NetSuite 2023.2 Release Preview
Introduction
NetSuite releases refer to the periodic updates and enhancements made to the software. These twice-yearly updates introduce new features, improvements and other changes across various modules to enhance the functionality and user experience of the system. NetSuite’s release notes provide a comprehensive overview of the changes made in each version, detailing the new features and improvements implemented. Staying informed of each new release is crucial for users and administrators to leverage latest functionality and optimise business operations and so we at 3RP have done the hard work for you, outlining our top changes in 2023.2.
1. Process invoices and make payments with ease
Managing and settling your bills has become even more effortless with latest Enhancements to NetSuite 2023.2. Experience improved bill payment convenience with updates to Bill Capture, Vendor Invoice Distribution, and AP Automation features.
NetSuite has taken its machine learning capabilities to the next level in this release. The enhanced NetSuite Bill Capture now utilizes this powerful technology to intelligently categorize expenses, drawing insights from historical data. As a result, the system suggests subsidiaries based on similarities with past bills, moving beyond the previous practice of relying solely on the employee's assigned subsidiary during file uploads.
Note: This is currently only available for our North American customers, expect an announcement soon for UK release!
Moreover, managing shared direct costs from a single vendor bill has never been easier. The Vendor Invoice Distribution SuiteApp empowers your team to efficiently allocate these expenses across various benefitting segments of the business, be it subsidiaries, departments, or other classifications. The SuiteApp facilitates the creation of percentage or amount-based distribution templates, simplifying the process, or allows users to distribute on a case-by-case basis. The best part is that once the distribution is completed, the SuiteApp automatically generates the necessary regular or intercompany journal entries, streamlining your financial workflows like never before.
Accompanied with the latest addition of the Payment Approval Routing feature in NetSuite AP Automation, you can easily streamline payment submissions and approvals in batches while retaining strict payment controls. With Payment Approval Routing, you have the flexibility to select the appropriate approval type, set spend or approval limits, and determine the number of approvers required for each payment.
2. International tax report and localisation enhancements
The International Tax Reports SuiteApp includes the following issues fixes in 2023.2:
Drilldown Report – Previously, the Gross Total value displays as 0.00 in the Detailed VAT report even when available transactions were listed. After the fix, the Gross Total now displays the total gross amount of all the listed transactions on the drilldown report.
VIES VAT Validation – This link is now available to vendor and customer records with addresses located in the EU.
Decimal Comma Number Format – For all countries, the comma (,) is now recognised as a decimal separator when the selected number format on the VAT report is 1.000.000,00 or 1 000 000,00. Furthermore, when exporting to XML the above format is no longer shortened and will display the correct amount.
Portugal, Belgium, Brazil, and India all see beneficial enhancements to tax and country specific reporting requirements:
Portugal Localisation SuiteApp version 2.0 includes the following changes and enhancements:
- Portugal SAF-T SuiteApp has been renamed Portugal Localisation SuiteApp
- The SuiteApp supports the functionality of both SAF-T and Invoice Certification SuiteApps with all features and data migrated over
- All upcoming feature updates ensuring compliance with Portugal law will only be accessible in the newly named SuiteApp
For more detail of enhancements to all other counties see page 22 of the release notes
3. WMS and Smart Count enhancements
For WMS customers, this is a huge plus that will tackle well known pain points and prevent laborious data entry.
Smart Count:
When approving item counts, the Smart Count SuiteApp creates inventory adjustments even if adjustment location field is blank.
Setting the next inventory count date on an item record is no longer needed when creating a custom saved search to drive smart counts.
The Counted By field on the Smart Count Review page now lists ALL users who have performed item counts.
WMS 2023.2 includes updates to the following mobile processes:
- PO Receiving process - You can now search for orders to receive using the MPN (Manufacturer’s Part Number) of an item.
- You can tally scan different item types continuously on the Enter Quantity page for both Inbound Shipment and PO Receiving processes. Ensure Enable Tally Scan is setup.
- Enable Restock option for returns – For accounts using Advanced Receiving, when you manually create item receipts for returned items on the app, the restock option allows you to return items to your inventory.
- Bin Transfers now have a Transfer All option to update lot or serialised items.
4. New Commit Plus Overage feature in SuiteBilling
In the 2023.2 release of SuiteBilling, a new feature called "Commit Plus Overage" is introduced. This feature allows companies to implement a prepayment model for usage-based services. With Commit Plus Overage, companies can charge customers a pre-agreed amount for a specified level of usage at a specific rate.
Here's how it works:
- Prepayment for Contracted Usage: Customers are charged a prepayment based on a contracted amount of usage. This means they pay in advance for a certain level of service or usage.
- Adjusted Rate for Additional Usage: If the customer ends up using more than the contracted amount, the additional usage is charged at a different, adjusted rate. This ensures that customers are billed accordingly for any excess usage beyond what was initially agreed upon.
By using Commit Plus Overage, companies can offer more flexibility in their billing arrangements, accommodate varying levels of usage by different customers, and ensure accurate billing for both contracted and extra services provided.
This feature is particularly useful for businesses that provide services or products where usage levels can vary, and it helps streamline billing processes while maintaining transparency and fairness in charging customers.
5. Project plan improvements
When the Project Revenue Recognition feature is enabled, the Financial tab now includes the Project Revenue Recognition Summary. This summary provides key information such as total revenue, recognized revenue, and planned revenue for the project. It also includes a link to the associated Revenue Arrangement, enhancing transparency and making it easier to access revenue recognition data.
Additionally, the Project Plan Recalculation information is now displayed on the Project Plan subsection of the System Information tab. This data includes details about the last project plan recalculation, whether a recalculation is currently ongoing, the average recalculation time, and the triggers for project plan recalculation. The System Information tab also features the new System Notes subtab, which provides information about any changes made during the recalculation process.
Overall, these improvements offer users more visibility into project revenue recognition data and project plan recalculation details, contributing to a more streamlined and transparent project management process within NetSuite.
6. End of support for HTML code in saved search formula (text) fields
If you are currently using HTML code in Formula (Text) fields, as of 2023.2, NetSuite will display these results as plain text only.
Unsure if any searches contain this currently? Simply navigated to Lists > Search > Saved Searches with HTML in Formula (Text).
To prevent issues with these searches and to ensure results are displayed correctly moving forward, replace your existing Formula (Text) fields with the new Formula (HTML) field. A review of any scripts that utilise these formulas would also be beneficial!
You will receive a notification about this change before it takes effect in your account.
For more exciting new enhancements in NetSuite 2023.2 read the official release notes here.
Release Preview
Ahead of all major system updates, NetSuite provides a "Release Preview". The Release Preview allows NetSuite customers to get an early look at the upcoming changes and enhancements before the new version is officially rolled out to their production accounts.
During the Release Preview phase, we recommend customers opt-in as soon as possible to test the new version in a designated "preview account." This account is a copy of your live production environment, but with the latest release changes applied. It allows users to explore and test the new features, enhancements, and improvements in a controlled environment.
It's important to note that the specifics of the Release Preview process may evolve over time as NetSuite continues to refine its release management practices. To get the most accurate and up-to-date information on the NetSuite Release Preview process, follow the links embedded above or feel free to contact us should you have any questions.
