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What's New in NetSuite 2021.2

23 August, 2021
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In this post, we'll highlight some of the major new enhancements in NetSuite 2021.2.

NetSuite 2021.2 will be available to customers on a rolling basis between July through October 2021.  You can also check out your Netsuite dashboard and the release portal to learn about your upgrade date, preview new features, and more.

Now let's jump into the details.

Smart Financials

Payment Link Feature

With the new payment link feature in 2021.2, a payment link can be added to an invoice making it easier for customers to pay online via credit card, debit card, PayPal, or ACH payment. Bank payments are recorded and automatically matched to open invoices.

Automated Cash Application

With the new automated cash application function in Netsuite 2021.2, Netsuite matches the imported bank payments with open invoices. Also, once approved, GL payments are created and applied.

Consolidated Purchase Requisitions

Purchase requisitions across subsidiaries can now be consolidated for purchasing and billing. Receipt and payment in different subs will be cross-charged automatically.

Inventory Management

New Allocations

In this enhancement, inventory can be automatically allocated to sales orders based on gross profit or revenue. Also, users will have a better understanding of how reallocations impact transactions.

Quick Ship a Pallet

Using a handheld device, workers can now quick ship a pallet. Using this feature, cartons can be added or removed from the pallet offering greater flexibility in packing multiple orders and optimizing shipping costs.

Lot Numbers

In this enhancement, Netsuite users can generate automatic lot numbers to reduce manual work. They can also add custom fields for additional lot information.

Employee Engagement

Automatic 401K Calculations

In Netsuite 2021.2, new rules-based formulas can be entered to automatically determine employer match amounts when the employee match amount is changed.

Age Match Calculation

When employees over 50 opt to make an annual catch-up amount contribution, NetSuite uses IRS rules to calculate contributions for many types of retirement plans in this enhancement.

Netsuite Podcast on 2021.2

Check out the following Netsuite podcast on the latest release to dive into move details. 

 

In future blog posts, we will cover the new features in 2021.2 for Manufacturing, Wholesale Distribution, Professional Services, Software, Nonprofit and more. Also, please check out our SaaS Managed Services Guide blog post.

Please reach out to our Netsuite consulting services group if we can help with any of your Netsuite needs.

 

Shawn Scanlon

Shawn Scanlon lives in the Metro Detroit area where he has lived with his wife since 2000. He's been designing and implementing ERP solutions for over 20 years and is one of the principals at GSI. When he's not working on expanding the business, you can find him playing with his kids, golfing, skiing and enjoying life.

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