All NetSuite users will be aware that we have recently entered into the “New Release” season. NetSuite provides bi-annual upgrades to all of its customers as part of its “package”, allowing you to take full advantage of new features, system enhancements and mandatory updates.

Top tip: If you don’t know if you have been upgraded yet, you can check the version number at the bottom of your homepage!

NetSuite 2022.2 has recently been released to some accounts and is just around the corner for others and, with a release notes document of 53 pages includes a lot of useful functionality.

At 3EN, we have handpicked some of the functionality included in release 2022.2 that we think will provide a lot of benefit to not only our client base but NetSuite users all over the globe.

Before we get stuck into the additional functionality that you will be able to avail of, there are a few things to note:

End of Support for HMAC-SHA1 Signature Method for TBA is targeted for release 2023.1. Even though the end of support is not part of this release, NetSuite advises all clients to update their integrations to use HMAC-SHA256 as soon as possible.

End of Support for Data Centre-Specific Domains. As it has been previously communicated, with the move to data centres built on OCI, NetSuite is ending support for data centre-specific domains with this release. This will require an update to your account-specific domains within Site Builder, Suite Commerce, WSDK and Hosting files through File Cabinet. If you need assistance with this, please do not hesitate to get in contact with us.

Now for the good parts…

Banking

Cash 360

NetSuite now enables its users to manage cash flow and access cash forecasting features via the Cash 360 SuiteApp. This SuiteApp provides a real-time view of your company’s cash position via a cash management dashboard. The cash management dashboard displays real-time cash projections and A/R and A/P aging summaries using graphs and charts, making this an easy-to-use analytical tool.

Not only can you utilise the cash management dashboard, but the SuiteApp also allows you to generate cash forecasts which are derived from your NetSuite data, which lets you see the impact of future cash flows in various periods. Not only is this derived from your NetSuite data, but you can also add ad hoc cash inflow and outflow lines to predict your company’s cash requirements better.

Projects 360 Dashboard (Click to enlarge)

Inventory Management

Date-based View

If you work with inventory within NetSuite, this new feature is something that we have frequently asked for and will be hugely beneficial for the inventory management side of your business.

The date-based view functionality enables you to examine cause and effect by period and forecast trends for an item and location over time via a grid view.

Additional graphs can display the adjusted available balance per period, showing safety stocks and units of measure for the item. Both the grid and the graph view values are calculated based on the planning period selected.

This additional functionality will assist with inventory planning and management. It will help to identify when safety stock is too low, ensuring your business can accurately manage the forecast and demand of a specific item.

WMS

Releasing Lines with Back Orders

A smaller upgrade feature but equally advantageous to WMS users is the ability to release lines with backorders. As of 2022.2, when items become available for sales or transfer order lines with backorders, you can release them in a wave.

The newly committed quantities may be added to an existing wave that already contains the same item line or will add them to a new wave if the pickers have already started to pick the items on the existing wave. Even though this feature could be easily missed, it will have a positive impact on the efficiency of order fulfilment and inventory management.

Projects

Project 360 Dashboard

The Project 360 Dashboard, which will be available within 2022.2, will give Project Managers a centralised view of key metrics and data points of their Project Portfolio. This will provide a more holistic view of projects, allowing Project Managers to make more proactive decisions regarding resource management, spending and profitability.

With this SuiteApp, you can drill down to detailed project insights from specific focus pages such as Project Overviews, Resource Planning, Budget and EAC, Billing and Revenue and Financial. The Project 360 Dashboard will be an effective tool to assist Project Managers with project analysis, ensuring they can focus on the key points that require their attention in a timely manner.

Project 360 Dashboard (click to enlarge)

While we have only highlighted 4 features we think would be beneficial, NetSuite 2022.2 comes with a host of enhanced functionality, such as a draft status for SuiteApprovals, New Receipt Quarantines workflow and enhancements to many of the localisation Suite Apps. We strongly feel that each of our clients should make the most of what is being offered to them within the upgrade.

If you have any questions regarding NetSuite Release 2022.2, or any other functionality within NetSuite, we would be more than happy to hear from you and offer our support. Please get in touch with your Account Manager here at 3EN, or if you haven’t yet been introduced to us, contact us at engage@3en.cloud.