Discover what’s new in NetSuite Release 2024.1

NetSuite, the world leader in cloud ERP solutions, continues to push the boundaries of innovation with its latest release: 2024.1.

NetSuite releases are periodic updates that bring new features, performance improvements and bug fixes to their cloud ERP software. They ensure that you always have the most advanced and secure version of NetSuite.

b.workshop took a closer look at the contents of the Release Note. In this article, our team of experts explains the following new features in NetSuite:

  • What’s new in global payments
  • What’s new in NetSuite CPQ
  • Protection of sensitive bank account data
  • Additional settings for wave transactions

What's new in global payments

Global payments: possibility of making payments for third parties with multiple bank details

In a world where commercial transactions transcend borders, managing global payments is becoming increasingly crucial for businesses. In this era of globalization, NetSuite release 2024.1 focuses on this demand, offering advanced features to simplify and secure international transactions.

What's new in payment batches

With NetSuite version 2024.1, the “Global payments” functionality has been enhanced. For a batch of payments, it is now possible to pay from different bank accounts defined on the same entity.

To do this, you need to define the bank details at entity level, specifying the type (primary or secondary).

Then the process remains the same. For each transaction, select the desired supplier bank details in the EFT tab:   

When a payment batch is run via “Global payments”, transactions on different bank details can be selected in the same batch:

Once the batch has been successfully launched, the payment XML file contains the RIB information:

What's new in the approval routine

Another new feature is the ability to use the approval routine, which was previously only available for “classic” payment processing batches, and therefore only on primary bank accounts:

Approval levels are set in the same place in the company’s bank details.

Lastly, you’ll notice that the menu entry looks more like the one in the “EFT bill payment” section.

Please note that the approval part is not supported for the invoice payment processing part.

New CPQ features in NetSuite

The CPQ (Configure, Price, Quote) New Features in NetSuite release 2024.1 offer an enhanced experience for configuration, pricing and quote generation, enabling companies to accelerate the sales process and offer tailored solutions to their customers. This update includes innovative features that simplify product configuration, streamline pricing and automate quote generation, giving sales teams the tools they need to maximize their efficiency and competitiveness in the marketplace.

  • Viewing usage metrics: With NetSuite CPQ Configurator (version 1.2.5), you can now view statistics and metrics as for example the number of transactions and configurations on which a product attribute was found or the frequency of answers to a question.
  • Using non-inventory items as base items in addition to inventory items, assemblies and kit/packages.
  • Supporting SuiteCommerce Themes: When accessed through SuiteCommerce, the product user interface of NetSuite CPQ Configurator (version 1.2.5) now seamlessly adopts the overall appearance and style of commerce themes, enhancing the user experience effortlessly. Based on the theme, NetSuite CPQ Configurator styles the following elements: font colors, font styles, background colors and border colors.
  • Clearing Hidden Questions or Answers: enabling the “Reset when hidden” option on the respective record for questions or answers ensures that they are cleared when hidden. This feature guarantees that if users alter their selections, no unavailable feature or option remains selected. Moreover, NetSuite CPQ Configurator automatically clears questions or answers when the parent tab or group is hidden.

NetSuite 2024.1 release protects sensitive bank account data

Version 2024.1 of NetSuite’s Electronic Bank Payments bundle offers enhanced functionality to simplify and secure electronic payment processes, enabling companies to efficiently manage their banking transactions while ensuring compliance and reducing risk.

The Version 2024.1 of the Electronic bank Payments bundle includes the ability to mask bank account numbers for companies and entities. To enable masking of bank account numbers, check the “Mask Bank Account Number” box on the Electronic Payments Preferences page. ( Payments à Setup à Electronic Payments preference).

  • Masking is applied on view mode of :

1 – Company bank detail records

2 – Entity bank detail records

3 – Payment records –> EFT Subtab.

Additional Settings for Wave Transactions

NetSuite Release 2024.1 introduces multiple enhancements for wave transactions:

  • Additional filtering capabilities for wave release schedules, empowering users with enhanced control and flexibility in warehouse management. With the ability to specify wave order limits or order line limits, configure ranges, and benefit from field enhancements, users can optimize wave creation criteria.
  • “Per Order in a Wave” preference setting within the Create Item Fulfillment feature, enables users to generate separate item fulfillments for orders released in different waves.
  • Users can now specify default values for the status and picking type within wave transactions, providing enhanced customization and streamlining warehouse operations. This feature enables users to set default values for the released status and single order picking type, facilitating efficient wave processing and order fulfillment. 
  • The “Block from Wave Order Picking” setting on bin records allows users to enhance control and precision in wave order picking processes. By selectively blocking bins from wave order picking, users can ensure that items are picked from authorized locations

Need help with NetSuite release 2024.1?

With this new release, NetSuite once again demonstrates its commitment to investing in ERP innovation and improving user satisfaction. The development of new functionalities and the latest enhancements will provide you with a better user experience and enable you to better achieve your strategic objectives.

b.workshop teams can help you take full advantage of release 2024.1. Our team of NetSuite integration experts will guide you through the adoption of the new features, ensuring a smooth transition and optimal operation of your ERP system.