Change is always good… at least when it comes to NetSuite updates and new releases. So what new tidbits and tricks will we have at our disposal with NetSuite 2022.2? With an emphasis on increasing productivity, preserving margins, and keeping customers top priority, NetSuite 2022 Release 2 will offer some big hauls for users, as well as some timely updates to its existing features.
Here’s a quick round-up of our favorite data-mining, time-saving, clarity-finding updates from NetSuite’s 2022 Release 2. Make sure to check back… release updates are subject to change.
Cash 360 Now Available from SuiteApp Marketplace
Cash 360 lets you effectively manage cash flow, better predict cash requirements, and analyze your company’s liquidity status. It provides a real-time view of your company’s cash position and the ability to generate fast and accurate near-term forecasts.
Cash Management Dashboard
- Inspect real-time cash projections using charts and graphs
- View the current total bank balance, payables, and receivables
- View A/P and A/R aging summary pie charts
Cash Forecasting Dashboard
- Set forecast period preferences to see impact of future cash inflows and outflows
- Group account codes to predict cash flow for a category rather than for individual accounts
- Cash forecast table showing projection of financial inflows and outflows
NetSuite Smart Count for Better Inventory Management and Visibility
Designed for mobile, NetSuite Smart Count helps your team do more flexible and accurate inventory counts with less disruption, because counting does not require a total business shutdown. Businesses can also eliminate manual, paper-based processes and reduce excess labor costs for after-hours cycle counts.
- Automatically set inventory count cycles and intervals
- Select manual entry or forced scan entry for high value items
- Automatically trigger counts to check accuracy of bins if fall below a certain point
- Streamline inventory approvals
Rebate and Trade Promotions SuiteApp
Rebates and trade promotions become very complicated very quickly, but are an important part of driving revenue, volume, loyalty, and profitability between supply chain participants. With NetSuite’s new native embedded solution – Rebate and Trade Promotions SuiteApp – you’ll save time and increase efficiency with centralized and automated vendor (and customer) rebate programs. Plus, you’ll get insights into your post-rebate bottom line for more effective point-of-sale negotiations. This first release is just the foundation for what will come later, but it’s a good place to start.
- Create, configure and manage agreements
- Accruals and reverse accruals
- Pay or get paid from a partner
- Recalculate rebates based on actual fulfillment
- Reverse rebates when claim submitted
Added Capabilities for Shopify Connector
The latest NetSuite release brings a more accurate reflection of money earned through Shopify. The new Shopify Payout Report Sync accounts for the gateway, interchange, transaction and processor fees charged by the platform. With this new feature, cash sales reflect the net payment, and fees are automatically assigned to the correct expense account in NetSuite. This allows merchants to easily reconcile bank deposits to the actual payment amount received.
New Updates Checklist
Prior to an update, you should test items within your unique environment to ensure everything is working properly. The best way to do this is through the free NetSuite Release Preview environment, where you can get Release Preview accounts for both sandbox and production environments.
To help you get started, our NetSuite pros at Limebox developed a quick Update Ready Checklist. But if you need any help getting started, executing a test plan, or integrating any of the new releases into your business processes, just drop us a note and we’ll be happy to assist.
NetSuite Update Ready Checklist
- Request a Release Preview account in the Release Preview page (Setup > Company > Release Preview)
- Log into the Pre-Release when available, and before your NetSuite release date, to validate your business processes are working
- Review the new features of interest in your Pre-Release and determine usefulness to your organization
- Prepare teams to use the new features
- If your business processes are critical, on the day of the update run through a quick business process check to make sure all is working as expected
- Use the NetSuite CASE system to report any problems to NetSuite should you find something changed after the release
- If that doesn’t work, get in touch with one of our NetSuite experts at Limebox
Conclusion
While NetSuite updates and new releases are always welcome, they can sometimes catch you by surprise. If you need clarification on how any of the new features impact your day-to-day business, we’re happy to help. We’re also happy to help integrate any of the new releases into your business processes. After all, NetSuite is our jam… schedule a time to chat here.
If you’re interested in reading the full release – you can find it here (current as of July 2022).