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NETSUITE AP AUTOMATION UPDATED Featured

 Oracle NetSuite has updated its AP Automation application which was introduced at the company’s SuiteWorld conference in September.

Among the enhancements as part NetSuite 2023 Release 1 are Email Bill Capture via which invoices can be sent to a dedicated email address and automatically uploaded to the module. Automatic Journal Entries record journal entries when funds are transferred from bank accounts to HSBC while Vendor Record Approvals implements an automated workflow that requires manager-level approval of vendor updates. Features in other areas of the release include Automated Price Change for Subscription Renewal which enables users to automatically apply a percentage increase to a customer’s renewal pricing. These can be set during subscription creation or at the time of renewal and can default to the percentage uplift from a subscription plan or a set percentage increase at a line-item level. Rebates and Trade Promotions automate rebate and trade promotion calculations on kits and assembly items, in addition to standard inventory items. In addition, companies can now disable tax calculations for tax-exempt subsidiaries. Moreover, NFPs get improved indirect cost allocation with the ability to to enter a provisional or agreed-upon rate for a custom segment, such a grant so they can tag direct costs that are allowable under to the agreement, specifying any amount limits.

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