2020.2 NETSUITE UPGRADE INFORMATION

 

Nolan Advanced Bank Reconciliation (NSABR) 

For your 2020.2 NetSuite upgrade, NSABR bundle updates are not required. However, if you still wish to upgrade, please follow the bundle update instructions. Bundle updates may be made before or after your NetSuite Upgrade.

 

Nolan Electronic Payments (NSEP)

For your 2020.2 NetSuite upgrade, NSEP bundle updates are mandatory. Please follow the instructions in the bundle update instructions. Bundle updates may be made before or after your NetSuite Upgrade.

 

Please contact us at usnetsuite@nolanbusinesssolutions.com if you require any assistance with the bundle update process or if you experience any issues.

 

 

 

 

Advanced Bank Reconciliation New Features

Advanced Intercompany Journal Entries can now be generated using NSABR Templates to memorize recurring entries and can also be generated using the Create GL Trx button directly from the Reconcile window. Users can define generation rules to define which accounts will be used for both the originating and receiving subsidiaries. Entries include support for Elimination Accounts. Intercompany journals are useful for OneWorld customers who frequently transfer cash between entities.

Tolerance percentages and amounts can now be defined for each bank transaction type. Journal entries  can  be  automatically  created  for  transactions  with  matching  data but different amounts within the   defined tolerance threshold. The new   percentage tolerance option is useful for foreign currency differences, rounding differences, bank and credit card fees calculated using a percentage, etc.

Your preferred NetSuite Journal Entry Form can now be selected using the Create GL Trx button in the Reconcile window for   OneWorld accounts. (Support for non-OneWorld accounts coming soon.) This option supports any customized fields or segments you may be using on your form and will now auto-extract and auto-match the new transactions in the Reconcile Window.

Auto grouping of transactions by date, memo or document number. This option supports grouping of one to many NetSuite  transactions to one to many Bank transactions. This feature automates matching multiple NetSuite transactions like bulk ACH payments with one summary payment on the bank statement or similar scenarios where logic can be used to identify groups of transactions.

Auto-Match of Voids/Reversals The extract process can now be configured to match a voided transaction to its original source transaction eliminating the need for manual matching.

Please contact your support team before enabling any of  these new features as they   may impact your existing processes if not properly planned and rolled out. usnetsuite@nolanbusinesssolutions.com

Additional consulting fees may be associated with these changes.

 

 

Electronic Payments New Features

Conditional formatting options are now available. This allows us to consolidate more payment methods into one file generated for the bank.

Configure the Email Remittance process to automatically run after successfully generating a bank file eliminating an extra step from the process.

Assign different Bill Payment Forms to the email remittance process for each bank account.   This  feature  allows  different  payment  vouchers  to  be  sent  to  vendors  based  on which bank account was used to generate the payment.

Specify Remittance From email address at the bank account setup level. This option is useful when generating payments from different accounts for different entities.

The Bank Account Setup  Filter on Pay Bills screen will prevent resetting selections any  time the End Date or Vendor Filter is modified. This option allows you to define account nicknames for easier selection.     

If you are updating from version  1.64c or earlier, please contact your support team for assistance with required changes to optimize this new setting.

Specify using NetSuite generated check numbers at the bank account setup level. This option grants flexibility for choosing which bank accounts should use check numbers generated by NetSuite while other accounts use the Nolan reference value.

Store generated bank files in separate folders for each bank account. Using separate folders allows for separate integration schedules if your integration is automatically sending files to different banks or different locations.

Approve bank payments prior to generating bank files. The ability to approve bill payments allows for an additional review process after generating payments but prior to sending the file to the bank.

Approve vendor bank details prior to making bill payments. This control feature ensures that vendor bank details are properly entered to valid vendor bank accounts.

Maintain multiple bank details for each vendor. This is useful for making payments to different accounts for large vendors.

Lock bank accounts during file generation to reduce chance of duplicating files. This is useful for high volume accounts that may have multiple users generating files at the same time.

Please contact your support team before enabling any of  these new features as they   may impact your existing processes if not properly planned and rolled out. usnetsuite@nolanbusinesssolutions.com

Additional consulting fees may be associated with these changes.