Netsuite Release 2011.2 Highlights

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Standard Costing allows manufacturers and wholesale distributors to more easily identify cost saving opportunities both in the production and procurement process. It enables businesses to maintain Standard Costs broken out across the various cost categories of the product and perform variance analysis between the actual cost and the standard costs.

This ability gives managers more information about when variances occur and why, so they can:

• More easily understand why actual costs differ from expected costs
• Pinpoint the exact cost categories that might be responsible for the variation, such as materials or labor cost changes
• Take the appropriate action to ensure that cost variances are less likely to occur in the future.

To learn more about Standard Costing, please e-mail us at

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It's vital for sales organizations to ensure that the right sales activities are being performed in a timely manner for every lead and prospect, and with the new Last Sales Activity SuiteApp you can ensure that revenue opportunities never slip through the cracks by enabling sales teams to easily track sales activities.

By deploying the Last Sales Activity SuiteApp, a Last Sales Activity field is added to all lead, prospect, customer, contact and opportunity records. It automatically tracks the last date a sales activity was performed, and makes it easy to drill down to the underlying last sales activity. If the last sales activity was at contact or opportunity level, these updates are automatically rolled up to the company level, allowing for complete top-down visibility.

Additionally, dashboard reminders and portlets help keep sales reps on track by flagging leads or prospects that have gone without contact for an extended period of time. You can even create Saved Searches using the new field to quickly establish which leads haven't been touched recently.

Sales administrators can define the specific types of records that are counted as valid sales activities, and can further narrow the definition of a sales activity by only counting activities in a completed status such as completed events, tasks, and calls.

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NetSuite provides a number of new enhancements to Google Analytics integration with Version 2011.2. This feature enables seamless integration between your Webstore account and your Google Analytics account. The fields where you can enter the tracking pixel, onclick attributes, and order tracking HTML are now integrated and will appear together on the same setup page in NetSuite.

This feature allows for cross-domain tracking from your shopping pages to secure checkout; enabling you to more easily track end to end conversion.

This feature also provides new tags that make eCommerce tracking in Google Analytics easier; enabling you to track item level detail including SKU or name, description, quantity and unit price, and order level information including order number, order subtotal, tax and shipping information.

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Intercompany transactions enable financial operations between two subsidiaries in a multiple-entity organization. When reporting consolidated results, it is important that no duplicate accounting takes place. The new automatic intercompany elimination feature in Version 2011.2 makes this process easy. The intercompany accounts are automatically evaluated and journal entries are posted to eliminate any duplicate values.

NetSuite's auto-elimination feature for intercompany transaction allows NetSuite OneWorld users to manage and consolidate complex intercompany transactions free from tedious manual elimination work.

The elimination page provides two new tabs. The Status tab shows the scheduled work queue item status. The Results tab shows the latest elimination run result. It's easy to drill down to the detail, to see the specific elimination documents showing the elimination Journal Entry lines posting to the intercompany accounts.

The month-end auto-elimination can only be executed by headquarters administrators and controllers, and is applied to the entire subsidiary tree.

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The new Advanced Bin/Numbered Inventory Management feature in Version 2011.2 provides usability enhancements for tracking items with bins. Additionally, warehouse tracking of lot and serial numbered items within a specific bin is now available and helps to accurately pinpoint numbered goods. This accuracy is extremely critical for traceability, as well as during recalls.

• Eliminates the need to pre-associate bins with items. You are no longer required to pre-associate bins with items in order to use bins on transactions. Any bin can be used for any item, whether or not it is identified on the item's record.
• Associate serialized and lot numbered items. When you also use the Lot Tracking or Serialized Inventory features, you can now assign bins to serial numbered items and lot numbered items.
• Provides a new inventory detail/bin selector popup. A popup selector is now available for choosing a bin for an item. Simply click the Inventory Detail button on records and transactions to filter the bins list, choose a bin and enter a quantity.
• New inventory detail subtab. This new subtab now shows the item on hand by bins. (Note: items that are not put away will not count towards the on-hand total at the bin level).

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The New Vendor Bill Approval Routing feature provides finance organizations with automated tools to enforce strong approval processes for managing bills from vendors. It enables them to quickly identify and manage any variances between a vendor bill and the original purchase order.
This new feature provides two methods for managing the approval process:

• Standard Vendor Bill Approval For simple bill approval needs, you can use the standard vendor bill approval process. Set up the default approval status by navigating to Setup > Accounting > Accounting Preferences. An approval status field has been added to the vendor bill page. If there are bills with a pending or rejected approval status, they can be set to Approved on the Approve Bills page.
• Custom Vendor Bill Approval Using SuiteFlowSome businesses have more complex approval workflows, or process approvals based on variances between the purchase order and invoice. These companies can use SuiteFlow workflow management to create more tailored review and approval processes.

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Fixed Asset Management has been the second most popular request for new functionality among NetSuite customers, and NetSuite is pleased to deliver on those requests with a new add-on module for Fixed Asset Management. This module was originally built by Nolan Business Solutions, using the SuiteCloud platform and is therefore completely native to NetSuite.

NetSuite Fixed Asset Management enables you to maintain and control the complete asset lifecycle from creation to depreciation, revaluation and retirement. Its detailed asset management functionality supports multiple depreciation calculation types, handling of depreciating and non-depreciating assets, maintenance schedules and insurance. Tight integration with NetSuite Financials creates accounting entries and fixed assets from purchases, and posts depreciations and asset retirements directly to NetSuite's accounting core.

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The new Multi-Currency Customer feature makes it easy to manage customers who are being sold to across multiple currencies. A new list has been added to the customer record that enables the applicable currencies to be set for each customer. This currency list at the customer level acts as a "white list" that can then be applied to transactions belonging to the customer. On every associated transaction, any currency that is set up in this white list for the customer can be used.

Customer records now also have a primary currency, which serves as the currency for aggregated balance and credit limits as well as the default on new sales transactions.

Open receivables balances are tracked separately for each currency, and printing statements generates a statement in each currency for ease of remittance. This new multi-currency feature improves the power and flexibility of the Consolidate Payments feature.

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