The roll-out of NetSuite release 2014.2 has started. All customers are expected to be live on the new version by mid-September. Over the next few months we will look at the new features applicable to product and service companies as well as the general features applicable to all Users.
Release 2014.2 promises a number of new features across the board including a revamped cleaner looking User Interface which you will ideally need to familiarise yourself with prior to the upgrade. There will be ample opportunity for you to do this in the form of Release Previews and free on demand training available from the Support tab on your dashboard.
If you are a product distribution company then the following are some of the new enhancements that may be of interest to you:
1. Daily Shipping Detail Report
With release 2014.2 the new Daily Shipping Detail Report will provide an end-of-day shipping report that can be generated on a daily basis to show a summary of all the packages picked up by a driver at any given location.
2. Distribution Resource Planning
The release 2014.2 Distribution Resource Planning will enable you to improve inventory management across locations by creating distribution networks that can trade specific items with each other in response to sudden changes in demand for your products. The system will provide a list of sourcing recommendations for transferring inventory across your locations within the network which should be less costly than having to purchase additional inventory from outside suppliers in order to meet customer delivery deadlines.
3. 3-Way Matching
Currently 3-way matching of the purchase order, the vendor bill and the item receipt effectively only takes place after the payment once you post your variances to the General Ledger. With 2014.2 when a vendor bill is created, the system will automatically match the invoice information to the corresponding purchase order and item receipt, and identify any discrepancies. Then using workflow, bills with discrepancies will carry a pending status and require manager approval for payment processing. The accounts payable department with then be able to effectively perform 3-way matching before releasing Vendor payments.
4. Average Costing Method for Serialized and Lot Numbered Items
Previously NetSuite supported average costing at the item level but not at a serialised or lot numbered level. With release 2014.2 average cost is updated each time items are received into inventory and there is no need to manually track serial and lot numbers to determine cost.
5. Customer Centre
In the current version you are generally limited in terms of customising the standard Customer Centre. With release 2014.4 you will have a lot more flexibility as well as the ability to manage product lists available through the Customer Centre.
6. Shipping to Multiple Addresses
Currently internal Users can apply different shipping addresses to individual sales order line items however web shoppers cannot. In release 2014.2 web shoppers will also be able to select different shipping addresses by line item on checkout as well as choose different shipping methods.
7. Purchase Requisitions
In release 2014.2 you will be able to create a purchase requisition without specifying which vendor will be used.
8. Purchase Contracts
New purchase contracts will enable you to make purchases with negotiated terms more quickly and easily
Next month we will review the general features, available in release 2014.2, applicable to all NetSuite users.