Oracle NetSuite continues deploying significant upgrades to critical modules and supporting international growth through further localization capabilities. Out of the hundreds of new features and enhancements, we selected six we think you should know about. Additionally, if you want to learn more about the new features, you can check NetSuite’s 2022 Release 2 Sneak Peaks.
- Multi Subsidiary Customer Now Compatible With Consolidated Payments
- Advanced Revenue Recognition Updates
- Cash 360 is now available
- Enhanced US and Canada Bank feed Configuration Setup interface
- Project 360 Dashboard Now Available
- Create NetSuite Vendor Bills From Uploaded Files
If you are already a NetSuite customer, since the NetSuite upgrades are on a rolling basis, starting in July 2022 through October 2022, you may or may not have been upgraded yet. Log in to your dashboard and check out the new release portal to learn more about your upgrade date, see sneak peeks, and more regarding the new NetSuite release.
NetSuite Release 2022.2 Highlights
Multi Subsidiary Customer Now Compatible With Consolidated Payments
Finally, the Multi Subsidiary Customer and Consolidated Payments capabilities are compatible with NetSuite 2022.2! The use of customer hierarchies is now restricted in order to leverage these functionalities together. This restriction states that all subsidiaries of parent customers’ sub-customers must also be parent customers. Visit the help subject Consolidated Payments for details on consolidated payments.
Advanced Revenue Recognition Updates
The following features are now available as part of the Advanced Revenue Recognition Updates.
The use of revenue arrangements and plans to automate revenue deferral, recognition, forecasting, and auditing is supported by the Advanced Revenue Management (Essentials) feature.
This function is an enhancement to advanced revenue management (revenue allocation) (Essentials). This function supports revenue distribution among various performance obligations using fair value pricing, range checking, and fair value formulas.
Existing NetSuite accounts that have the Advanced Revenue Management feature turned on will continue to function normally after this upgrade. These accounts will immediately have the Advanced Revenue Management (Essentials), and Advanced Revenue Management (Revenue Allocation) features enabled.
Cash 360 is now available
You can efficiently manage cash flow with Cash 360. It offers a real-time snapshot of the financial condition of your business and the capability to quickly and precisely produce near-term forecasts.
Cash 360 SuiteApp version 1.00.0 is now available for installation on the SuiteApp Marketplace as a published and managed SuiteApp.
SuiteApp has a cash management dashboard where you can:
- Explore real-time liquidity forecasts using charts and graphs.
- View current total bank balances, accounts payable and accounts receivable.
- Displays summary pie charts for A/P and A/R aging.
Cash 360 also has the following cash forecasting features:
- Ability to set the forecast period to days, weeks, or months. This allows you to see the impact of future cash inflows and outflows on your company’s cash position at different time periods.
- Ability to group account codes to forecast cash flows for categories rather than individual accounts.
- A cash forecast table showing cash inflow and outflow forecasts.
Liquidity forecasts are derived from NetSuite data. No need to set up or import data from other sources.
We can also add ad-hoc cash inflow and outflow lines to your liquidity forecast. B. Cash inflows or capital expenditures. This allows us to more accurately forecast the company’s liquidity needs and analyze the company’s liquidity status.
Enhanced US and Canada Bank feed Configuration Setup interface
You can now connect to your US or Canadian financial institution using a modern configuration pop-up window with updated labels.
Previously, the configuration window consisted of a three-step setup for connecting your financial institution to NetSuite.
To streamline account linking and verification, the configuration popup has been updated as follows:
- New search algorithm with unique financial institution name and help text.
- Labels and error messages with clear instructions.
- Ability to connect to financial institutions and import banks using open banking technology data.
The system automatically redirects you to your financial institution’s website to authenticate your credentials and allow NetSuite to retrieve and import your banking information.
Project 360 Dashboard Now Available
Project 360 Dashboard version 1.00.0 is now available for installation in the SuiteApp Marketplace as a published and managed SuiteApp. SuiteApp provides a project dashboard that provides a centralized view of key metrics and data points to effectively manage your project.
Project managers can access the project portfolio page to view all projects assigned to them. You can also get more insight into the project on the following focus pages.
- Project Overview
- Resource Planning
- Billing and Revenue
- Budget and EAC
Project Managers can leverage the SuiteApp to
- Access and review key performance indicators for one or more projects in one place.
- Displays various information about the most important details of the project.
- Monitor and allocate project resources to view high-value tasks and deliverables.
- Monitor spending against your budget for the current progress of your project.
- Track customer invoices and monitor project revenue. Analyze, measure and capture profitability during your project.
Create NetSuite Vendor Bills From Uploaded Files
In 2022.2, you can upload scanned vendor bill files into the File Cabinet, and then create NetSuite vendor bills from the uploaded files. This process supports both items and expenses. Uploading vendor bills eliminates the vendor bill data entry process and reduces manual errors and inconsistencies that occur when entering vendor bills.
Uploaded files appear on the Scanned Vendor Bills page after you refresh the page.
When you click a Review Bill link, an optical character recognition (OCR) program reads the data on the scanned bill. The Review Scanned Bill page opens. This page presents the scanned file on the left side, and the vendor bill on the right side. Complete the fields, as required. When you are satisfied with the information, click Create Bill. When the bill is created, NetSuite redirects you to the bill, where you can process this bill as you would any NetSuite bill.
Using this method for creating vendor bills dramatically increases efficiency. In addition, NetSuite remembers what suggestions were correct or incorrect, and implements those suggestions the next time a bill is created for that vendor.
If you are tasked with processing scanned vendor bills, your Reminders portlet on the Home page provides a link to the bills that require processing. You can also go to the Scanned Vendor Bills page. Go to Transactions > Payables > Upload Vendor Bill. For more information, see the help topic Uploading Vendor Bill Files Into NetSuite.
How to Update to NetSuite 2022.2
The NetSuite 2022.2 release adds promising new features that continue to improve in critical areas for NetSuite users. If you would like to read all the new releases coming to NetSuite, please download the Oracle NetSuite 2022.2 Release Notes. With so many new features, you may be unsure where to start, what you can do to prepare, how you should test the latest release and more to ensure that your organization and systems are ready for the upgrade.
If you need help testing and validating your current processes, including customizations, scripts, workflows, and integrations for NetSuite 2022.1 or any future releases, please get in touch with a Big Bang NetSuite consultant.