Release 23.1 NetSuite
NetSuite 23.1 Release is out!
b.workshop has taken a detailed look at the contents of the “Release Note”. Among the new features that NetSuite brings us, we have decided in this article to explain the following improvements:
Taxation – Declaration of trade in goods (DEB)
The France Intrastat report now filters out domestic transactions
Within the European Union (EU), most trade takes place freely, without formalities and without border controls: no declaration is made to french customs.
However, it is mandatory to send customs a monthly declaration for trade in goods (DEB) covering all intra-Community trade:
- On introduction: arrival of Community goods on national territory.
- Shipping: sending goods from the France to a country of the European Union.
In Netsuite, the ” EU Intrastat Report” is used to generate all transactions subject to DEB related to both flows (arrivals and dispatches)
The tax codes concerned by the DEB are identified as “EC CODE”, i.e. these codes will be open to trades that took place within the European Union.
The novelty of NetSuite 23.1 Release provides the possibility to exclude domestic transactions from the report which are movements with merchants which are excluded from the DEB.
If a tax code typed “EC CODE” is used on an invoice and the third party is French, the transaction will still be excluded from the report.
New values to the Country of Origin dropdown list in transaction forms
The “Country of Origin” field on transaction forms refers to the country where the goods were harvested, manufactured or substantially altered.
New values are now available in the field to identify unspecified countries and territories:
- Unspecified countries and territories
- Unspecified countries and territories (Intra-EU trade)
- Unspecified countries and territories (Extra-EU trade)
When selected, these values are displayed as QU, QV, and QW codes at the report level.
N.B: In France, the “Country of origin” field is only valid for goods arrivals (DEB at the introduction)
SCM Mobile enhancements: Smart count, bin handling and customizations
Smart count suiteApp
The Smart Count SuiteApp is an optimized functionality in NetSuite allowing to count the inventory in your warehouse using a mobile device. In addition to the possibility of real time counting, the user can now provide comments when approving or rejecting an inventory count. This can be useful when a recount is needed to give a reject reason and instructions for the recount. Moreover, the Inventory count transaction will also be showing now the updates on transactions created by the inventory count such as bin transfer.
Bin handling during order picking
Bin management is expanded a little more with the NetSuite Release 2023. You have now the possibility to set, by items, the bins that are unavailable for picking while indicating the reasons for the blocking (empty slot, damaged goods, inventory count …).
The WMS mobile app removes them from the list of bins that you can pick from for a particular item.
To alert your people, you can set through NetSuite UI an email notification when you block a bin. You can also review all the blocked bins per item and choose the ones you want to unblock.
This feature is perfectly compatible with the new Smart Count App feature for carrying out your inventories.
Mobile Screen customizations
The WMS and Manufacturing mobile application are in constant improvement by adding new enhancement to the source bundle: SCM Mobile.
On this new release, it is now possible to add new fields such as a text box, a dynamic text or a drop-down list on mobile application pages directly from the standard processes without having to clone them to add those new fields.
However, on cloned processes, it is now possible to add custom columns to a table such as an item description, an order due date or any custom information needed for an item, an order, a customer, etc. On the mobile app, you are free to change the display of you tables by hiding or showing your additional columns for viewing.
Until now, Netsuite only authorized the split to create one asset. With the new version, you can split an initial asset into several assets:
The initial quantity of 10 can be dispatched on several new assets. (in the example, three new assets will be created with respectively quantity 1 / 2 / 4 and the initial asset will have a remaining quantity of 3).
Depending on the quantity, Netsuite calculate the original cost and current book value of the new assets and reduce the values on the initial asset.
Advanced Revenue Management Period Close Checklist Tasks
Revenue recognition is an integral part of your monthly closing. At the end of each month, you generate your revenue in order to recognize the revenue of a subscription or the progress of a project. The NetSuite 23.1 Release does not change this step but adds it to the closing checklist.
Instead of going through the standard path, you will be able to go directly to the closing list and generate, once the client accounting is closed, the revenue and then the reclassification of the FAE or the exchange rate differences.
This enhancement fully integrates the revenue recognition as a key step for the monthly closing.