Looking for better control over the approval process? Ability to make real-time cash projections with more visibility on cashflows? Option for open banking? Intuitive and accurate inventory planning solutions? Enhancements to Manufacturing SuiteApps and more? NetSuite’s latest 2022.2 release has you covered
From enhancements to Inventory Count and Manufacturing, Accounting and Financials, SuiteApps, and WMS automation check out all the new and exciting features of the latest NetSuite release here:
(A) Cash 360
A new free SuiteApp available for download from SuiteApp.com, Cash 360 gives users better visibility on their cashflows and enables real-time and accurate cash projections using charts and graphs. Users can also view full payables and receivables as also AP and AR aging summaries.
(B) Bank Feeds Enhancements
With enhanced US and Canada bank feeds configuration interface revamped, connecting a new financial institution has become more intuitive and requires fewer steps. The Bank Feeds SuiteApp offers Open Banking Technology that automatically redirects you to the financial institution’s website to authenticate your credentials and authorize the NetSuite AISP to retrieve your bank data. For financial institutions that support open banking, this action makes a connection to the financial institution easier, as there are fewer authentication requirements.
(A) Smart Count
Crafted for mobile use, the NetSuite Smart Count solution enables users to conduct live inventory counts without freezing transactions. Eliminating manual inventory counts, it keeps track of transactions for items counted, and automatically notifies counters to act if an activity is identified during count. For further accuracy, inventory adjustments are also posted as the variance between the system and count quantity. Moreover, Smart Count also enables customers to create lists of items to be counted using predefined rules and criteria.
(B) With Item 360, customers can now gain higher visibility into the current status of an item (stock levels, KPIs, inventory by location, current transactions), all through a single dashboard.
(C) Supply Planning Workbench Enhancements
– Updates to Pegging, features transactions displayed at the end of the pegging chain so customers can view the parent item related to the demand.
– Customers can also check the View Independent Demand box to show independent demand for some orders. On clicking the box, the planning system creates an order hierarchy that displays important parent items and transactions first. This brings visibility into transactions driving supply and demand.
(D) Planning Purchase Orders Suggestions enables the creation of purchase orders based on suggestions derived from the planning system. Consequently, the organization orders only the needed amount of inventory, based on planning parameters. The feature also enables users to act and respond to customer needs on delayed orders.
NETSUITE FINANCIALS – AUTOMATION & ENHANCEMENTS
(A) Rebate and Trade Promotions SuiteApp
The new SuiteApp eases the management and execution of manufacturer rebates and trade promotions in the following ways:
– Create and manage rebate and trade promotion agreements by specifying contract terms like discount method, amount, duration, etc.
– Automated accrual of the rebate amounts when rebate-related transactions are posted to the general ledger.
– Rebate amounts for valid transactions are automatically calculated by combining appropriate stackable agreement calculations or, in the case of non-stackable agreements, by selecting the best deal per order.
– Offers better reporting by keeping track of estimated claims, returns, and deductions before issuing payments.
– Automated settlement and reconciliation process with support for multiple calculation methods like flat amount, percentage-based, fixed cost, and guaranteed profit.
(B) For better data quality, capabilities of setting default values for location, department, and class on project records are now available. These default values can be overridden as needed.
(C) The expense commitment and budget validation enhancements enable customers to create budgets for specific segments, accounts, and period combinations and also validate purchase orders/requests and vendor bills against budgets.
(A) With the latest enhancements to NetSuite WMS, users can now over-pick parts and materials by entering the total quantity picked in the WMS and with a few clicks, return unused items back to the inventory.
(B) With extended Quality Tablet capabilities, users can also set up a workflow for items that fail the quality standards, to help save time and gain flexibility.
(C) When there isn’t sufficient inventory to complete an order through NetSuite WMS, the supervisors are now equipped to re-release the remaining order lines into active picking waves when stock is received. This feature helps companies expedite the process of getting back-ordered items to customers.
NetSuite, the world’s #1 Cloud ERP platform releases scheduled updates twice a year. For more details on the NetSuite 2022 Release 2, read the full Release Notes here.
To request access to a Release Preview test account, reach us at firstname.lastname@example.org or 1-888-232-3319.