NetSuite 2023.2 Release Preview

Author

Tarun Srivastava

October 31, 2023

Introduction

NetSuite’s bi-annual updates bring valuable enhancements, improving user experience across modules. The NetSuite 2023.2 release introduces advanced features in NetSuite ERP and NetSuite support services. These updates aim to streamline business operations while leveraging innovative functionalities. Let’s delve into the highlights of this release:

1. Enhancements to WMS and Smart Count

Warehouse Management System (WMS) and Smart Count enhancements are game-changers for businesses relying on efficient inventory management.

Key Updates:

Smart Count SuiteApp now creates inventory changes for approved item counts, even without adjustment location fields.
Custom saved searches no longer require setting a next inventory count date on item records.
Mobile processes:

PO Receiving: Search orders by Manufacturer’s Part Number (MPN).
Enable tally scans for diverse item types in inbound shipments.
Restock option for Advanced Receiving simplifies inventory return processes.
Bin Transfers now feature a Transfer All option for serialized or lot items.

These updates enhance NetSuite ERP and support efficient workflows.

2. Enhancements to ShipCentral

ShipCentral, part of NetSuite ERP’s shipping framework, now supports advanced capabilities tailored for B2B and B2C businesses.

Key Updates:

International Shipping: Generate official documents like certificates of origin and international shipping labels.
Third-Party Billing: Charge FedEx and UPS shipments to external accounts for improved cost management.
Weight Calculation: Determine carton weights using item record information and integrate tare weights without a physical scale.

These enhancements strengthen the shipping framework within NetSuite ERP.

3. SuiteBilling’s New Commit Plus Overage Functionality

SuiteBilling now supports a “Commit Plus Overage” feature, offering flexible billing options:

Prepayments for contracted usage.
Adjusted rates for additional consumption.

This feature empowers companies to efficiently handle variable usage billing within NetSuite ERP.

4. Invoice and Payment Processing Enhancements

NetSuite’s machine learning enhancements optimize accounts payable (AP) and invoice management:

Smart categorization of expenses based on past data.
Vendor Invoice Distribution SuiteApp simplifies cost sharing across departments or subsidiaries.
Improved payment approval workflows with enhanced controls.

These features reinforce NetSuite’s leadership in NetSuite AI solutions and NetSuite implementation development.

5. Project Plan Enhancements

Project planning in NetSuite now offers:

Revenue recognition summaries with clear insights into total, recognized, and anticipated revenue.
Project Plan Recalculation details, including triggers and average recalculation time.
System Notes for tracking modifications during recalculations.

These improvements highlight NetSuite’s advanced project management capabilities.

6. International Tax Report and Localization Fixes

NetSuite’s International Tax Reports SuiteApp resolves prior issues and introduces localization updates for Portugal, Belgium, Brazil, and India.

Highlights:

Corrected VAT report gross total values.
Decimal comma support for EU countries.
Enhanced VAT validation links for EU addresses.

Such refinements benefit organizations using NetSuite advanced financials.

7. End of Support for HTML Code in Saved Searches

NetSuite will now display HTML results in Formula (Text) fields as plain text. Users should replace such fields with Formula (HTML) to ensure compatibility.

Recommendations:

Review saved searches for HTML code.
Transition to Formula (HTML) fields.

This update simplifies reporting and aligns with streamlined workflows within NetSuite ERP.

NetSuite Release Preview: Why It Matters

NetSuite’s Release Preview enables users to test updates in a replica of their production environment, ensuring seamless deployment. Engage your team early to explore the latest functionalities and test custom workflows.