Top 5 New NetSuite Features – 2023.1 Release

1. Close Checklists add ARM tasks

Did you ever finish the close only to find that the Advanced Revenue Management journal entries were missing? The Period Close Checklist now has two new tasks to remind you to complete these steps as part of the close process (only applies to customers with the ARM module):

  • Recognize Revenue
  • Reclassify Revenue


2. Lease Accounting enables additional rental payment frequencies

Did you know that Fixed Assets Lease Accounting lets you recognize the right-of-use asset and lease liability, and accrue interest? With this release, rental frequency can be set to quarterly or semiannually along with the existing monthly and annually options. This will allow you to setup the lease terms to match your agreement with the vendor and create the appropriate lease amortization schedule matching the payment schedule.

  • Note: Lease Accounting requires the subscription to Fixed Assets module


3. Split Fixed Assets into multiple assets

You have always been able to split an Asset with a quantity greater than 1 into multiple Assets, but you could only split it into one additional Asset. With the new split functionality, you can split an Asset into as many Assets as you like (up to the original total quantity).

  • Asset costs and values for new are auto calculated for new Assets.
  • Validation rules are now triggered which ensure the costs and values are aligned with the original Asset.
  • Splits are tracked to show what Asset they were created from in User Notes.


4. Get a 360 view of Item information and transactions

The Item 360 Dashboard SuiteApp provides a single source for all information and transaction lists related to an item.

  • You can filter by subsidiary and location for better product management.
  • Alerts focus you on areas needing attention in order to provide the best in customer service.

  • Note: This SuiteApp is available to implementations using NetSuite One World. 


5. AP Automation with Email Capture and Payment Automation 

Undoubtedly you have heard that NetSuite has added new features related to automating the creation of Vendor Bills.  Here is a list of some of the benefits you can take advantage of:  

  • Upload the bill from within NetSuite to start the process of creating the transaction 
  • Or Email the bill to a NetSuite to start the process as well 
  • View the bill image alongside the Vendor Bill data 
  • Payment Automation from HSBC creates virtual card, ACH or Check printing requests  
  • Note: The AP Automation module has a subscription fee and limitations to be aware of.  Contact Drew Hernandez, [email protected], to discuss further. 


Special Note 

With the release of NetSuite 2023.1 Bills of Materials, where components are embedded to an Assembly Item, will no longer be supported. Only business critical issues will be fixed. To continue working with this functionality you should transition to the Advanced Bill of Materials feature, which is free of charge. After you enable this feature, NetSuite will automatically migrate all of your Bill of Materials to the new structure.