NetSuite 2024.1 Release: Top 10 Features 

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NetSuite’s latest update, 2024.1, introduces more than just a few fresh colors to your center tabs. Numerous enhancements and new features are aimed at optimizing user experience and driving efficiency.  

As experts in helping growing companies embrace the full power of NetSuite, our team has outlined the top 10 features in the latest NetSuite release

Top 10 Features, Updates and Enhancements in NetSuite 2024.1 

  1. CSV Import Upgrades
  2. Revenue Recognition
  3. Text Enhance 
  4. Favorites Feature in Dropdown Lists 
  5. Inventory Management 
  6. Fixed Assets Management 
  7. SuiteAnalytics
  8. SuiteCloud & SuiteTalk 
  9. SuiteTax & Localization SuiteApps
  10. Bill Capture Enhancements
  11. Additional Notable Updates

1) CSV Import Upgrades 

Coming in at No. 1 is a largely underrated enhancement to the ecosystem for any company using NetSuite for manufacturing: Work Orders.  

The ability to add and update Work Orders via CSV Import is finally here! Previously unavailable without middleware tools or scripting, access to this capability will improve new implementations by granting the ability to bulk migrate open work orders during go-live cutover.  

It will also expand ongoing production planning processes by allowing users to drive large scale uploads of WOs from resources outside the system.  

2) Revenue Recognition 

The introduction of a new record page, Revenue Recognition Field Map, allows users to create map records that are tracked with system notes.  

Previously, all field maps were created from the Revenue Recognition Field Mapping page, but now users can directly access and manage individual field maps from this dedicated page. The ability to import via CSV is also newly available for 2024.1. 

This functionality is particularly beneficial for organizations managing multiple NetSuite environments or implementing standardized mapping templates. 

3) Text Enhance 

Release 2024.1 adds a tidbit of generative AI in the user interface called Text Enhance to assist with crafting contextualized business content within your NetSuite fields.  

The feature includes actions to Generate, Clean Up, and Make text Shorter/Longer for applicable fields. For example, Text Enhance can generate a sales description for an inventory item using contextual details such as the item name, vendor description, display name, and stock description from the inventory item page.  

This could be the first of many implementations of large language model enhancements coming into the NetSuite fold.  

4) Favorites Feature in Dropdown Lists 

Quick access to frequently used items is enabled with the introduction of a Favorites feature in dropdown lists. Increase data entry efficiency by adding your popular list values to your frequented forms across NetSuite transactions.  

5) Inventory Management 

Materials Requirement Planning: The supply planning workbench is gaining some UX points. It now includes Previous and Next item buttons in both grid and graph views, allowing users to switch between forecasted items without leaving the date-based grid view. Although a small update, anything to reduce those clicks is a huge win for planners running MRP. 

NetSuite WMS adds updates to many mobile processes including detailed settings for wave transactions, a new vendor returns process with inventory staging, and capturing item weights during PO receiving.  

Bin Transfers via Carts, a new feature, allows WMS users to track the movement of items during bin transfers more conveniently by placing them in a cart before storing them in permanent bins. This can help mimic real-world activity, avoid loss, and reduce bin management errors.  

6) Fixed Assets Management  

This one is for all you 4-4-5ers: The depreciation schedule report can now group and display depreciation and net-book values in 4-4-5 Weeks Period format instead of calendar months.  

Bulk asset revaluation is now achievable via CSV import, increasing efficiency in handling multiple assets at once. An Import CSV button is available on the Asset Revaluation page along with a downloadable CSV template. 

7) SuiteAnalytics  

ConnectLoginAudit: A new root record is now available in SA, which allows SuiteAnalytics Connect administrators to get information about the usage of Connect, such as users’ login attempts and outdated drivers. 

Deleted Budgets: Users gain visibility and control over budget management with access to deleted budgets via SuiteAnalytics. Using the “Deleted Record” root record, deleted budgets are now searchable for auditing or incorrectly processed data. 

8) SuiteCloud & SuiteTalk 

Version updates for SuiteCloud SDK: Development capabilities continue to be enhanced for many extensions, CLIs, and IDE Plug-ins streamlining the development lifecycle for SuiteCloud applications: 

  • 2024.1 SuiteCloud Extension for Visual Studio Code Is Now Available  
  • 2024.1 SuiteCloud CLI for Node.js Is Now Available  
  • 2024.1 SuiteCloud IDE Plug-in for WebStorm Is Now Available  
  • 2024.1 SuiteCloud CLI for Java Is Now Available  
  • Third-party Libraries Updates and Minor Fixes and Improvements 

SuiteTalk Web Services Integration: REST web services are now generally available to use in production environments following the end of the beta program. Check out the available records listed in the REST API Browser and in REST Web Services Supported Records documentation for more details. 

9) SuiteTax & Localization SuiteApps 

We welcome SuiteTax to NetSuite’s Enable Features setup page. Previously requiring approval via NS prior to implementation, SuiteTax can now be enabled by Administrators in the UI. A forewarning that this feature impacts all subs in the NS account and cannot be reverted. Be sure to test in the sandbox! 

Dig into the official release notes for updates on these localization SuiteApps: 

  • Reporting: Brazil, France (FEC), Philippines (Legacy Tax Withholding), Japan 
  • Localization Enhancements: Portugal, Spain, Latam, India, Japan 

10) Bill Capture Enhancements  

Improved filters and additional fields enhance bill management efficiency, reducing the need for post-creation edits. Both header and line level fields are added including custom segments and project tasks.  

11) More Notable SuiteApp Enhancements 

  • Electronic Bank Payments receives approval routing and batch processing capabilities for global payments, company bank account number masking in the UI, and additional audit logs on the Payment File Formats page.  
  • Improved template support for Electronic Invoicing
  • New Ship Central capabilities include shipping insurance, delivery confirmation, package code viewing in-app, residential shipping, manifest printing, ship rate shopping, subsidiary specific preferences, and more.  
  • NetSuite Pay SuiteApp version 1.0.0 is a new, managed, integrated payment processing SuiteApp for NetSuite business users. The app manages full transaction lifecycle with PCI-compliant security and auditable customer history. 
  • Rebates and Trade Promotions SuiteApp gained importable records and fields through CSV, permissions updates, enhanced best-deal calculation functions, and quality of life improvements. 

Final Thoughts on NetSuite 2024.1 Top 10 Features 

NetSuite 2024.1 empowers users with enhanced functionalities and tools to streamline operations, boost productivity, and maximize platform value. Be sure to check out the full release notes for more details

If your organization is looking for some guidance to ensure you embrace the full potential of NetSuite, our Cloud Solutions team at Bridgepoint is here to help. 

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