Available-to-Promise Visibility for Manufacturers and Wholesalers
With NetSuite Version 2012.1, NetSuite increases customer service levels for manufacturers and wholesale distributors with the new Available-to-Promise feature, one of the most requested enhancements from product-centric companies. This new feature allows sales departments to get clear visibility into the projected ship date of goods during the quote and order process.
For example, a customer who calls a sales person to ask for a quote or place an order may ask about the projected date of the shipment. With this new feature, the sales rep can immediately provide the customer with the next date when the item will be available by simply accessing the new Check Item Availability screen. This provides both a better experience for the end customer and improved sales productivity through self-service. In addition, buyers from the purchasing department can more easily review the projected inventory for handling projected stock-outs.
After turning on the Available-to-Promise feature (requires the NetSuite Demand Planning module), the new Check Item Availability screen is easily accessible from a quote, order or from the item record itself.
To use it, simply enter the Location, Item, Quantity and Unit of Measure, and it instantly provides:
- Expected Ship Date: When the requested quantity be fully available.
- Quantity on Hand: The quantity of units in the warehouse.
- Quantity Available: The number in current inventory that are available.
- Quantity Committed: Units in the current inventory that are hard-allocated to outstanding sales
- Lead Time: How long it will take for this item to arrive at the warehouse for delivery to the end customer, if nothing is available in the near future.
Standard Costing Rollup and Reporting Enhancements
Standard Costing was introduced in NetSuite Version 2011.2 to help manufacturers identify cost savings opportunities within the manufacturing and procurement process.
With NetSuite Version 2012.1, Standard Costing is enhanced further to provide even more control and visibility into cost accounting, with new management, reporting and rollup capabilities. Enhancements include:
- Rapid Setup of Standard Costs Using the Default Cost from the Item Record, Last Purchase Price or Average Cost: It's now easy for users to quickly set up their inventory standard cost within each cost version based on the item default from the item record, last purchase price or the average cost of the inventory, in addition to the previous method of setting the standard cost on the item record itself. Setting the appropriate cost option then rolls up the standard cost for assemblies.
- New reports to analyze cost versions and variances. NetSuite now provides three new reports
- Cost by Cost Version Report: Provides a quick and easy side-by-side comparison of items and assemblies based on each cost version.
- Purchase Price Variance by Item: The Purchase Price Variance report enables procurement managers to clearly identify opportunities to manage inventory costs and negotiate effectively with suppliers by showing the purchase price variance on an item-by-item basis.
- Production Variance by Item: This report enables variances to be viewed by cost categories as well as cost components, making it easy to identify areas such as where too much scrapping may be occurring due to significant quantity variances.
Quickly Compare Standard Cost by Cost Versions
The New Production Variances by Item Report Makes It Easy to Identify Opportunities to Reduce Costs
Allow Serial/Lot Items as Components of Kit Item
For businesses that deal with kits, NetSuite Version 2012.1 provides more advanced kit management by supporting serial and lot items as part of kits. This feature streamlines both the order process and returns management for these kinds of kits.
To use this new feature, first enable the Advanced Bin and the Advanced Shipping options. Then, enter the serial and lot components in the item record page for the kits. For order processing, kits with serial and lot members are supported as part of creating a sales order, fulfilling an item and creating an invoice.
Additionally, when Advanced Receiving is turned on, NetSuite supports serial and lot items within kits as part of the returns management process. Portions of kits with serial and lot members can be returned back into inventory by creating a return authorization and then creating an item receipt. Inventory details for serial and lot items within the kit can then be updated.
Editable Work Orders
For product-based companies, the new editable Work Orders feature in NetSuite Version 2012.1 provides more flexibility to adapt to change during the manufacturing process. Components on a Work Order can now be added, deleted or changed to help deal with events such as inventory shortages.
With this new feature, users can edit the components of a Work Order as long as the Work Order status is pending build. If an assembly build has already been performed against a Work Order, new components can be added to it, but existing components cannot be deleted.
In addition, this release provides new scripting capabilities for the customization of Work Orders. SuiteScript can now be executed based on the default Work Order form during the Work Order creation process from a special order, or during the mass create Work Order process.
Bulk Receiving of Multiple Receipts against Multiple
The new Bulk Receiving feature in NetSuite Version 2012.1 improves productivity during the item receiving process by enabling receiving managers to process multiple receipts against multiple purchase orders at the same time. Users can quickly receive multiple orders in a single operation by selecting specific purchase orders across multiple pages and then pressing the submit button. Note: This feature is only available when Advanced Receiving is on and Drop Shipment is off.
Select Multiple Bills across All Segments in the Bill Payments Page
It's now easy for Accounts Payables clerks dealing with multiple bills to pay them in a single operation and create one single payment across multiple vendor bills in the Bill Payments page. When Mark All is selected, all vendor bills that are available in the list (across all segments) are selected, consolidating all payments based on the vendor.
Set Default Receivables Account on Invoices
NetSuite now makes it easy for billing and receivables managers to configure the default receivables account on invoice transactions, ensuring more accurate accounting during the receivables process. The default receivables account on invoices can now be specified at the system or customer level.
Returns Labels Support
To enable businesses to streamline their returns management process while improving customer service, the new Return Labels feature allows printing a returns label that's included in shipments during the fulfillment process, making it simple for customers to return items when necessary.
This feature is only for customers shipping using FedEx. To get started, first set up return addresses for the company, subsidiary and/or location. Then on the Shipping Items screen, enable both the new Return Label Integration checkbox, and the FedEx service desired for returns.
To print Return Labels, select the new Integrated Return Label checkbox during Item Fulfillment and confirm the default Return Shipping Address. Once printed, the return tracking number will be available along with the shipment tracking number on the fulfillment record, Cash Sale page and the Return Authorization page.
Support for Additional Shipping
This release adds a number of additional services for customers shipping via FedEx:
- Support for FedEx SmartPost services, which combines FedEx with USPS delivery services to reduce shipping costs to residential customers.
- Validation of US and Canadian addresses so that users can be assured the package will get to the correct address.
Accept Deposits on Sales Order and Invoice Flows
This highly requested feature streamlines the order-to-cash cycle for companies that require deposits during the sales order process, especially those that take custom orders in B2B environments. After creating the sales order, a salesperson can simply click the new Accept Deposit button to open a new deposit transaction linked to the order.
Once saved, the deposit is reserved for future use, and upon invoicing it is automatically applied against the invoice, reducing errors in managing receivables.
For accounts receivable, NetSuite makes it easier than ever to accept, track and apply a sales order specific deposit to an invoice. Fields on the deposit are sourced in and a reference is established to the sales order.
Enhanced EITF 09-03/SOP 97-2 Advanced Revenue Recognition
This release provides performance enhancements for the EITF 09-03/SOP 97-2 SuiteApp, improving the user experience of multi-element sales transactions. This release also automates the revenue management process in multi-element contracts by supporting different revenue allocation rules (EITF 08-01, EITF 09- 03 and SOP-97-2) within one single sales transaction.
This bundle update will be available in March 2012.
Multi-Currency Customer Management Flexibility
Easily Change the Primary Currency of a Customer at Any Time
Manage Custom Prices in Each Currency for Each Item
In this release, NetSuite provides additional flexibility when using NetSuite's multi-currency customer management capabilities.
It's now easy to change the primary currency of the customer at any time, especially important as your business and customer relationships evolve and grow. This ensures that the common view of receivables balances and credit limits are reflected in the most appropriate currency. In addition, Consolidated Payments now supports customer hierarchies with mixed primary currencies.
To complement the ability to transact with a customer in multiple currencies, NetSuite now supports managing custom prices in each currency for each customer, which ensures predictable item pricing in foreign currencies.
Finally, customer available currencies and their associated balances are now exposed to search and thus also for use with SuiteCloud customization.
Configurable International Number Formatting
NetSuite Now Supports a Broad Range of International Currency Formatting Across View and Data Entry Forms as Well as Search Results
The new configurable number formatting feature enables international users to define the look and feel of numbering values in NetSuite by setting the number formatting preference at the company, subsidiary and individual user levels.
It provides broad flexibility for international number formatting by supporting:
- Thousand separators: ".", ",", space or the inverted comma
- Decimal separators: "." or ","
- Negative signs: "-" or "()"
Enhanced international number formatting naturally applies across the NetSuite user experience, including view and data entry forms and search results.
Expanded Tax Support for Mexico and Germany
NetSuite continues increasing its global compliance footprint with a total of 42 countries now supported for sales tax reporting. In this release, NetSuite has expanded the Tax Audit Files feature to support the Declaración Informativa de Operaciones con Terceros—DIOT—for companies doing business in Mexico. This monthly obligation for all Mexican VAT taxpayers can now be easily fulfilled with the outof- the-box file extractor. In addition, customers with German tax obligations can now file their periodic and annual Mehrwertsteuer (Mwst) returns to ELSTER from NetSuite.
Deductible Purchase Tax Calculation for Japan
From the tax period starting from April 1, 2012, Japanese companies can deduct all purchase tax amounts only if their taxable sales are more than 95% and their annual sales are 500M JPY. NetSuite makes it easy by automatically calculating the deductible purchase tax using the Individual Calculation Method. Users can categorize purchases so that they can use Individual Calculation Method when calculating the deductible purchase tax amount.
Also, NetSuite offers a new report, "Purchase Tax by Tax Category" and a form, "Deductible Tax & Taxable Sales Ratio Calculation Form," to help users' c-tax filing.
Enhancements to NetSuite Premier Payroll
New Payroll Options Make Performing Immediate Payments Simple
The New Net Pay Tab Provides Detail Payroll Information and Is Editable on Selected Fields
With this release, NetSuite provides numerous enhancements for NetSuite Premier Payroll customers. It's now easy to make immediate payments, with new options within Create Payroll Batch. Three new options—"No Service Printed Checks," "No Auto Earnings / Deductions" and "No Direct Deposits"—make it easy to create a payroll run for immediate payments, such as for seasonal bonus checks that need immediate printing.
NetSuite now adds a Net Pay tab to view detail payroll information across all employees in a single screen by providing a complete breakdown of itemized earnings and deductions across all employees, such as their federal and state withholdings, 401K contributions and more. Within the new Net Pay tab, it's also simple to edit employee deductions across multiple employees, all with a single operation.
The Payroll Item screen is now enhanced to enable deductions to be entered from the Create Payroll Batch page, as well as to add custom fields to payroll items so that they can be classified and reported on with specific criteria.
Finally, NetSuite now provides a fully customized Payroll Saved Search to easily list employees and their wages and tax information. With the new Saved Search, it's easy to configure with additional employee fields, payroll batch fields and payroll item fields when necessary. You can even use the new search in tandem with NetSuite's recently introduced Pivot Table functionality to perform slice-and-dice analysis across of your payroll expenses.
NetSuite Electronic Payments for Global Payment
With this release, NetSuite provides powerful payment processing capabilities delivered as a SuiteApp. It enables you to pay your vendor bills and employee expenses across the globe directly from NetSuite, as well as take payments directly from customers.
NetSuite Electronic Payment Processing puts the payments or direct debits into each bank's predefined file format ready to import into banking software or submit to the bank online, thus lowering payment processing expenses by eliminating checks, postage and envelopes and saving time too. In addition, it supports management of large payment runs, such as reversals, partial credits and reprocessing.
With user-defined payment notification, payees can get immediate email notification of a payment. Finally, flexible payment aggregation makes it possible to define one payment per vendor/employee, per bill/expense or based on a user-defined grouping per vendor.
NetSuite Electronic Payments is globalized to support international bank formats and routing including:
- US: ACH CCD/PPD and CTX
- Canada: Spec 005
- UK: BACS Standard 18
- Germany: DTAUS
- France: CFONB
- Belgium: CIRI-FBF
- Netherlands: CLIEOP
- Italy: CBI BON-001
- Spain: AEB 34
- Australia: ABA
- New Zealand: BNZ
- Japan: Zengin
- Singapore: DBS and UoB
Vendor bill and employee expense payments are available for all the formats above. Customer Direct Debit support varies by country and format.
NetSuite Electronic Payments provides additional functionality for customers where Positive Pay systems are in operation (Positive Pay file format support varies by country) by providing a list of issued checks in each bank's predefined format.
Additional pricing may apply.
Currently in Beta, and planned for general release in March 2012.