NetSuite has announced its 2021.1 update and there are some major new features coming to users within the next few months, in this list we cover some of the biggest features coming with the update. 

Accounting 

NetSuite 2021.1 includes a change in behaviour and a new accounting preference for the deferred revenue reclassification process in Advanced Revenue Management. 

All unbilled receivable adjustment journal entries (contract assets) now post to the revenue element’s deferred revenue account. Previously, the setting for the accounting preference Unbilled Receivable Adjustment Journal Grouping determined the account for deferred revenue. 

When Arrangement or Sub-Arrangement Group was set for the preference, deferred revenue posted to the account selected in the accounting preference Default Deferred Revenue Reclassification Account. 

If needed, a new reclassification journal entry adjusts account balances to present remaining obligations as either assets or liabilities in accordance with ASC 606-10-45-1. 

The new Net Contract Asset or Liability per Element journal entry is needed only when the reclassification process runs at the arrangement level or sub-arrangement group level. The reclassification process reverses this netting journal in the next period. For details for the adjustment, see the help topic Net Contract Asset or Liability per Element.

A new accounting preference, Exclude Contract Assets From FX Reclassification, controls whether foreign currency revaluation for contract assets occurs during deferred revenue reclassification. 

Banking 

In NetSuite 2020.2, an import failure for one bank or credit card account during the import process caused the entire import to skip. Also, the error logs did not provide clear indicators to identify which account caused the issue. 

NetSuite 2021.1 includes enhancements to the import and troubleshooting process. Bank data imports can now be partially complete, even when the import fails for some accounts. You can see account specific errors and which accounts are affected. 

Bank data import includes the following enhancements: 

• Partially Completed Import Status
• Account-Specific Import Errors
• Enhancements to Import Process Performance
• New Email Notification 

Previously, imported data was not visible until processing was complete. Now, NetSuite completes the import process, and then processes the bank lines separately. 

On the Match Bank Data page, you can view imported bank lines that are currently being processed. 

These lines are dimmed and you cannot select them for matching until processing is complete. To see if processing is complete, you can refresh the Imported Bank Data grid or the page. 

The Bank Feeds Audit Trail is a new specialized custom record that helps you keep track of your NetSuite account’s bank feeds activities within a 90–day period. 

You can access this custom record from. Look for Bank Feeds Audit Trail and click List to show the audit trail records.

Employee management 

The new Goals portlet surfaces key actions and goals that are in progress to keep you on track. Employees and managers can view progress and elapsed time for each goal. 

The portlet keeps you aware of goals that are starting soon, due soon, overdue, and goals that require approval or reflection. You can add the goals portlet to any dashboard. 

You can now also group multiple payroll items into a payroll item group. When you create a payroll item, you can derive the value of a deduction or employer contribution payroll item from a payroll item group. 

Managers can now also access their direct reports’ timeline through the My Team portlet. From the Actions dropdown list, click View Timeline. 

Managers no longer need Effective Dating permission to view the effective-dated changes on the timelines of any employee in their reporting chain.

Inventory management 

The NetSuite 2021.1 Order Management Dashboard provides a single workspace where you can find the orders that require immediate attention. 

It also provides direct access to the allocation management tools that you can use to address those orders.

The dashboard helps managers who have a comprehensive view of the allocation of supplies and the resulting customer service and financial outcomes. 

The dashboard provides access to the following portlets:

• Supply Allocation and Sales Channel Allocation – shortcuts to pages where you can allocate and reallocate supplies to demand. 

• Order Allocation KPI Scorecard – displays key sales, customer service, and inventory management performance indicators.
  
• The Order Allocation Alerts portlet identifies allocation exceptions that need immediate attention.
  
• After you enable the Sales Channel allocation feature, the Order Operations by Channel portlet provides an overview of supply allocations for each sales channel.
  
• The Allocation Automation Status portlet monitors the automated background processes of supply allocation.

All portlets are customisable by the NetSuite dashboard and saved search customization tools.

If you would like to receive a 2021.1 Release Preview account, please opt -in to take advantage of the Release Preview access period to prepare and become familiar with the new NetSuite capabilities.

To opt-in to Release Preview:

1. From your production account, Administrators should go to Setup > Company > Release Preview.
2. Click Request Release Preview.
   Note After a request has been made, you can monitor the progress of your request in the Account Status and Account Notifications fields. Administrators will receive an email notification when your Release Preview account is ready to use.

Fill in the form below to get access to your free release preview template.

If you need any help setting up your test account get in touch with our team now!