​NetSuite 2022.2 release highlights

Each year, NetSuite releases new versions of its business management suite. Recently, NetSuite released version 2022.2 with numerous updates, new features, and enhancements around accounting, project management, and more. Rand Group reviewed the NetSuite 2022.2 release and compiled a list of new features and updates we believe will be most valuable for companies currently using NetSuite or those considering NetSuite.

As a part of NetSuite 2022.2, users can now create vendor bills from uploaded files eliminating the vendor bill data entry process and reducing errors that may occur. Users will first scan vendor bill files into the file cabinet and then create a NetSuite vendor bill from the uploaded files. To upload vendor bill files and create a vendor bill, follow the steps below:

1. Navigate to Transactions >> Payables >> Upload Vendor Bill
2. Select Choose a File and upload the vendor bill files
3. Select Refresh
   Uploaded files will appear on the Scanned Vendor Bills page after you select refresh
4. Select Review Bill for the vendor bill file
5. The Review Scanned Bill page will be opened
   An optical character recognition (OCR) program will read the data on the canned bill and populate in the fields on the Review Scanned Bill page
6. Complete any necessary fields
7. Select Create Bill
8. NetSuite will redirect you to the bill where you can process it as you would any NetSuite Bill

This new feature dramatically increases efficiency and NetSuite will remember what suggestions were correct or incorrect the next time a bill is created for that vendor.

NetSuite now supports compatibility between the multi subsidiary customer and consolidated payments feature. The consolidated payments feature gives you the flexibility to accept payments for subcustomer invoices from either the top-level customer or from the individual subcustomer. The multi subsidiary customer feature allows you to share customer and subcustomer records with multiple subsidiaries and select those subsidiaries on core transactions. To use these features together, NetSuite 2022.2 includes a new restriction that applies to customer hierarchies and ensures that all parent customers must have all subsidiaries of their subcustomers.

SuiteApprovals received enhancements as a part of the NetSuite 2022.2 release. The enhancements improve the approvals submission process by enabling users to save and review records for any changes needed. Users can also review the approvers on the applicable approval rules before submitting the record for approval. With a new enable draft status feature, users can set preferences to enable record types to be saved as a draft before it is pushed through the approvals routing process. Additionally, a new submit for approval button will be available and must be selected to initiate the approval process.

The Cash 360 SuiteApp received numerous enhancements and will now be available for installation from the SuiteApp Marketplae as a public and managed SuiteApp. Cash 360 SuiteApp enables organizations to effectively manage cash flow by providing a real-time view of the company’s cash position. Additionally, the SuiteApp is able to generate fast and accurate near-term forecasts. These forecasts are derived from NetSuite data so users will not need to import data from other sources.

Cash 360 has a cash management dashboard and cash forecasting features that allow you to:

• Inspect cash projections using charts and graphs
• Access the current total bank balance, payables, and receivables
• View accounts payables and accounts receivables aging summary pie charts
• Set the forecast period preference to days, weeks, or months to visualize the impact of future cash flow on the company’s position
• Group account codes to predict cash flow for a category
• Leverage a cash forecast table to inspect the projection of financial inflows and outflows
• Predict your company’s cash requirements and analyze your company’s liquidity status

The Project 360 Dashboard will now be available for installation from the SuiteApp Marketplace. The Project 360 Dashboard provides users with a centralized view of key metrics and data points to enhance project management. Project managers will be able to access a project portfolio page where they can view all projects assigned to them. Additionally, they will be able to drill down to detailed insights from the project overview, resource planning, budget and EAC, billing and revenue, and financial focus pages.

With the Project 360 Dashboard, project managers will be able to:

• Access key performance indicators for multiple projects in a centralized location
• Easily view the primary details of a project
• Monitor and allocate resources and view high-value tasks
• Monitor spending against budget on a project’s current progress
• Track client invoices and monitor revenue
• Analyze and maintain profitability throughout a project

In the NetSuite 2022.2 release, the Bank Feeds SuiteApps received multiple enhancements. The enhancements to Bank Feeds include:

• Enhanced U.S. and Canada Bank Feeds Configuration Setup Interface – Bank Feeds now uses a minimalist version to make configuration seamless. The configuration popup window has been enhanced with a new search algorithm with clear financial institution names and help text. Additionally, labels and error messages guide users with clear steps.
• Support for Open Banking feature – The latest version of Bank Feeds enables users to connect and import bank data from financial institutions that use Open Banking technology. Users will be automatically redirected to their financial institution’s website to authenticate credentials and authorize NetSuite to retrieve bank data.
• Revised notice on data processing – NetSuite 2022.2 includes updates to support the Open Banking feature, the Technology License Agreement (TLA), and the Authorized Information Service Provider (AISP). The system will ask users to consent to data sharing every time they connect to a financial institution.

NetSuite 2022.2 includes many new features and functions in addition to the ones listed above. To learn more about the new features in NetSuite 2022.2 and how the changes can benefit your organization, contact our team today. Rand Group is an experienced NetSuite implementation and support partner dedicated to helping our clients get the most out of their NetSuite solution.