NetSuite release 2022.2 is here! NetSuite is rolling out updates for the second time this year, full of impressive functions and enhancements for the entire suite.
As your NetSuite partner, we have compiled a list of key highlights to prepare you for the release.
Critical new features
1. Inventory Management
Smart Count
In the 2022.2 release, NetSuite’s Smart Count replaces physical count and helps the user to do accurate inventory counts while minimizing the impact on sales and store operations. Users can now conduct inventory counts live without locking transactions. In addition, Smart Count provides greater visibility and can work on automatic triggers that count to check the accuracy of bins if they fall below a set reorder point.
2. Warehouse Management Enhancement
Re-release lines with backorders when items become available for sales, or transfer order lines with backorders, so you can release them in a wave. First, add the newly committed quantities to an existing wave containing the same item line. Then, NetSuite WMS adds them to a new wave if the pickers have already started to pick the items on the current wave. With 2022.2, NetSuite WMS app users can transfer items to WIP bins through the NetSuite WMS app. This capability applies to WIP bins with the “Use Bin in the manufacturing Mobile” setting on the item record.
3. Accounting
Advanced Revenue Management Enhancements
With the latest update, Advanced Revenue Management (Essentials) supports using revenue arrangements and plans to automate revenue deferrals, recognition, forecasting, and auditing. Advanced Revenue Management (Revenue Allocation) is an add-on to Advanced Revenue Management (Essentials), which supports fair value pricing, range checking, and fair value formulas to allocate revenue.
4. Banking
Cash 360 Enhancements
Cash-360 allows more real-time visibility and informed business decisions with the ability to set forecast period preferences to help determine the impact of future cash inflow and outflow on the company’s cash position. Use saved searches for opening balance amount by clicking the initial opening balance amount, with the saved search displaying charts of accounts with the type equal for the subsidiary.
5. Projects
Project 360 Enhancements
With the Project 360 update, project managers can now save searches for overdue tasks and access review key performance indicators for one or more projects all in one place. It allows improved matching transactions to the profitability report, ensuring transactions with similar IDs to Purchase Orders are included in the Profitability Report portlet.
What you need to know
To learn more about the new release, log into NetSuite and open the Release Portlet. If your release preview portlet is unavailable on your dashboard, click ‘Personalize’, locate the ‘New Release’ icon, and add it to your dashboard.
NetSuite continues using the new opt-in access model for Release Preview accounts in Release 2022.2. An administrator can go to Setup > Company > Release Preview and click “Request Release Preview.” NetSuite will create an account for you to become familiar with the new capabilities of NetSuite and test your processes before your Production upgrade to 2022.2. The Account Administrator will receive an email notification once your account is available and ready to use.
The release preview environment is available to test new features before the upgrade date; this environment is a separate copy of your NetSuite account. This is available now! Login here – Locate the role with the account type ‘Release Preview.’
See the release portlet below:
Annexa is here to help!
We understand you may have questions about this upgrade, and we are here to help! Our professional services team is on hand to help with anything you need regarding this upgrade.
For assistance regarding the considerations, testing, new feature demos, or any queries, please contact Support@annexa.com.au or via 1300 994 550
Annexa is a leading NetSuite partner with extensive experience designing and implementing comprehensive and customised business systems, including payroll solutions, financial management, warehouse management, and ecommerce solutions.