The second NetSuite release of the year is here. NetSuite release 2022.2 is rolling out starting in late August 2022, and it’s full of enhancements for accounting, project management, manufacturing and more. Our NetSuite team at Protelo has compiled the essential new features and “need to know” information for this exciting upgrade. Check out the list below.
2022.2 Highlights & New Functionality
• Project 360 Enhancements
• Manufacturing Mobile Enhancements
• Smart Count
• Fixed Assets Management Enhancements
• Quality Management Enhancements
• Pack Station Enhancements
Cash 360 Availability & Enhancements
What is it?
- Cash 360 SuiteApp is now available for installation from the SuiteApp marketplace
- Configurable dashboard to monitor receivables, payables, and available cash in real-time
- Manage cash flow; provides real-time view of cash position
- Quickly generate accurate near-term forecasts
2022.2 Enhancements
- Updated saved search for opening balance amount – now displays all CoA with type equal to bank for your subsidiary
- Updated calculations to include currency revaluations and transactions statuses for receivables and payables
Project 360 Availability & Enhancements
What is it?
- Project 360 Dashboard is now available for installation from the SuiteApp Marketplace
- Provides a project dashboard with a centralized view of key metrics and data points to manage projects efficiently
2022.2 Enhancements
- Updated saved search for overdue tasks
- Improved matching transactions to the profitability report – ensures transactions with similar IDs to Purchase Orders are included in the Profitability Report portlet
Manufacturing Mobile Enhancements
What is it?
Mobile App for recording production results of work orders:
- Component Consumption
- Finished-good production
- Inventory & financial updates
• Supports non-WIP and WIP Work Orders
2022.2 Enhancements
- Improved Scanner flow for Non-WIP Work Orders
- Work Order Balance (Planned QTY minus Built QTY) exposed on mobile screen
- Allows for over-picking of work order components if used in conjunction with NetSuite WMS
Smart Count
What is it?
- Fully integrated with NetSuite inventory management; gives organizations added efficiency and control over stock with mobile inventory counting
- Improves visibility – provides lists of items that need to be counted using predefined criteria and rules
- Conduct inventory counts live without locking transactions
- Automated recounts ensure accuracy and minimize unnecessary replenishment
Advanced Revenue Management (ARM) Updates
What is it?
- Advanced Revenue Management allows you to defer revenue for recognition across future periods
- Automated revenue forecasting, allocation, recognition, reclassification, and auditing through rule-based framework
2022.2 Update
Advanced Revenue Management is now split into two features:- Advanced Revenue Management (Essentials) – supports use of revenue arrangements and plans to automate revenue deferral, recognition, forecasting, and auditing
- Advanced Revenue Management (Revenue Allocation) – add-on feature to support the use of fair value pricing, range checking, and fair value formulas to allocate revenue across several performance obligations
Fixed Assets Management Enhancements
What is it?
- NetSuite Fixed Asset Management provides automated management of asset acquisition, depreciation, revaluation, and retirement
- Accurately track asset details such as insurance, leasing, maintenance, or any user-defined details
2022.2 Enhancements
- New scan in FAM diagnostics – addresses issues on depreciation history records (DHRs) without associated records
- Auto-mapping of depreciation rule – ensures depreciation rule values are consistent throughout different fixed asset records
- Enhancements to transaction field maps mitigate issues on generating depreciation schedules resulting from misuse of transaction field map records
Quality Management (QMS) Enhancements
What is it?
- NetSuite Quality Management (QMS) allows you to define inspections, specifications, and workflows to collect and analyze quality data
- Mobile device interface for recording real-time quality inspection data
2022.2 Enhancements
- New receipt quarantine workflow – supports optional bin transfers and inventory status updates for lot-controlled and non-controlled items
- Expanded support for inspection queue generation for inventory transactions (see table)
Pack Station Enhancements
What is it?
•NetSuite Pack Station extends order fulfillment processing in your warehouse kiosk devices or tablets. It supports multilevel packing that lets you pack items into cartons, then transfer packed cartons onto pallets.
2022.2 Enhancements
- Extended support for service items for picking and packing via mobile devices
- Use Pallets from Shipped Fulfillments – allows you to transfer packed cartons onto pallets that have already been used in a shipped fulfillment
2022.2 Honorable Mentions
- Supply Planning Enhancements – improved date-based grid view and independent demand option for pegging data
- Deferred Revenue Reclassification Enhancements – improvements to how the reclassification process computes net assets/liabilities when recognized or billed amounts are negative
- Expanded Localization support for:
- Japan
- India
- Columbia
- SuiteCommerce MyAccount - 3DSecure Support – provides additional fraud protection by challenging a user’s identity when they make a credit or debit card payment
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