As businesses aim to finish strong in 2023, all eyes are on the planners, managers, and enhancements that the NetSuite 2023.2 Release offers. This release capitalizes on the cross-reference of data between numerous departments and brings critical data to the forefront of everyday processes. These enhancements are included to make role-based operations more efficient and cross-departmental communications clearer.
A look into the NetSuite 2023.2 Release
Insights in your inbox
Never miss an opportunity to grow and improve your business. Stay on top of business and industry news with insights from Crowe specialists.
Warehouse improvements
Warehouse Management System enhancements
The NetSuite 2023.2 Release adds strong features that help minimize the time and costs associated with warehouse management. The Wave Creation functionality allows for greater customization when releasing orders to the warehouse, including additional details about the item and order. This feature also provides access to advanced filters used on templates. Even more, warehouse managers can reverse the picked status of an item if an error occurs.
Auto-Expansion for Revenue Management feature updates
Tracking kit items have become much more efficient with the Auto-Expansion for Revenue Management feature. With this box checked, the components of the kit or package item control the data creation and give more accurate details on the item. When a kit item sells, revenue elements are created for the parent kit item and each kit component item. Traditionally, the components of kit items have no sales value, but with the accounting preference included in this feature update, a percentage value is placed on price records.
Supply Chain Management Mobile SuiteApp enhancements
With the latest enhancements to the Supply Chain Management (SCM) Mobile SuiteApp, NetSuite solutions can be used more efficiently while on the go. Users can switch roles from the app in the same way they would from the NetSuite user interface (UI) and mobile configurations can be saved for use on the SCM Mobile SuiteApp. Additionally, new support for dynamic IP printer addresses makes the use of printers around the facility much easier.
Project management
Billing, revenue, and time tracking updates
The NetSuite 2023.2 Release introduces several project management improvements. Notably, project billing includes a new revenue tab for configuring project revenue recognition rules. Project revenue recognition summary information is conveniently displayed under the financial tab in project records. The summary shows total revenue, recognized revenue, planned revenue, and revenue arrangement.
Furthermore, the project plan subsection of the project record’s system information tab now features project plan recalculation information. Additionally, users can toggle the “reject time entry” function on and off according to their specific requirements. These features give project managers more control over the depth of each project’s record.
Fixed assets
NetSuite Fixed Assets Management SuiteApp enhancements
From services to noninventory items, the Fixed Assets Management SuiteApp advances performance by automating account transactions. With the NetSuite 2023.2 Release, when customizing report templates, users can select only custom fields with the "store value" box checked, making filtration more efficient. Additionally, lease records with quarterly and semiannual frequencies are supported by the lease modification process. The lease term for these records can be converted to the number of months or years to match the depreciation period, which only supports monthly and annual options.
New functionalities also allow users to split fully depreciated assets and bulk split assets. In the calculation of residual value, it is now the difference between the remaining lease payments of the modified contract and the current net book value of the asset after modification. These updates enhance flexibility and efficiency in managing leases and asset depreciation within NetSuite.
Financials
Costed Bill of Materials SuiteApp feature expansion
The updated Costed Bill of Materials SuiteApp adds many new features, including the ability to calculate the total cost of an assembly, view comprehensive breakdowns of assembly items, and estimate the potential costs of individual components required for assembly. Also included are three breakdown tabs that users can use to separately view the material costs, assembled costs, and fully exploded costs. Easily accessing the data for the cost of materials can significantly reduce the margin of error when communicating between project engineers and accounting teams.
Bill Capture updates
The Bill Capture feature enhancements offer more control over how content is uploaded and displayed. These enhancements include the ability to:
- Upload multiple files on the Scanned Vendor Bills page
- Hide or delete rows of the Scanned Vendor Bills page to declutter the UI and improve the user experience
The Review Bills page also comes with changes that help eliminate errors in the billing process. Subsidiaries are automatically mapped based on appropriate values with the ability to update manually. Expense line mapping has improved by matching what is on the bill to items on the purchase order. Reference number duplicate detection has also been made available to provide a unique reference number for the vendor.
Account Reconciliation updates
The new Account Reconciliation features allow users to decrease the time spent comparing financial spreadsheets and manually reconciling against other statements. The feature adds more automation for general ledger account reconciliations, including bank reconciliations, credit card matching, intercompany transactions, account receivables and payables, and invoice-to-purchase order matching. These features decrease manual effort and offer higher financial statement accuracy, enhanced control and visibility of reconciliations, and tie it all into one place.
These new features come with a dashboard for viewing the reconciliation status of all accounts and keeping historical records of when each account signs off. These advancements can help businesses drive a faster period close and reduce compliance risks.
Manufacturing
Manufacturing Mobile enhancements
Manufacturing Mobile can now limit the number of work orders on the Select Work Order page, reducing unnecessary information for faster and cleaner indexing. Operators can also add fields to existing records without programming, making the feature available to those who need it. The user can now report scrap materials to work-in-process work orders. These enhancements make the mobile app the most customizable since its initial release.
We can help you set up a NetSuite ERP solution specifically for wholesale distribution.
Crowe has already developed several solutions for the NetSuite platform to address the challenges and barriers to growth for our wholesale distributor clients. We can do it for you, too, in less time than you might expect.
Systemwide improvements
Guided Learning updates
The new NetSuite Guided Learning feature lets users accelerate NetSuite learning and become more familiar with the product. With role-based and key task guides, there are many options to explore what NetSuite solutions offer. Whether NetSuite is a new or familiar solution for the organization, the newly available step-by-step options, visual walkthroughs, and additional features are a great benefit.
Guided Learning is a complementary tool that offers in-depth knowledge through the NetSuite Learning Course, SuiteAnswers, NetSuite MyLearn, and the rest of the NetSuite community.
Contact us to hear more about these new features or how Crowe, a NetSuite Solution Provider, can help implement your NetSuite ERP solution.
