NetSuite 2022 Release 2 highlights and new functionality

Discover the new functionalities and improved features in NetSuite 2022 Release 2

With the NetSuite Release 2022 Release 2 comes a variety of new enhancements for accounting, project management, manufacturing and more.

• Cash 360 enhancements
• Project 360 enhancements​
• Manufacturing mobile enhancements
• Smart Count
• Advanced Revenue Management updates
• Fixed Assets Management Enhancements
• Quality Management enhancements
• Pack Station enhancements

NetSuite 2022.2 Financial Management

Oracle NetSuite 2022 Release 2 includes exciting new features for businesses in an economy where business productivity (increasing, preserving, and “keeping customers”) is more important than ever.

• Centralise and automate Rebates and Trade Promotions management and execution.
• Additional project classification capabilities improve visibility and reporting.
• Improved visibility and reporting with additional project classification capabilities.
• Expense commitment and budget validation.
• Added Shopify Connector capabilities.
• Cash 360 – Updated saved search for opening balance amount – now displays all CoA with type equal to bank for your subsidiary.​
• Cash 360 – Updated calculations to include currency revaluations and transactions statuses for receivables and payables.
• Fixed Assets – New scan in FAM diagnostics – addresses issues on depreciation history records (DHRs) without associated records.​
• Fixed Assets – Auto-mapping of depreciation rule – ensures depreciation rule values are consistent throughout different fixed asset records.​
• Fixed Assets – Enhancements to transaction field maps mitigate issues on generating depreciation schedules resulting from misuse of transaction field map records.

NetSuite Project 360

NetSuite Project 360 provides a centralised view of key metrics, reports, statuses, and resources, from across SuiteProjects to give project managers greater insight into vital project information. This helps project managers minimise administrative tasks and quickly identify projects needing attention and take the appropriate corrective action.

• 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.
• More information

NetSuite Smart Count – Inventory Management

Oracle NetSuite 2022 Release 2 ends the physical paper-based inventory and cycle counts with Oracle NetSuite Smart Count which is allows users to conduct inventory counts live, without freezing transactions in the entire location, thus minimising the interruption and impact on operations. Smart Count was designed for use on a mobile device, ensuring ease of use and flexibility.

• A new automated cycle counting solution.
• Item 360 dashboard shows user-selected KPIs, inventory count by location, project stock levels with alerts for anticipated shortages and overstocks.

NetSuite Advanced Revenue Management Updates (ARM)

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.

NetSuite Supply Chain Management

NetSuite 2022.2 makes supply chain operations more autonomous, increase employee productivity, and give decision-makers a better view of the future. The enhancements ultimately support organisations in their efforts to succeed in today’s challenging environment.

• Item 360 dashboard makes inventory planning and management easy with all the user information in one place.
• The Planners Workbench within NetSuite MRP gives planners the option to view projected inventory levels graphically making visualisation easier to identify stock levels trending too high or too low.
• Full service items fulfilment through NetSuite Warehouse Management (WMS) and the Pack Station.
• Extended Quality Tablet capability workflows allow for the quick identification and management of any items that fail inspections.
• NetSuite Warehouse Management System (WMS) displays wave, pick, and fulfilment details on the order line for wave items making it easy to see what has and hasn’t been fulfilled.
• NetSuite WMS now supports over-picking of parts and materials, so employees can enter the total quantity picked in the WMS. This way, when a coworker is finished with components on their workstation, any unused items can be returned to available inventory with just a few taps.

NetSuite Manufacturing – Mobile

Production managers review data entered by production operators and control inventory and financial record updates in the NetSuite Manufacturing Mobile SuiteApp. They can also respond to inaccurate data or errors to initiate processes to correct discrepancies and reprocess data.

• 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.

NetSuite Manufacturing Quality Management System

NetSuite Quality Management (QMS) allows you to define inspections, specifications, and workflows to collect and analyse quality data, while the mobile device interface for recording real-time quality inspection data.

• 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.

NetSuite CRM

If your company depends on Oracle NetSuite CRM to streamline its sales, marketing automation and customer service management processes, you may want even more visibility into sales forecasts, campaign metrics and escalated issues.

• CRM Workbooks SuiteApp features 10 prebuilt SuiteAnalytics Workbooks focused on sales performance KPIs.
• CRM Workbooks reporting provides crucial sales performance metrics like opportunity forecasts, quotes to sales conversions and won/lost opportunities.

NetSuite Analytics Warehouse

Oracle NetSuite Analytics Warehouse 2022 Release 2 enhances the Oracle NetSuite analytics platform with the ability to blend relevant data sets. This helps companies improve decision confidence at lower costs, making it easier and faster for them to make informed decisions based on data.

• Custom Attribute Mapping Editor enables a business analyst to select custom data to flow from Oracle NetSuite into the data warehouse on the next scheduled refresh, and its placement in a subject area data snapshot – all without any special coding requirements.
• New data visualisations and bundling capabilities to support financial, sales and inventory snapshots.
• Content Bundles simplifies the export of content from one Oracle NetSuite Analytics Warehouse instance to another.
• Expansion of Vertical Application to service-based companies with a new subscription centric project management module to optimise revenue management.

Oracle NetSuite Mobile App

Oracle NetSuite’s mobile app is designed for accomplishing key tasks and accessing NetSuite data on the go. With the mobile app you can:

• Manage expenses and attach copies of receipts.
• Log and manage billable time.
• Manage your Oracle NetSuite calendar.
• Monitor key business information with support for select Home and Employee Center dashboard portlets.
• View, edit and attach files to records.
• Log inbound and outbound business calls from your device and assign them to companies and customers.

If you want more information about NetSuite 2022 Release 2 you can obtain the Release Notes here.