Your Guide to NetSuite 2024.1 Release

NetSuite, the cloud-based enterprise resource planning (ERP) software, has released its 2024.1 version, packed with exciting features and enhancements to streamline business operations. NetSuite 2024 Release 1 offers new capabilities aimed at helping users be more efficient in routine financial tasks such as planning and budgeting, account reconciliation, financial close, and reporting.

Enhanced SCM Mobile Platform

Release 2024.1 brings several enhancements to the SCM mobile platform. These enhancements bring more robust functionality to the NetSuite Warehouse Management System.

  • Previously users were unable to upload photos while receiving or picking orders. The Image Capture enhancements to SCM Mobile allow users to easily add an image and tag it against the warehouse transaction. Users can do this seamlessly using the mobile application during the picking and receiving process.
  • The new enhancements now brings Tag-Based Search on data tables. Warehouse operators typically work on a limited set of warehouse locations. Previously, users would have to scroll and “Load Next 10” to find the appropriate warehouse. With this feature, users are able to add tags that are often used to filter data on the data table. This customizable feature allows users to add up to 5 tags to any data table to filter the results returned.
  • Support for Auto-CLICK in the mobile applications allows users to save time without having to manually “Confirm Pick” in the confirmation screens. This feature works at the button level and is similar to the Auto Submit feature previously released.
  • In the Manufacturing Mobile application users now have the ability to track their time to manufacturing work orders. The ability to “badge in/badge out” allows organizations to easily and accurately track labor hours against production work orders.

Enhancements to Bill Capture

NetSuite’s 2024.1 release also brings multiple enhancements to the Bill Capture feature. These new enhancements will allow AP teams to more accurately and efficiently manage the payables process.

  • In the Bill Capture Preferences users now have the ability to default Payment Terms and Expense Lines from scanned bills or from the vendor record.
  • Users have additional options to filter results in the Scanned Vendor Bills page. Having the ability to filter by vendor, upload source, and email source allows users to easily and quickly find the information they are looking for. The ability to add multiple filters to the search screen adds even more robust filtering options.
  • Additional information is now populated in the Review Scanned Vendor Bills screen. The much-awaited support for custom segments is now available in this new release. Additional information to be populated includes Posting Period, Memo, Project Task, and Customers.

Fixed Assets Management Enhancements

Additional features for Fixed Asset Management bring more robust functionality that allows users to more easily manage assets in their organization.

  • The system now supports the 4-4-5 accounting period format in the depreciation schedule report, which allows for more flexible and accurate financial reporting compared to the traditional monthly calendar. Periods are defined in week groupings (4 weeks, 4 weeks, 5 weeks) rather than calendar months.
  • When the Use Accounting Period Dates for Depreciation preference is enabled, depreciation is calculated based on the defined 4-4-5 weeks accounting periods. This ensures that depreciation entries align with the specific accounting periods rather than calendar months, avoiding inaccuracies.
  • The CSV file format for reports now has generic period names (Period 1, Period 2, etc.) instead of calendar month names. Additional columns for Fiscal Year (FY) label and Fiscal Year ID have been added to improve data clarity and tracking.
  • NetSuite now supports the revaluation of multiple asset records through CSV import for Bulk Asset Revaluation. This simplifies the process of updating asset values in bulk.

Learn More About NetSuite 2024.1

If you’re unsure of how the latest release can help streamline your business or worried that you’re not getting the most out of your software investment, we’re here to help. Our expert team of consultants is ready to help you unlock NetSuite’s full potential for your organization. Contact us today for a free consultation.

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