NetSuite 2023.2 Release: Top 10 Highlights & Features
NetSuite rolls out product upgrades twice per year to provide requested features, upgrades to existing features, or bug fixes for all NetSuite accounts – and NetSuite 2023.2 is finally here.
These new enhancements offer ways to improve business processes, remove the need for customizations, or provide new functionality for businesses looking to improve their operations.
Preparation is key for a smooth and successful release upgrade, so make sure to refer to the below updates and supporting information to be fully prepared.
Note: The below list of NetSuite updates are in no particular order. We’ve also included a few helpful resources to ensure your NetSuite account is ready to adopt the latest updates.
The Top 10 Most Significant Updates to the 2023.2 NetSuite Release
- Accounting & Banking Enhancements
- Inventory Management Enhancements
- Manufacturing Enhancements
- Order Management Upgrades
- Projects & Revenue Recognition
- SDK (SuiteCloud Software Development Kit) Enhancements
- SuiteTax & Other Tax Enhancements
- SuiteTalk/SuiteScript Updates
- General UI & Procure to Pay Enhancements
1. Accounting & Banking Enhancements
Kit/Package Item Merge Enhancements
Before this release, the process to run a prospective merge for a kit item/components with different “Create Revenue Plans” types often showed incorrect revenue plan amounts on the new revenue arrangement.
Now, the revenue recognition plan amounts on the new revenue arrangement are accurate after running this process. More information in the Release Notes 2023.2
Users can also now track line-item adjustments using the Line IDs & Transaction Line IDs via SuiteAnalytics and SuiteQL.
In addition, the Cash360 SuiteApp enhancements include the ability to view cash projections for all active subsidiaries and at a consolidated level (vs. just your subsidiary). Now, users can also output a cash forecast table showing all transactions via CSV.
2. Inventory Management Enhancements
The new release has several SCM Mobile improvements including the ability for users to switch roles within the app itself vs. previously within the UI only, the ability to save or save and update any mobile configurations, and a few other enhancements.
The Quality Management SuiteApp enhancements introduced the ability of changing inventory status as part of a separate workflow without a bin transfer transaction.
In addition, the Item 360 Dashboard button now shows on an item record.
3. Manufacturing Enhancements
Costed Bill of Materials SuiteApp
The Costed Bill of Materials SuiteApp allows a user to calculate total cost of an assembly based on BOM revision, routing and templates utilized during the process. Users can access cost breakdowns for BOMs as part of the engineering and costing process.
The SuiteApp also adds 3 additional subtabs to NetSuite including assembled costs, fully exploded costs and material costs.
The “Costed Bill of Materials Inquiry” page is limited in the information it can show, and the use of this SuiteApp hopefully will provide users with more in-depth details around cost info on routings.
Note: This SuiteApp is currently for OneWorld accounts only.
Work Instructions & Traveler SuiteApp
The Work Instructions & Traveler SuiteApp allows users to create traveler reports of required work orders so shop floor employees can perform their day-to-day operations more easily.
This SuiteApp allows clients to use the Work Instructions/Travelers feature, and reduces the need for the Advanced Manufacturing module (if other features of the module aren’t needed)
By utilizing the Manufacturing Mobile SuiteApp, users can now report scrap for WIP Work Orders via their mobile devices.
4. Order Management Upgrades
SuiteBilling’s newest feature, Commit Plus Overage, gives companies the ability to charge a prepayment for a contracted amount of usage at a specific rate. Any added usage on top of the contracted value is charged an adjusted rate.
Users can now use the “Make Copy” function to copy a billing account or subscription & take advantage of the fields that’re auto sourced from the prior record.
5. Projects & Revenue Recognition
The Revenue tab is now available on project billing rules and displays revenue elements and recognized revenue directly on revenue rules for projects.
The Summary box also shows how much revenue has been recognized. This will provide transparency of linked revenue rules for projects when analyzing project billing.
On project records, the Financial subtab shows the project’s rev rec summary which illustrates total revenue, recognized revenue, planned revenue, and a link to the revenue arrangement. Again, this provides customers with much more clarity.
UI enhancements include a new menu for workbook tabs, the ability to add all fields to your dataset table view at once, and other enhancements to the number format settings.
Saved Search criteria now allows users to create expressions with nested parentheses with custom fields and multiple “OR” operators which can improve overall company reporting. Previously, results could be inaccurate.
The Advanced SaaS Metrics SuiteApp lets users inspect and review recurring revenue for contract-based and SaaS businesses via new dashboard capabilities.
7. SDK (SuiteCloud Software Development Kit) Enhancements
SDK is a set of tools users can utilize to build SuiteCloud projects.
Features and updates include:
- New 2023.2 SuiteCloud Extension for Visual Studio Code
- New 2023.2 SuiteCloud CLI for Node.js
- New 2023.2 SuiteCloud IDE Plug-in for WebStorm
- New 2023.2 SuiteCloud CLI for Java
- Credentials File Changes for All SDK Tools
- Third-party Libraries Updates for All SDK Tools
8. SuiteTax & Other Tax Enhancements
SuiteTax enhancements for this release include:
- Multiple shipping routes, in which users can ship to several addresses using different methods for the same transaction.
- Tax reporting framework enhancements include support for multi-nexus transactions.
- Ability to mark VAT returns as manually submitted.
There were also a few Legacy Tax enhancements related to international tax reports, including the ability to drilldown into Gross Total value in the Detailed VAT report.
9. SuiteTalk/SuiteScript Updates
SuiteTalk feature updates now include fully supported record types (e.g., Billing schedules, cash refunds, inbound shipments, UOM, vendor credits, etc.) for REST Web Services
The N/crypto/random Module provides cryptographically secure pseudorandom generator methods such as random.generateBytes(options), random.generateInt(options), and random.generateUUID().
10. General UI & Procure to Pay Enhancements
From an overall user interface perspective with the 2023.2 Release, users can view 100 saved searches within the NetSuite Navigation menu.
Current Page Results in the Global Search are now available for form pages, setup pages and list pages. Results include fields, tabs, subtabs, and column headers in lists/actions/buttons/links. This will be a great improvement for Administrators.
Bill Capture now provides more control over uploads and display, including the ability to upload multiple files at once, the ability to hide or delete rows of scanned in bills, and several other improvements to the Review Bill page.
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