NetSuite 2023.2 – A Look at our top 10 Features

It’s that time of year once again! The upcoming NetSuite release is set to be seamlessly deployed from August to October, with a monthly rollout of phases. This approach guarantees that every user can take advantage of each improvement and new feature incorporation without encountering any service disruption.

Amid this anticipation, we turned to Ross Johnstone, our expert NetSuite Solution Consultant to hear his top ten handpicked new features from the recent release.

Number 10 – Vendor Invoice Distribution SuiteApp

Although not available quite yet, this SuiteApp is going to change the invoice distribution game. Users will be able to distribute shared expenses from a single supplier invoice across subsidiaries, departments, or other segments of the business. This distribution can be accomplished on a per-case basis, through a percentage, or by amount-based distribution templates within the system.

Furthermore, the process is streamlined to an even greater extent: upon completion of the distribution, NetSuite takes the reigns, generating the necessary journal entries automatically.

Number 9 – SuiteAnalytics Workbooks UI Enhancements

Introduced in the 2019.1 release, SuiteAnalytics Workbooks presented the opportunity to create highly customisable workbooks. This versatile tool has gotten even better with a list of enhancements to the user interface:

• Add All Fields to Table Views
• New Menu for Workbook Tabs
• Enhancements to Number Format Settings

Number 8 – Electronic Bank Payment Enhancements

For users leveraging electronic bank payments, two significant enhancements have been introduced to elevate to the feature’s capabilities:

• A custom Suitelet plug-in to filter invoice payment processing with custom fields, without the need for scripting

• Bank detail records now maintain consistent display formats in both viewing and editing modes, ensuring a seamless user experience.

Number 7 – Costed Bill of Materials SuiteApp

The Costed BOM SuiteApp calculates the total cost of an assembly, taking into account the bill of materials revision, routing, and templates used.

Enhancements to this SuiteApp enable users to:

• • • View the comprehensive cost breakdown of an assembly item.
    • View and analyse costs of individual components required for an assembly.
    • Estimate the potential costs of manufacturing items for bill of materials.
    • Access cost breakdowns for bill of materials as part of your product engineering and costing processes.

Number 6 – Fixed Asset Enhancements

This module brings forth enhanced capabilities, allowing users to make modifications to Lease Records using both Semi-annually and Quarterly Rental Frequencies. Moreover, it introduces the ability to divide Fully Depreciated Assets using the Asset Name/ID field on the Asset Split page. Additionally, users can now take advantage of Bulk Asset Splitting, leveraging CSV imports to seamlessly split assets into multiple records within a single transaction.

Number 5 – Projects Enhancements

Notable enhancements have been made to both Project Billing and Revenue Usability. These include the direct display of revenue elements and recognised revenue on project revenue rules. Within the Project Plan, an enhancement of the subtab has been introduced on project records, providing project revenue recognition summary information. Furthermore, improvements have been implemented in the Time and Expenses module, affording users the option to disable the notification for rejected time-off entries. On top of this, the Project 360 Dashboard now boasts heightened access levels and refined project portfolio filters for an enhanced user experience.

Number 4 – Advanced SaaS Metrics SuiteApp

NetSuite users utilising the SaaS Metrics SuiteApp will now benefit from an array of notable have advancements, including:

• • • The dashboard, enriched with industry specific KPIs, offers a comprehensive view.
    • SaaS and contract-based businesses can inspect and analyse their recurring revenue.
    • The dashboard’s foundation rests upon sales orders and invoices as primary source records, while users retain the flexibility to opt for secondary source records.
    • A capability to establish contract relationships either through a custom field or through automatic prediction.
    • The dashboard’s calculations now encompass returns, covering sales orders, invoices, and records imported via CSV, thereby offering a more holistic perspective.

Number 3 – Rebates and Trade Promotions Enhancements

The Rebates and Trade Promotions SuiteApp is designed to calculate and track the receipt and payment of rebates awarded after a sale. Historically, rebates could only be applied to inventory items, but as on 2023.2 rebates can be calculated for the following item types:

• • • Kit Items
    • Assembly Items
    • Service Items
    • Non-inventory Items
    • Special Order/Dropship Items
    • Item Groups

Number 2 – Cash 360 Enhancements

Cash 360 empowers users with an efficient cash flow management solution, offering a real-time view of the company’s cash standing while facilitating swift and precise near-term predictions.

The upgraded Cash 360 Dashboard brings an additional layer of value. It enables you to extend your cash projection scope beyond your primary subsidiary to encompass other active subsidiaries in your NetSuite account, even those under consolidation. Moreover, the cash forecast algorithm has been refined to encompass all posting transactions, enhancing accuracy in A/R and A/P amount calculations. Notably, users gain the ability to view future-dated transactions within their cash forecasts.

Number 1 – Guided Learning

In the latest update, NetSuite 2023.2 introduces contextual guides strategically placed throughout the system, serving as invaluable aids for users, whether embarking on their NetSuite journey or aiming for continuous learning.

These guides cater to a spectrum of learning needs, ranging from fundamental system navigation to role-specific guidance, comprehensive process insights, and intricate instructions for key tasks. This initiative empowers users with self-directed learning opportunities, promoting effective skill development and proficiency.

We hope you benefit from these features over the coming months. If you find yourself currently utilising a different system and see the potential benefits of adopting NetSuite with its semi-annual updates, we encourage you to reach out. Similarly, if you’re currently a NetSuite user but suspect there is more potential within the system, we’d be happy to discuss your options.

For further details, please feel free to get in touch with Richard Christie, our Business Systems Specialist, at 01355 581960 or via email at richard.christie@eurekasolutions.co.uk