptions without creating or specifying a billing account for the subscription. You can add invoice details later in your business process. You also can change the billing account until you activate the subscription or set its status to Pending Activation. This feature enables you select a different billing account instead of recreating a subscription when changes are required. For more information, see the help topic Creating a Subscription from a Transaction.
Monthly Recurring Revenue Workbook
In NetSuite 2020.2, SuiteBilling releases its first SuiteAnalytics Workbook, focusing on monthly recurring revenue. This feature includes the record, dataset template, and workbook template.
Use the Invoice Groups feature to combine invoices for your customers. Combine invoices into groups based on characteristics the invoices share. A customer can have multiple invoice groups based on the different criteria for each group.
This often helps identify opportunities to leverage new functionalities and address existing problems and issues.
If you have any questions about the upcoming New Release or would like help preparing your organisation for the transition, please contact us at firstname.lastname@example.org.