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Projects Updates in NetSuite 2022.1

2022.1 Projects |

Advanced Project Budgets Enhancements

The Advanced Project Budgets feature introduces the following enhancements:

  • Flexibility for the Project Budget record – With this updated functionality, you can create two types of project budgets – either Baseline or Estimate at Completion (EAC). You can update both types independently because NetSuite stores data for both budget types separately.
  • Update of the current Budget vs. Actual reports – This enhancement includes adding data from both baseline and EAC budgets. You can compare them with each other and with actuals in the Baseline vs. Actual vs. EAC report.
  • New subtabs on the Budget tab of the Project form – You can now see the EAC Budget, Baseline

Budget, and Budget History subtabs, The EAC Budget and Baseline Budget subtabs let you display

both budgets on the Project form. The Budget History subtab includes the version history of project budgets. Previously, the Budget tab on your project showed the information for the latest baseline budget only.

  • New button label name – The Make Copy button on the project budget is renamed to Create New Budget Version. For more information, see the help topic Advanced Project Budgeting. For more information, see the help topics Advanced Project Budgeting and Budget vs. Actual Report. Support for Project Intercompany Cross Charge Request

Now Available

Netsuite 2022.1 reintroduces the Project Intercompany Cross Charge Request feature. The feature was

previously integrated into the Intercompany Framework feature. It was hidden by default in NetSuite, version 2021.2. You can enable the Project Intercompany Cross Charge Request record feature by enabling the Project Management and Intercompany Framework features. In this release, the Project Intercompany Cross Charge Request feature provides the ability to cross- charge amounts between subsidiaries with the integration period-end process. It enables you to set amounts in a currency that you can use for intercompany cross-charges reflected in the Intercompany Cross Charges list. The Project Intercompany Cross Charge Request feature now supports SuiteScript and SuiteFlow. This change allows you to request approvals around the record. For more information, see the help topics Intercompany Framework, Intercompany Cross Charges and Using Project Management.