All You Need to Know About NetSuite Releases 2018.1 - Part 1 | Inspirria Cloudtech

NetSuite Releases 2018.1 | Inspirria Cloudtech

For all global NetSuite customers, Inspirria Cloudtech, a leading NetSuite partner are summarizing all latest releases for your ready perusal.

Accounting:

Enhanced Setup of GL Audit Numbering Sequences
Gapless GL audit numbering enables companies to meet international compliance requirements. The feature enables you to set up and run unique GL audit numbering sequences for of your GL posting transactions.

Enhanced Foreign Currency Variance Posting Rules
In 2017.1, NetSuite introduced the Foreign Currency Variance Mapping feature, which lets you create Foreign currency variance posting rules to control the accounts to which foreign currency gains and Losses post. In 2018.1, foreign currency variance posting rules are enhanced as follows:
■ More standard fields are available to create rule criteria.
■ Custom fields and custom segments are available as rule criteria.
■ The rule criteria fields are multi-select lists when appropriate for the field type.
■ You can now copy posting rules to create new rules with similar criteria.
■ You can now assign priority to rules to ensure that higher priority rules match first.
■ The Foreign Currency Variance Posting Rules page, where you create rules, has been redesigned for a better user experience.

Print Multiple Journal Entries Using Advanced PDF/HTML Templates
In 2017.2, if the Advanced PDF/HTML Templates feature was enabled, you could print a single journal entry of the following journal entry types:
■ Journal Entries (Book Generic and Book Specific)
■ Intercompany Journal Entries (Book Generic and Book Specific)
■ Advanced Intercompany Journal Entries (Book Generic and Book Specific)

Deferred Expense Waterfall Report
The new Deferred Expense Waterfall report is available with either the Amortization or the Advanced Revenue Management feature enabled. The Deferred Expense Waterfall report consists of a summary report and a detail report. To run the summary report, go to Reports > Financial > Deferred Expense Waterfall. To run the detail report, go to Reports > Financial > Deferred Expense Waterfall > Detail.

Revenue Allocation Enhancement
Negative revenue elements included in revenue arrangements from sales transactions can now be allocated. The negative elements that are supported are the result of including lines in the sales transaction with negative amounts. Previously, reclassification adjusted the unbilled receivable account for negative amounts from such elements. Positive revenue elements included in revenue arrangements from returns are also included in this enhancement.

Administration:

Zero Downtime When Refreshing Sandbox Accounts on the NetSuite Domain
Before 2018.1, a sandbox account was taken offline when an administrator requested a refresh of the account. After a sandbox account is on the NetSuite domain, accounts are no longer taken offline when a refresh is requested. Users can use the sandbox account while the new copy is being prepared.

Changes to Development Account Upgrades
This release includes changes to the timing of development account upgrades to the leading version of NetSuite.
Customers that purchase sandbox accounts also receive three development accounts.

Two-Factor Authentication (2FA) Required for Administrator Role
NetSuite 2018.1 requires two-factor authentication (2FA) for the initial login of all Administrator and Full Access roles in newly provisioned accounts. This requirement enhances security for these accounts.
Newly provisioned account types can include production, sandbox, development, Release Preview, test drive, demo, and student accounts.

Changes to Email Preferences Domain Keys Subtab
Two fields related to DMARC compliance are removed from the Domain Keys subtab from Email Preferences page. The two fields are Compose DMARC-compliant Email Messages Using SPF and Forward Email Replies in DMARC-compliant Format.

Banking:


Changes to Bank Statement Imports
In NetSuite 2018.1, the following enhancements have been made to bank statement imports:
■ You can now import a bank or credit card statement file in CSV format with UTF-8 encoding. This CSV file must adhere to the provided CSV template and constraints. Download the CSV template from Transactions > Bank > Import Online Banking Data.

Delete Reconciled Statements
NetSuite 2018.1 has extended is feature to delete reconciled statements. You may want to delete a reconciled statement and start over if you receive more transactions that you must include for a closed statement period. When you delete a statement, the transactions become unreconciled but remain matched. You also can no longer generate the associated reconciliation reports for the deleted statement. You can delete only the last statement.

New Account Reconciliation Portlet
In NetSuite 2018.1, an Account Reconciliation Summary portlet is now available on your dashboard.
This portlet lists your bank and credit card accounts and displays key data for matching and
Reconciliation activities. The columns in the portlet include:
■ Account Name
■ Currency
■ GL Account Balance
■ Last Reconciled Balance
■ Last Reconciled Date
■ Bank Statement Balance
■ Bank Statement Date

Improvements to Intelligent Transaction Matching
In NetSuite 2018.1, the following enhancements have been made to Intelligent Transaction Matching:
■ New Transaction Types Available for Custom Rules
■ Inactivate Transaction Matching Rules
■ Automatic Correction to Matches when Transactions are deleted

New Transaction Types Available for Custom Rules
When you specify rule conditions for custom matching rules, there are now more options available from the Transaction Types lists.
For NetSuite general ledger transactions, the following transaction subtypes are now available for selection:
■ Credit Card Refunds
■ Credit Card Charges
For the imported statement transactions, the following transaction types are now available for selection:
■ ACH
■ Deposits
■ Fees
■ Interest
■ Payments
■ Transfers

Contact our Experts for more details

Check out the latest NetSuite 2018.2 release notes - Top features