NetSuite 2022.2 Release Highlights & Key Changes
NetSuite 2022.2 is here!
NetSuite rolls out these product upgrades twice per year to provide requested features, upgrades to existing features, or bug fixes for all NetSuite accounts.
These new enhancements offer ways to improve business processes, remove the need for customizations, or provide brand new functionality for businesses looking to improve their operations.
Preparation is key for a smooth and successful release upgrade. Therefore, make sure to refer to the updates and additional information below to be fully prepared.
Updates to NetSuite at a Glance:
- Advanced Revenue Management enhancements
- Cash 360
- Quality Management SuiteApp enhancements
- International Tax Reporting
- Project 360 Dashboard
- Pack Station enhancements
- Bank Feeds enhancements
- Manufacturing Mobile enhancements
- Create Vendor Bills from scanned files
- Consolidated Payment enhancements
The Top 10 Most Significant Updates in the 2022.2 NetSuite Release:
1. Advanced Revenue Management enhancements
The Advanced Revenue Management (ARM) module now consists of two separate features in Release 2022.2:
Advanced Revenue Management (Essentials) – Essentials focuses on specifically on revenue arrangements and revenue plans. These two records focus on revenue deferral and recognition, with both actual and forecasting plans.
Advanced Revenue Management (Revenue Allocation) – This feature is an add-on to ARM Essentials, and focuses on fair value pricing, range checking, and fair value formulas.
Note: Both tools need to be turned on separately under Enable Features. ARM (Essentials) must be enabled first in order to utilize ARM (Revenue Allocation.
2. Cash 360
The Cash 360 Banking SuiteApp version 1.00.0 is now available!
360 helps to manage cash flow efficiently gives a company’s cash position in real time.
This dashboard includes new forecasting abilities, such as grouping account codes to predict cash flow by categories, rather than individual accounts.
It also includes a forecasting table that projects financial inflows and outflows.
Ad hoc cashflow can be added as well, such as finance inflow or capital investments.
3. Quality Management SuiteApp enhancements
Quality Management has a new look! Previously, NetSuite’s Receipt Quarantine workflow updates an item’s bin transfer and inventory status based on inspection outcome.
The new 2022.2 Release features optional bin transfers for non-controlled and lot controlled items – each lot can be in a different bin.
Also, each lot can be in different inventory statuses. As part of the inspection process, this feature automatically moves passed and failed items and lots to different bins and inventory statuses for full visibility.
Quality Management also now has visibility into parent transactions related to a given inventory transaction, such as Purchase Orders, Sales Orders, and Work Orders.
4. International Tax Reporting
The 2022.2 Release has several updates to International Tax Reports. The following reports have been modified to include additional visibility.
Updated Tax Reports include:
- Belgium 2022 Intrastat Dispatch Report
- The Netherlands 2022 Intrastat Report
- Belgium VAT Report
- France VAT Report and Tax Codes
- Germany VAT Report
5. Project 360 Dashboard
The Project 360 Dashboard is now available and includes some exciting new features! Project Managers can now access the Project Portfolio page to view all assigned projects.
They can also access specific project details, including:
- View KPI’s for all projects in one place
- Manage project resources with visibility into resource tasks/deliverables
- Track budget, revenue, and profitability
- View customer invoices
6. Pack Station enhancements
Pack Stations within Warehouse Management now support picking and packing service items through a mobile device.
You can also choose pallets that have already been used in a shipped fulfillment when transferring packet cartons into pallets.
7. Bank Feeds enhancements
The bank Feeds SuiteApp version 22.2.0 enhancements include a simpler, more consolidate interface for setting up U.S. and Canada financial institutions.
Previously, connecting a new financial institution required three different phases in order to set up.
The new version includes a configuration window that includes a new search algorithm to find financial institutions to connect to, more descriptive labeling and error messages, and utilizes Open Banking technology that automatically redirects you to an institution’s website to authorize bank data transfer.
8. Manufacturing Mobile enhancements
NetSuite 2022.2 includes enhancements to the Manufacturing Mobile SuiteApp, which allows production operators to use mobile scanners to report manufacturing shop floor data.
Enhancements include more scanner flow capabilities for non-work in process orders:
- Generated builds
- Consumption reporting
- Production reporting
Additional Manufacturing Mobile updates include:
- Manufacturing Mobile Preferences
- Real Time Build for Work Orders
- Automated Backflush for Lot Controlled Items
- New Balance Quantity Field in Scanner Flow
9. Create Vendor Bills from scanned files
A new 2022.2 release reduces the need enter vendor bills manually, or prepare a CSV Import.
Vendor Bills can now be scanned and uploaded in NetSuite directly.
These scanned files are saved in the File Cabinet and can be used to create Vendor Bill transactions automatically using an optical character recognition program (OCR).
This will greatly reduce potential errors and increases efficiency.
10. Consolidated Payment enhancements
Multi Subsidiary customers can now be used in conjunction with the Consolidated Payments feature within NetSuite.
In order to use Multi-Subsidiary customers with the Consolidated Payments feature, parent customers must be associated with all subsidiaries that are associated with their related sub-customers.
Final Thoughts on NetSuite 2022.2
For more detailed information, read about all the new enhancements & functionality in the 2022.2 Release Notes. Access this from the New Release Portal on your Dashboard or in SuiteAnswers.
It is critical to thoroughly test any potentially affected areas in the Release Preview account in order to prepare for any changes that may impact your business.
Be sure to review all the release preview information and formulate a testing plan for a successful release transition.
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